Member Info for JMort

If you hold your I3E shares outside of an ISA or SIPP, you might find the following useful on whether CGT is due:

https://www.gov.uk/guidance/capital-gains-tax-share-reorganisation-takeover-or-merger

Regarding being unable to vote with Halifax, they informed me "We are yet to receive official confirmation of this event."

I contacted Majid who replied and told me "Our registrar confirms that HSDL were sent all the relevant documentation for the transaction." (HSDL is the Halifax share dealing nominee).

So something was not right. I understand from this bulletin board that the same problem applied with Barclays. This begs the question - will people who hold their shares through Halifax/Barclays be able to specify their mix and match option or will the same problem occur?

Correction - “but I don’t know who is to blame or who to contact.”

Received the following reply today from Halifax regarding this vote.

“I can confirm we are yet to receive official confirmation of this event.”

Not impressed, but I know who is to blame or to contact.

It’s appalling. Halifax told me it would be available this week. I emailed them earlier today for an update. No reply yet.

Phoned Halifax about how to vote. They will be making these Corporate Actions for the I3E takeover available through online accounts some time next week. Cutting it a bit fine. However, you can phone and register your intentions now.

Thanks bots. I will do.

I’d contacted Halifax soon after the deal announcement and they’d said it would appear in Corporate Actions section. Given how large an investment platform Halifax is, it’s concerning how many people may miss the opportunity to vote.

Anyone heard anything yet from Halifax Share Dealing on how to vote? Still nothing in their Corporate Actions section for this.

What do people think are the prospects for the company if the deal is rejected? Majid said it would require USD 200 million to develop Montney to produce sustained production of 10K boepd. This would require either debt, equity, or partial sale of assets.

In order to vote through Fidelity, you need to register with Broadridge who administer shareholder rights and information services for Fidelity clients. This can be done by logging in to your Fidelity account, going to Profile > Preference Centre > Shareholder Voting & Information. Toggle on the "Turn services on or off" option.

You will then receive a Broadridge registration email. Once registered you'll receive a "Vote now" email within 24 hours for each of the two votes (I3 ENERGY PLC COURT MANDATED MEETING and I3 ENERGY PLC OTHER).

Bots, how were you able to vote through Halifax? Was it through the Corporate Action section of the website? Thanks.

I received the following reply from Halifax this morning regarding how to vote:

"As this time we are yet to receive official confirmation of this event. Once we do a notification will be released to your

account under the Corporate Actions section and its here you will be provided with options."

Will be voting no, once I hear back from Fidelity and Halifax on how to do so.

This is starting to feel like rubbing salt in the wound.

https://www.lngcanada.ca/news/community-notification-taking-receipt-of-natural-gas-ahead-of-flaring/

It's worth looking at the i3 Energy 2024 Capital Programme Investor Webinar on 2nd May. https://www.youtube.com/watch?v=OsZGHmHhCtk

See 1hr 15 min onwards for i3E management's opinion on valuation of the company.

This includes from Majid "...if we manage to remove that discount to our Canadian piers and trade on PDP value, that's 20p per share. But we would of course argue it's worth more than that."

And yet less than 4 months later they announce the deal to sell at 13.92p/share.

Tony, thanks for the update. That's great to know they'll be explaining themselves.

For me, it's the timing of the deal which is so surprising - AECO rock bottom but set to significantly improve; the Simonette drilling program soon commencing which they describe as transformational. This is the environment they've always said they would acquire assets - not sell the company.

Interesting interview with the CEO of Tourmaline about their acquisition of Crew. Includes his view of natural gas price outlook.

https://www.bnnbloomberg.ca/video/shows/trading-day/2024/08/12/tourmaline-agrees-to-buy-crew-energy-for-13b/

Selpec, the answer on the i3E website to the FAQ about dividend being bi-annual was from the AGM on 03 JUNE 2021.

Tony, thanks for sharing your analysis. Very interesting comparison with Logan.

Some have commented on this BB how being listed on AIM negatively affects I3E share price. Interesting that The Works has just moved from the main market of the LSE to AIM. Not that I3E is big enough for the ftse 250 (yet!) but this does highlight the benefits of AIM.

The directors argued that an admission to AIM would be more appropriate for the retailer due to the cost and regulatory requirements of the main market becoming progressively higher in recent years and disproportionately burdensome.

https://www.proactiveinvestors.co.uk/companies/news/1046775/the-works-completes-cost-saving-move-to-london-s-junior-market-1046775.html

I've submitted the question about the RNS and monthly dividends to Investor Meet. They were very good at answering all pre-submitted questions last time, so I'm sure it'll be cleared up.