Member Info for Kejoglo

Well BigBench the first oil news eventually did arrive but in a fashion which neither of us would have wanted. People may bail out and people may get back but when it comes to the vote and time is no longer an issue who will vote to sell at 120p? Unless Delek and the board have been up to naughty things just who will vote to sell at that time?

If in the next few weeks the oil price goes up as well as all these shenanigans we will be sat on a powder keg in the middle of a fire - with only the flimsy stopper called "120p bid" stopping the whole thing exploding upwards. Investors in this company, be they big or small, own something that should be worth a lot more than 120p a share today and potentially massively more going forward. Why let them have it cheap? Today will be confusion and strange trading, next week the reality and the sheer anger of being held up on pay day after waiting a long time will kick in.

Not one principled man on this board of so called directors. That RNS sums the disgraceful shower up.

An interesting read.

If news is not released soon, either due to it being suppressed or a deliberate slow down, and Delek and the board are privy to that news is their attempted takeover deal not essentially insider trading? I mean I am no expert but if they know something that they are not telling their shareholders and the market and they are acting upon it from inside the company - well is that not the definition of it? Monkey_spank's earlier comments about 38.75% getting a controlling shareholding looks correct but will they get that? It is somewhat malevolent of the Monkey to suggest "people use their imagination" to think what terrible things might happen, what is this room 101? However like all investments there is a risk and a potential reward. How you calculate your risks and rewards is all part of the game. Of course anyone with shares now or buying in now have quite a long time to see how things pan out with the option of getting 120p on the table. An awful lot of things can happen. I am undecided about staying or selling and getting back in later - and only the latter because I think the company will drag their feet over releasing news and that means nothing happening in the sp. On that last point I really hope I am wrong.

Only reason people might sell is time. If they want it to speculate or if they need it for something else. Share price heading back up just now. Otherwise sit tight. I have actually added since the deal news broke.

Of course the board are in it for what they can get but they own very little of the company. It is the shareholders decision ultimately and Delek don't vote. Delek and the board will have probably got their numbers right and get what they want eventually but I doubt that will be at 120p. Also Stocksluut why don't you take your advice and "just let go". Like you told us to last week. Is this board the only one you post on!

I think you have your numbers wrong there monkeyspank. The vote needs to be 50% of the remaining 80% or it is rejected. Deleks 20 % does not count towards that vote from what I have read. So of the remaining 80% who is going to vote for 120p. Well let's see; Cavendish have rejected already, Artemis say it is a "lowball" offer. Those two represent 30million shares or about 10% of the remaining 80% that can vote. The eighth largest investor only has 6 million shares which shows just how spread out Ithaca ownership is. The top 8 investors PUT TOGETHER have only about 33% of that remaining 80%. Hence it will be the big private investors and the small institutional investors which will carry this one way or the other. Who has been trading all last week? Million+ share deals took place. Anyone who wanted 118-119.5p could and have got out. Were these shares bought in order to sell at 120p or in order to stand a chance at getting much more? I really doubt that 120p a share will get through. However I think it is true that Delek will get the company cheaper than it should do because a small rise in offer and everyone would probably go with it.

The sentiments expressed by most people on here echo my own. I certainly do not think we are at the end yet, perhaps it is the beginning of the end but not the end. My own thought is that a month can be a long time in shares etc. Will a lot of these people who have bailed out and seem to be raking in vast profits in the other oilers actually return back here closer to the vote date? I have a feeling that Delek and the board are playing it a bit risky. If they do have news and progress which they are deliberately slowing down reporting it might actually be beneficial for them to get it out early rather than late. I could imagine a dip then surge in Ithaca interest over the next month. It might be better for Delek to get the good news out of the way now. I think I will be in Ithaca before the vote but will I be here all the time before the vote? Don't know. Delek's bid is all about timing after all.

Trading seem to be picking up in volume as well. Where is that tanker? They will have to tell us sooner or later - and not that much later.

