Member Info for KeithR39

up to you hasiba, but in your perspective, I think you better sell on the market now which is at about the same price and you will get your money now ready to get back in after the extended 10 days offer period if you want. I heard that when you accept a bid offer there is a delay before you get paid that could extend to many weeks...and you can still retract your order to accept the bid if you already applied, up to May 3rd. Just my personal opinion from my understanding...

Mostyn, the rules are saying that the stock can be delisted from the TSX after a minimum of 30 trading days, IF the stock meets the really low volume conditions as specified, which I doubt will happen on IAE. Then it says that delek can force you to sell (with the other tendering shareholders) IF they reach 90% at the end of the mandatory 10 days offer extension, in which case you would be out at current bid price, like the others. But the remaining shareholders will be harder to get. The risk you have is to see the stock retreat after the offer, but it's not sure to me as growth news are about to pop and I bet many who sold will want to get back in once they see the stock still alive after all that... All just my personal opinion from what I read, and it is written black on white to me...

Spot on foresight, it is not sure which way the stock will turn after the bid period. But with much less shares available, if news turn good, hang on. And I bet delek will put the necessary price to get the rest, which won't be a pain for them...We see more and more buying at $1.95 on the canadian side in the "hidden markets"... All my personal opinion

1- If delek do not reach 90% at the end of the actual extended offer period, on may 3rd, the remaining shareholders will not be forced to sell and the stock will resume trading free on the normal markets. Conditions for a delisting are pretty hard to get (been posted a few days ago) and won't happen quickly, if it ever does. 2- The remaining shareholders will be the hardest to get. 3- On level 2 for the canadian market, which shows the market depht and trades, we've seen today a lot of trades at $1.95 on the more secondary markets and these are going on under the normal radar...The ones who buy at $1.95 surely think they have a chance to get more than that in the future... If your broker doesn't know about the extended period, change your broker... All just my personal opinion

You still can keep your shares, no one is forced to sell until they reach 90%...

Same conclusion londoner7, thanks for all.

Same thought as you Mostyn. The stock will keep trading at today's price up to May 3rd. I think many of the remaining shareholders will tender their shares during that extended offer period, and it is possible that delek reach 90%, which would force everybody to tender. If they do not reach 90%, the stock will keep trading and there's an unknown timeline up to when they can proceed for a delisting from the big markets (TSX and London). The stock would still trade in secondary markets in that case. And If they do not reach 90% with this offer, I expect them to try to get the remaining shares pretty quickly, and it is likely to be at a higher price, imo. My shares won't be available until they get to 90%...I've seen a case where the bidder came back with 2 additional bids at higher prices to reach to the 90% level... All in my personal opinion "The rules and regulations of the TSX and AIM establish certain criteria which, if not met, could lead to the cessation of trading and delisting of the Common Shares from the TSX and/or AIM. According to the TSX Company Manual, the Common Shares may be involuntarily delisted if (i) the market value of the freely-tradable, publicly held Common Shares is less than $2,000,000 over any period of 30 consecutive trading days, (ii) the number of freelytradable, publicly held Common Shares is less than 500,000; or (iii) the number of public security holders, each holding a board lot or more, is less than 150 in each case exclusive of holdings of officers and directors of Ithaca and persons who own or control, directly or indirectly, 10% or more of the Common Shares(...)Furthermore, Ithaca may apply to have the Common Shares voluntarily delisted from the TSX, in which case section 720 of the TSX Company Manual may, subject to TSX discretion, require minority shareholder approval..." from delek's circular

Delek cannot buy anymore on the free market imo, they are already at 19.97% or so: "The formal “take-over bid” requirements are triggered when the securities subject to a bid combined with the securities owned by the bidder constitute 20% or more of the outstanding securities of any class. " http://www.mcmillan.ca/files/Overview_take-over_bids_in_Canada_c4.pdf http://www.ithacaenergy.com/investor-relations/shareholder-information

Just have to add londoner7 that I understand your questioning of being there with delek in full control of the company, which will happen only when they reach 66.666% of shareholding, which would require more than the 50%+ of the other shareholders required to get the offer valid...

