Member Info for Mostyn

Then the delek offer is virtually at a discount to the previous closing sp prior to announcement. The question is, why would anyone sell at this price? Just because another co has made an offer does not mean we need to accept. Ludicrously undervalued given the strengthening pound. Roll on tomorrow to see if we get a revised offer and preferably in £'s this time.

They may seem cheap, but they might be over valued and on a downward slope. NAH cases are dropping like a stone. 33% down if memory setves me. Other diversification projects are contributing to the bottom line, but not quick enough IMO. The divi masks the dangers. I think this will go a wee bit lower. A good potential short option

In the next couple of weeks both pre and post restructuring, is anyone out there with any idea where this might go? Bit of a quiet board :-) ALB Mostyn

I do agree somewhat, but what im saying is that when the deal fails the board are still adequately capable of leading us in the interim until we can oust them. A lot of the delays were petrofacs responsibility so we cant really blame our bod too much. It has worked ok r.e. oil price recovering, but I get your point. Either way this is still a great company with huge potential in a great position and we should not lose sight of that. That is the reason im turning down the deal.

Next agm or at soonest point though, Les Thomas needs to go

The board can run an oil company, they did a decent job in very choppy waters before the delek bid, but yes they have lost trust. BUT they know how to run a company.

They have been pretty clear in their reports about figures. All provinces they wanted are signed up. They are using some of the funds for new apps which could be big and this is on top of the motoring aspect they recently announced. The lottery is banned online so obviously they cant do this anymore until legislation changes at which point they will be able to resume that particular cash cow operation. I think the bod was wise to diversify into online payments and take strategic stakes in gov entities. They only went live late last year so revenue cant be expected to be huge yet, and it is already better than predicted. Remember Apple???? It was huge, then crashed, refocused then briefly became the biggest co in the world. BNN not apple, but principle is similar. Im invested and happy to hold

Price of oil is rising and with increased tension between major producing countries, this will only help the price, coupledcwith further OPEC cuts. Delek know this, but im not sure they'll raise their offer. I have instructed my broker that I will not be tendering my shares, as once this offer fails and is out of the way the SP will rise. This offer is actually holding the SP back. Debt is reducing all the time, harrier will add to reserves and be ready to give production another boost. There are many other assets within the GSA, so we have great infrastructure and assets. ALB Mostyn

Well nearly, upto 140-150p range very possible.

How can you justify a market cap that is over 10 times total sales of a company that has only ever made a loss? They have some great assets and patents and gold plated partners, but what is there to drive the SP higher?

If and when thus deal fails, shareholders should kick Les Thomas off the board due to no confidence. He is clearly not acting in all shareholders best interests and some could argue he is an agent for Delek. Definite conflict of interests going on and a lack of integrity. He needs bto go.

Anyone near our stella rig who can offer some info?

Only a couple of weeks away max from knowing a lot more about the companies results/stella numbers/ delek offer letter. It will be interesting to see how this share reacts in the run up to news. I have a feeling that stella is going well. ALB

Are Delek allowed to mop up shares in the open market? Or because of thier bid does this stop them?

But I dint think I will have to wait that long to realiseca higher price.

1.95 equals roughly 118p per share, so that is why I think 118p has been our ceiling. Not really a fair deal imo, I hope the other major investors go with cavendish on this. I'd take 140p, but I can see why a lot of peeps that bought sub 50p have bailed. I'm going to hold, because as a minor investor, even if delek get the majority, if they remain listed I think the sp will rise. If iae gets delisted, I would still be entitled to any divi, which they will pay out within a couple of years (as is thier stated intention) but it would be harder to sell my shares. However even private company shares can be sold, so I dont see much down side on 118p apart from time value of money. Ive waited a couple years already, whats another year!

Might not have had any choice but to release news of the offer before they announced first oil. Delek might have forced thier hand by making the offer, and the bod are legally obliged to announce it. Quite why they agreed a large break fee and back the deal leavesca bad taste in my mouth and as others have said the deal values ithaca fairly today, but allows no upside or future value potential. I for one am glad cavendish are not backing the deal and I too will be rejecting it.

I agree with you foresight, I've emailed them, i'll post any reply on this board. See what happens

Ithaca board only hold roughly 2.5% of the stock. There are some big investors out there like artemis etc who probably want mpre money. I think delek will up thier price.

So reading the delek offer rns. It says break fees under certain conditions are payable to delek if the deal does not go through. What are these conditions they give no details about? I do not believe this deal will go through and will hinge solely on the other major investors saying no. Also in the deal, the directors are specifically prohibited from soliciting 3rd party offers, so no white knight there! We could see (I hope for) some activist investors buying up shares to force delek to pay more. I've emailed investor relations to see whats what. Who knows!!!!!