Member Info for Roth1

Deleks offer of C$1.95 initially equated to £1.20. However due to the pounds value increasing against the Canadian dollar, this now equates to about £1.17 or £1.18. So the irony is that shareholders accepting the offer wont even get the derisory £1.20 they thought they would get but will receive something much less and getting smaller by the day. There is further irony in that the majority of shares are traded on AIM and if the pound continues to strengthen, by the time the offer concludes, the price received could be less than it was before the bid was made. Laughable!

Not a hope in hell of this bid being accepted. I am sorely tempted to increase my position. Looking at the trades today - no great volume, but almost as many buys as sells. Buying more, whats to lose, unless the BoD really are giving us misinformation.

AXA investments are the biggest shareholder (Delek excepted). They have 7.5% which equates to almost 10% when Delek shares are excluded. If they react as Cavendish have, the bid is over before it has begun! Here's hoping!

I think Delek may be playing a clever game. If they had come in with a bid of £1.40 people would still have said 'too cheap'. This way they come in low and then if they up the bid to say £1.40, most would grudgingly accept.

Remember Delek (if I understand the rules) have to get 50% acceptance of the shares - excluding the shares they already hold. The 20% they already hold are not counted. Not sure they will find it that easy.

I seem to remember £1.20 was a speculated take out price in the days when we were languishing at 50p (not that long ago). I wonder if there was a deal done when Delek initially bought there 20% stake that a bid for £1.20 would follow at am opportune time and be unopposed by the Board. The price looks ludicrous now but might have made sense then

I too will be interested to hear Malcy's take on this. He is fairly close to Ithaca and will also have his ear to the ground on the institutional holders perceptions. Like everybody else I think it stinks!! Not selling at the moment - will see how this develops.