Right londoner7, I did not cover the increased bid scenarios because it increases the speculative ways of outcome and I don't think they will increase to my expected level of the share price after a full Q with Stella, and I did not add that Harrier drilling results coming could be another material game changer, and surely forgot other things, like the future of the bod after this, etc...thanks to you and everybody for the feedbacks and comments which are surely helpful to a lot of people at this point... all in my personal opinion

very good point foresight, here is my personal decision tree: 1- You plan to accept the $1.95 offer because you fear a bad scenario: you better sell now at $1.93 on the market because if delek dosen't reach 50%+, the deal is not valid and your order won't get exercised. 2- You wait till april 20th to see if delek succeed to get 50%+: if that's the case, the mandatory minimal 10 days offer extention apply and you still have time to make up your mind. If they do not reach 50%+, the stock trade freely again, and personally, I'm not sure it will fall like a rock because the last Q report was not taken into account in the offer recommendation valuation, wich report has a 35% (about 20 million berrels) increase in reserves, a confirmation of a cost per berrel down to $18 and an anticipated Ithaca production of 25,000+ boepd. It could open above $2, imho. 3- You're a hard rebel like me and you wait for the september results guessing that crude oil will trade higher than today and the above mentioned numbers will show up strong in the Q report. All my personal opinion

With Syria already heating up with angry Russia and Iran, US is now going at North Korea. Serious stuff about to happen imo, those shares could be worth much more in a few months, in my opinion. The purpose of the meeting with Xi was probably more than economic... https://www.aol.com/article/news/2017/04/11/north-korea-threatens-us-with-nuclear-strike-as-american-warships-approach/22035090/

"the rebalancing is happening faster than many in the market believe." https://www.investing.com/news/commodities-news/crude-holds-gains-in-asia-after-sharp-draw-in-api-estimates-471482

Gramp, by now shareholders have received by the offer with the circular of about 80 pages. You can find it on sedar.com or ithacaenergy.com (to the bottom, click "Investor Relations" and "Takeover offer"). It's an offer from Delek to buy your shares at $1.95 and you only answer if you want to sell. On april 20th, if Delek do not reach 50% of the other shareholders's shares, the offer is not valid. If they reach 50%+, the offer is valid and they have a mandatory 10 days minimum extension to the bid period where you could still decide to sell. One way or the other, the remaining shares will keep trading. Conditions for a delisting are extremely hard to be met. See the circular about it. My personal opinion from what I read...

I have the same read foresight, no technical glitches, just a slower ramp up, curiously...

Mamba, even if they succeed to the 50%, they surely wont reach 90%, at least not with this bid imho, which would be the only case that would trigger a forced sell. So, you can keep your shares if you want...

Londoner7, They anticipate 9200 boepd 1st Q 2017 with a bit more delays to Stella ramp up which should lead to roughly 10,000 boepd average for 1st half. And they keep a 20,000 boepd for total 2017 year average. So, they now anticipate about 30,000 boepd in 2nd half : (10,000 boepd 1st half + 30,000 boepd 2nd half) / 2 = 20,000 boepd yearly average...it is more than the first estimated plateau at 25,000 k....

http://www.ithacaenergy.com/media/news/2016-financial-results - Production cost already way down to $23/boe and Stella not in the numbers yet, expected to reach $18/boe. - Stella very slowly started and ramp up a bit delayed, strange timing... - Reserves up to 76 MMBOE from 57 and it is not material enough to change the offer valuation??? - If you do the math, they anticipate that production with Stella at full power will reach 30,000 boe in the second half. - And the tone is very shy suddenly... All just my personal opinion

Even if Delek succeed to the 50%+, the remaining shares keep trading and it is extremely unlikely that the stock would be delisted from major markets, these informations available in the circular. A lot of things are clearly stated, it's worth a read. You can find it on SEDAR website or Ithaca website. "The rules and regulations of the TSX and AIM establish certain criteria which, if not met, could lead to the cessation of trading and delisting of the Common Shares from the TSX and/or AIM. According to the TSX Company Manual, the Common Shares may be involuntarily delisted if (i) the market value of the freely-tradable, publicly held Common Shares is less than $2,000,000 over any period of 30 consecutive trading days, (ii) the number of freelytradable, publicly held Common Shares is less than 500,000; or (iii) the number of public security holders, each holding a board lot or more, is less than 150 in each case exclusive of holdings of officers and directors of Ithaca and persons who own or control, directly or indirectly, 10% or more of the Common Shares(...)Furthermore, Ithaca may apply to have the Common Shares voluntarily delisted from the TSX, in which case section 720 of the TSX Company Manual may, subject to TSX discretion, require minority shareholder approval..." Just my opinion, from my read of the circular...

Delek can't buy anymore shares on the free market, they are already at 20%-1: "The formal “take-over bid” requirements are triggered when the securities subject to a bid combined with the securities owned by the bidder constitute 20% or more of the outstanding securities of any class. " http://www.mcmillan.ca/files/Overview_take-over_bids_in_Canada_c4.pdf