Member Info for JMort

Sturm, are you UK based and with Fidelity International?

Is anyone else with Fidelity International who received their GTE shares (in US$) as part of the I3E takeover deal ? I still cannot buy or sell any of them. This has gone on from the original November date. No success from Fidelity support.

The GTE shares held through Fidelity are actually held on the New York stock exchange which I wasn’t expecting.

Haven’t sold either. Exciting prospects in South America and natural gas price improving which is great for the former I3E assets.

As of yesterday you can finally trade your GTE shares held with Fidelity. No reply from them on why this took so long.

Thanks all for the comments.

I've sent a msg to Fidelity asking why I can't trade them and also why they are in dollars. Will let you know if I get anything useful in reply.

I have a few questions to fellow former I3E shareholders and would appreciate any comments:

1) Can anyone else trade their GTE shares? I can see mine but no option to buy/sell. They are labelled as "Post Rev Split". Maybe just a Fidelity issue?

2) I though if you had shares in LON:I3 they would be transferred to LON:GTE. Mine are showing the US dollar price with a GBP currency conversion amount, suggesting they're the NYSE:GTE shares. What do others have?

3) Has anyone with Halifax Share Dealing received theirs yet?

Thanks

I’m with Fidelity. Today I received both the GTE shares and cash portion, but not yet the dividend.

A couple of thoughts, not sure if correct:

1) Any disparity between GTE on LSE and NYSE should disappear with arbitrageurs stepping in to exploit the difference.

2) Some people have commented that the GTE price will drop heavily when the former I3E shareholders sell their new GTE shares. However, if point one above is true and the fact that I3E shareholders only acquired 13% of GTE through the acquisition, I'm thinking the drop may not be as big as some expect.

Any comments would be appreciated.

Tony, thanks for all the information and analysis you've posted here and on the ADVFN site. It's been much appreciated.

All, good luck and hope to see you on the GTE discussion.

I3E publishing typos to the end.

“Scheme Shareholders on i3 Energy's register of members at the Scheme Record Time are entitled to receive 1 New Gran Tierra Share for every 270 Scheme Shares held”

Should be for every 207 not 270 shares.

Tony, thanks for passing this on.

It’s a good sign they’re willing to respond to these sorts of questions.

Cheers Tony.

Does seem a massive Capex spend for the return.

Tony, thanks very much for the reply.

Fidelity have confirmed they are unable to let you chose which option due to 'system limitations'. You have to go with the default mix of cash and shares.

Tony, I'd really appreciate your thoughts on Gran Tierra. Do you think the debt is a concern? Many thanks.

Thanks Tony.

Am I correct in thinking the following would be the break even point for option 1 (the standard mix of cash + shares) based on the current share prices of GTE ($6.26) and I3E (12.80p):

If GTE were $5.68 = £4.36, this would give you £4.36 / 207 = 2.11p per I3E share.

Therefore one I3E share = 10.43p + .2565p + 2.11 = £12.80

So GTE needs to drop by around 9.25% from the current value of $6.26 to $5.68 before you get the same as the current I3E price of 12.8p, and therefore no better than selling your I3E shares now.

Thanks in advance for any thoughts.

N.B this assumes no US withholding tax applies on the dividend portion which I'm not sure is the case. If this does apply then need to deduct 15% from the dividend amount (or 30% if you haven't completed your W-8BEN form).

Fidelity states that "Gran Tierra Energy, Inc. is treated as a U.S. corporation for all purposes under the Section 7874 of The Internal Revenue Code. Therefore, dividends and corporate actions from the Company may be subject to US withholding taxes..."

Does this mean the dividend portion of the acquisition of 0.2565 pence per i3E share will be subject to US withholding taxes?

I haven't had it from Fidelity. However, I have had it from Halifax! Surprising since they never offered the ability to vote on the takeover.

Conrad, I’m in a similar position. Remember you can carry forward indefinitely any losses against gains of future years (provided you submit them to HMRC within four years of the end of the tax year in which you made the loss).