Member Info for KeithR39

That post post doesn't take in account the following scenarios: 1- Delek's bid doesn't pass the 50% level and Delek increase the bid. 2- Delek's bid doesn't pass, never bid again, Ithaca results pop and so does the stock price. 3- Delek's bid pass (the remaing shares keep trading in that case), Ithaca results pop and so does the stock price. 4- Delek's bid pass and they make other bids in the future trying to reach the 90% level that would trigger a forced sell of the remaining shareholders. 5- Another bidder jump in. And all these scenarios will be influenced by the coming oil price trend... Just my opinion

"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

they are limited to 20%, already there, that's why they have to go through actual bid to all shareholders... just my opinion among others

Kejoglo, it's all good to me. At point 3, shares continue to trade for those who decided to keep and delek has to make additional offers at different prices over time in order to reach to 90% that will force the last rebels to surrender their shares, and that will include me... stocksluut, in the other hand, delek may have wait to have risky issues cleared out before going ahead... all just my opinion

"If less than 50% of the shares are tendered, does Delek have the option to acquire these shares, thereby increasing their shareholding beyond 20%?" "Take up and payment for the shares is subject to a minimum tender condition that requires more than 50% of the common shares being deposited pursuant to the Offer" http://www.ithacaenergy.com/media/news/recommended-takeover-delek "50% Minimum Tender Requirement: Take-over bids are subject to a mandatory, non-waivable minimum tender requirement of more than 50% of the outstanding securities of the class that are subject to the bid, excluding those beneficially owned, or over which control or direction is exercised, by the bidder and its joint actors (the Minimum Tender Requirement)." https://www.osler.com/osler/media/Osler/reports/mergers-acquisitions/Canadian-Public-Company-M-A-Guide-2016.pdf Furthermore, people tend to think that the management has already render all their shares, but: "In the event that Delek does not take up its right to match a Superior Proposal (as defined in the Appendix below) and Ithaca terminates the Agreement in accordance with its terms, the lock-up agreements will automatically terminate." I have a feeling that the guys have just been "politically correct" knowing that this bid wouldn't go through...just my opinion.

Mirapods, they will open the valves gradually between 6-8 weeks and then they will have the full potential, imo...

Delek doesn't offer to buy all the shares for about $2 CAD thinking it's a $2.20 value down the road. For them it's surely worth much more and the heat is building up with the coming developments and the price of oil likely to climb up during the next two years. 1- If they do not reach 50%+1 shares of the 80% they don't have today, they will surely not sell their 20%. In that case, another shark would come in anyway. 2- Why they want the 50%+1? Because it will block another big one to make an offer for the control of the company or more. 3- To force all the remaining shareholders to sell they have to reach 90% by offers and there could be many required. Why would they do that? to get all the pie for themselves and to get out of the stock markets regulations. Just my opinion

stucksluut, what's amazing is that YOU do not move on...

from wampeter on IV board: "My understanding of the offer is that it is subject to no material adverse changes. A Stella disappointment would be a material adverse change so the offer only takes effect on a positive Stella outcome. " So, delek puts a roadblock at $1.95 in case things turns good and they can retract the offer if things goes wrong. I keep anyway, they will need to reach 90% to get my shares, and I bet it's gonna be at much higher price...jmo.

from crow27 on the canadian SH board: "This Offer Is Nothing More Than A $1.95 Roadblock stopping all shareholders from making more money. Stella coming on line, Big production increase, Harrier drilling, Hooking up oil export pipeline and who knows what other goodies Ithaca has planned " So, if there is no other party interested, after rejection they can restart the whole process at 1.96$, and then $1.97 and so on forever...I wish the unhappy big boys will take care of the lawsuit...

1) Delek can't get more than 20% on the free market as per the canadian rules. Contrary to my previous speculation, they have to go with a take over bid to get more. 2) no one can blame delek for a first attempt at lowest possible price before more developments. 3) Their goal is to reach 50% in order to get the company control. This does NOT force the remaining holders to sell but it prevents any others to get control in the future. 4) If they reach the 50% level, they get the shares of people who accepted the offer, the control, but they are not forced to make any additional offer to get the remaining shares. 5) If delek want to go private in order to get out of stock markets regulations, they have to reach 90% in order to force the remaining holders to sell, and they would have to make subsequent offers to this one to reach that 90% level. So NO ONE IS FORCED TO SELL until that 90% level is reached by delek. 6) If something goes wrong with the company within 35 days, a lot of people will accept the offer and delek will be forced to buy at current offer price. It's a floor protection for a while, imo. We have time to wait and see the upcoming events. All in my personal opinion and from previous posts and reflections of others. Please correct me where I'm wrong, it's an important team work at this stage... ""In a take-over bid for all outstanding shares, if the offeror acquires 90% or more of the shares available, the remaining shares can be acquired through a forced statutory transaction known as a minority “squeeze-out”. http://www.mcmillan.ca/files/Overview_take-over_bids_in_Canada_c4.pdf and from londoner7 posts http://www.canadianmergersacquisitions.com/2016/02/26/canadas-new-take-over-bid-rules-seek-to-level-the-playing-field/

They make an unacceptable low bid offer, they put a bid on the market at $1.93 for about one month during the offering period, and they load up by that time from people selling in hope to get back lower after the offer fall. I bet they will get millions of shares this way during the coming month without having to get the offer accepted...just a speculation among many others...

Guys, there's a revolution breaking out on the canadian board... http://www.stockhouse.com/companies/bullboard?symbol=t.iae

I think Les is just politically correct with delek by recommending the offer...jmo...

My comprehension is that we are not forced to accept the offer even if others do. In canada, they can get control if they get 50%+ shares in the first offer, but they can't force you to sell until they have 90%. So, over time they could have to make many offers in order to get it private...just my opinion... "In a take-over bid for all outstanding shares, if the offeror acquires 90% or more of the shares available, the remaining shares can be acquired through a forced statutory transaction known as a minority “squeeze-out”. http://www.mcmillan.ca/files/Overview_take-over_bids_in_Canada_c4.pdf

Let's stick together guys...

Urraca, you're right, that amaze me too. But I think they are loading up and they will increase their targets as first oil, confirmed full flows, harrier, volrich and satellites deals take place. They will also adjust with brent price. Could double or triple actual estimates depending on events. I've seen this before. somekindofnut, good point. Les said in the video presentation that the production hub has a $1B value. The original contract says that petrofac hand over FPF1 to Ithaca and Dyas 80% of FPF1 in exchange of 20% interest in Stella and Harrier. Dyas still has a 20% interest I think. Analysts may add up value as things take place, imo. http://www.iii.co.uk/articles/19972/petrofac-announces-ithaca-deal

Updated Charterer Workscope Delivery Date 19.01.2017 Itacha Energy Supply duties, 1 yr + Support Ensco 122 15.03.2017 19.01.2017 Ithaca Energy ERRV Class B, 1 well (150d) Ensco 122 15.03.2017 http://foslive.com/ Harrier helicopter contract: https://www.energyvoice.com/marketinfo/130217/nhv-win-ithaca-helicopter-contract-promise-new-fleet-h175s/

Updated Charterer Workscope Delivery Date 19.01.2017 Itacha Energy Supply duties, 1 yr + Support Ensco 122 15.03.2017 19.01.2017 Ithaca Energy ERRV Class B, 1 well (150d) Ensco 122 15.03.2017 http://foslive.com/

"Position received via Satellite" on this one, no detailed confirmations as with the normal tracking system, like on PFP-1 and Olympic octopus now. Could show up with the normal system at any time, imo.