Member Info for tonynorstrom1

Linear,

If you sign in - on the right hand side of the page you should see “Shareholder Meetings”. Click on this and you should see the option to vote.

BillNN,

If thats what they told you - I assume its got to be correct - thats the way it used to work at Hargreaves Landowne before they added the voting feature online.

Send them a secure message and request a reply asking them to confirm your instructions have been placed.as instructed.

Just voted my shares against the deal via Hargreaves Lansdown - its really simple - takes less than a minute to do. Note their are two votes for some reason - one cast on the Special Meeting Resolution and one on the Court Resolution - both subjects the same i.e. to vote for or against the scheme of arrangement.

I would encourage all shareholders to vote and make your voice heard which ever way you decide to vote.

Thank you Megla & Sasa for the responses. So it appears much of the negativity is around the EPL and effects on profitability and growth and no plan yet from Management on how they are going to tackle this.

One idea - I hear there's a Company operating in Canada that is selling for peanuts - i3e. Who here would think it a good idea for Serica to make a rival bid and if not what should Serica be looking at?

Do DEC share data on inactive wells and is the number shooting up. I was following a share for a while in Canada called Pine Cliff Energy - it runs a very similar business model to DEC i.e. drills relatively few wells and acquires old low decline gas assets. Pinecliff has about 7000 wells and they retire about 200 wells a year. The CEO contrasted their ARO program to a US Company who operates 70,000 wells and retires 400 wells per year. He didnt name the Company but it was obvious he was talking about DEC. Thats a massive disparity in how they handle ARO's.

How much do the wells cost to drill and complete?

As some here will know - It looks like i3e is about to be sold and i'm looking for another Company to replace the dividends. I've just started to run the rule over Serica and scanned through the latest presentation.

The mood on here seems down beat with a few negative comments directed at Management - what are the main issues here that I hear are going to be raised at the upcoming "Investor meet compnay" podcast.

Anyone willing to share a few thoughts including on the dividend - the yield seems to idicate the market thinks its unsustainable.

Https://open.substack.com/pub/theoakbloke/p/i3exit?r=eeqfi&utm_campaign=post&utm_medium=email

For those thinking that GTE maybe a decent punt - the above piece will give you pause for thought.

“Do we think Polus are the shareholders then that have given irrevocable assurance? “

We know - it’s in the offer documentation on the I3E website - the shareholders that have voted yes are Polus, BOD, Graham Heath and Neil Carson - and most notably - no other Institution so far.

Rylidan,

What makes you think the no’s have it ? All we know for certain is that 32% have already voted yes. We have no idea how the other institutions will vote and amongst the PI’s it’s mixed.

A no vote is not madness imo unless you’ve bought very recently otherwise it’s a dog t@rd of an offer.

Bots,

Your opinion is as good as anyones but personally the only thing I agree with is it’s “a poor man’s deal” and the “cash and dividend given to shareholders is poor”.

As far as the strategic reason for the deal - I think that’s all laid out in the presentations - I don’t see any other hidden strategic reason - why would there be ?

With respect to greed versus strategic reasons - I think that’s all wishful thinking - not all shareholders are created equal particularly if you are Management / CEO. For example it’s very likely that Majid gets a very sizable parachute payment in addition to cashing in on most of his shares that he did not have to pay for - so what looks like a sweet deal to him may look like one to any shareholders that bought a year ago.

With regards to GTE shares - I agree, they could be quite a good investment as this deal de-risks their operations and they could rerate higher. Also they bring cash flow to develop / accelerate development of I3E’s best assets but unfortunately our upside is limited to 16% of GTE whereas we had 100% of the potential upside to Simonette before.

So I assume your voting yes.

Stas20 - how do you plan to vote if you dont mind me asking?

On page 3 of the presentation they state this:

"The transaction is a result of a competitive process undertaken in Q2 2024 after receiving multiple unsolicited offers"

Then there is also the Gran Tierra presentation:

https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2024/08/GT-Investor-Presentation.pdf

Https://wp-i3energy-2021.s3.eu-west-2.amazonaws.com/media/2024/08/i3-Investor-Presentation.pdf

If you go to the investor section of the i3e website and scroll to the bottom - there's a tab on the deal that contains all sorts of documents including the above presentation which spell out the rationale for the deal so we pretty much know what Majid is going to say during the podcast - it will only be worth listening to imo if they take questions otherwise the answers are already in the presenation above.