Why sell now? Please tell me as I find it incomprehensible! Only if your personal circumstances dictate you need the cash can I see a scenario for selling now. Look at the trades this week, there is one for 1.2million shares! There are quite a few 250k trades. Why are all these people buying in? Because they see a free bet! Why are the people selling? Because they seem to fear the chance of losing their often spectacular profit - now normally I could understand that but not here and not now. If the deal goes through (which I still doubt) you get your money back. If the bid is upped for whatever reason you win. If a third party bid come in sit back and enjoy the ride. If no other bids come in and the deal is rejected we are back in the position we were originally in but with first oil news. Many people who have sold would have been happy with that beforehand! We then reap the rewards that Delek are after for themselves. The only scenario where there would be any risk is if it is Delek that has been fooled into already offering too much and the vote did not take that misguided bid - but they are on the board! Hence I am staying put. Oh and I doubt that tanker and supply vessel are going into the North Sea on a pleasure cruise.

A bid could come at any time - this was never a timed auction! We had no bids in years and who in their right mind would bid just before first oil news (unless you were on the inside - like say you were on the board). You cannot hide a tanker going out to sea and have even less chance hiding one coming back in. Sooner or later it will be common knowledge whether by RNS or not.

Are you still here stocksluut? My word you are emotionally attached aren't you!

Have you been sniffing the glue again stocksluut? Not wanting to get fleeced is an emotion of sorts I suppose. I would more than happily sell my shares at the right price which at the moment we are nowhere near. If you are sold out here then why are you back posting messages? Who can't let go?

Actually I see it as the opposite. The market is adjusting to what it thinks IAE is worth. Should the deal not be accepted I would imagine the share price would drop UNLESS of course we have news of first oil beforehand which we absolutely must have. The timing (before imminent news) and the position of the board have made all this, almost certainly deliberately, very confusing. It is a devious tactic at manipulating the market to a position where investors cannot really make an informed decision. We need news and should have had it in December then January and now rather than vague delays.

Upon hearing about this attempted deal (or as I call it "hold up") I have checked that my shares which are all within a share ISA can be used to vote. My share dealing service has said that I can send them a secure message or telephone with my instruction. Check your details if you hold shares in this way and make sure of how much notice you need to give etc.

But Delek don't get to vote! I hope you have not jumped the gun but anyhow someone has got those shares and they think the deal is not good enough. It is 50% of the remaining 80% that is required (Delek own 20% already). The board does not hold that many shares either. Anyone with less than 250k shares could probably have sold yesterday as there was a lot of trading so small investors who are still in will almost all be hostile to the deal. Large investors at the other end of the spectrum do not hold enough to completely swing it and some of them have already expressed concern over the bid. That leaves the middle ground, the small big investors and the larger private investors and my guess is they are savvy enough to know this is a bad deal at this price and without getting the full good news of first oil and production ramping up.

If Delek get 50% of the outstanding shares voting to accept the deal then I think everyone will have to sell their shares at that price whether you want to or not as the "company" would have decided to sell - that is why you have shareholder votes and 50% rules etc. The question is will they get 50% of the outstanding vote? I really doubt that at present. Some larger investors have already voiced concerns. Ithaca ownership is rather spread out and the so called "Small investors" actually own quite a bit of it. Whether they are all in a position to vote is another matter. Any "small investor" who wanted to accept the deal of 120p could probably have got 119.5 or 119p yesterday as some quite hefty trades were going through - so in a way they have gone already! Anyone who bought at 119p+ yesterday is hardly doing so to make 0.5p over the next month - no they are "taking a position" and if the sp drops another penny I may top up myself. This is a starting point for Delek (if they got it at this price they would be hysterically happy). However their real target is probably about 135p - this is, for the potential the company has and lack of risk once first oil is here (which they are more privy to than us), still too cheap!

I cannot believe the brass neck of the board on this I really cannot. News of first oil (which they control) is not out yet and they are suggesting accepting this deal - it is disgraceful.

You are talking absolute rubbish Monkey_spank and you know it. If you are so sure of yourself sell at 119.5p TODAY and GO AWAY HAPPY unless you have already sold which I suspect is the case. In which case - go.