As shareholders we will all be pleased about this:

"Retains all Canadian i3 staff and expertise to maintain momentum on Canadian operations and

asset capture strategies"

It reminds me of the scene from the office where David Brent addressed his staff with regards to the merger of two offices and rumoured redundencies and he says there's some good news "I get to keep my job" - and then proceeds to go down the line pointing at each employee in turn saying "you've got a job, you've got" then he skips one and continues "youve got a job..................". It feels like were the ones that Majid has skipped.

There's also letters to shareholders, employees as well as a copy of the Shareholder-Irrevocable undertakings to support the deal - its basically only Polus plus the BOD plus Graham Heath plus Neil Carson. So whilst I think the deal is more likely than not to be approved - it would get interesting if some of the other institutions like Slater voted against.

Ark87,

I didnt make great money - I made some - maybe 20% on the SP and then dividends on top - so not a disaster but probably a lesson to take some profits when you have the opportunity. Easier said then done especially if you are in for the dividends.

As far as what shares im looking at next - I need to replace the dividends/Income. Someone on here summed it quite well when they said you should be looking at 3 things when replacing i3e:

1) Similar Dividend yield

2) Similar or better risk profile - i3e operate in a pretty decent jurisdiction (Canada) but I didnt factor in the risk of the CEO / BOD selling out for what some of us on here consider well below fair value.

3) Future prospects which I thought were quite decent.

imo - its not easy to find a company that ticks these boxes but i'm looking now and i'll let you know when I have identified a couple of Companies - I have two or 3 that i'm looking at and need to do a deeper dive.

One other idea I have is a fund that I have owned in the past and my wife still has a decent holding in. Its not an income fund but it has an excellent track record of capital appreciation so the idea is to dump the money into there and sell off shares each year to provide an income - FUNDSMITH. I havent really checked the performance recently but previoulsy it did average over 15% PA over about 6-8 years. Anyway still deciding what to do.

JMort - I agree with your sentiments 100%. The recent messaging does not seem to tie up with this deal and feels like they have sold out LTH's. I will be very interested to here what Majid has to say.

I sent an email to i3e to express my disappointment in the Gran Tierra deal which to me looks like a poor deal for i3e shareholders particularly in light of i3e's recent communications about this years capital program and next years "transformative" program in Simonette. I also asked them whether they plan to do a webcast to explain how this deal represents value to i3e shareholders and on a platform that allows questions to be submitted- I received this response a few minutes ago:

"We plan to do a webcast after the Scheme circular is published and in advance of the general meeting. "

Thank you for the thoughtful response and I stand corrected on Peru. I have spent little time on analyzing PTAL even though I had forgotten they operate in Peru and not Columbia. It’s still a company I’m interested in but I’m not sure I agree with the risks;

commodity price is a major risk factor for all oil and gas companies so if you want to invest in the sector then you put this aside and look at the differentiators. So the other risks:

1) Political - compare the risks Peru v Canada - i prefer Canada.

2) Civil Unrest - indifferentiate from the above and this is a real problem that seems to affect PTALs operations regularly

3) Egress - this is a real problem with PTAL regularly not able to export 100% of production because of barging restraints and maintenance or sabotage on pipelines.

I would suggest all 3 are the reason PTAL trades at a significant discount to peers including I3E.

Rylidan,

Respect your decision and sound reasons. But a couple of comments:

1) the 32% could just be Polus, BOD & Graham Heath - remember Polus voting rights include 9% via CFD. So it could be that only 1 institution is on board and we don’t know the reasons for them cashing out - does not necessarily mean they think it’s a great deal.

2) on the dividends - some one else said that if you are trying to replace the dividend - ideally you need to find a company that pays a similar dividend, has a similar or better risk profile and has similar or better prospects. There are not that many companies that tick all the boxes . Some on here are invested in PTAL which I think has operations in Columbia so the risk profile is probably much higher than I3E. GTE also has its main operations in Columbia which is probably the reason that it’s valuation metrics are even cheaper than I3E.

3) and to address Bombstics comment - i3e have also hit Oil/Gas with all their drills and they are in Canada and not Columbia. I have taken a quick look at GTE and the numbers look quite good and their production is all Oil - but there in Columbia! I think if the deal goes through - it’s likely to have a positive effect on the SP once shareholders appreciate the diversification that Gas and another Geography provide and then there is also the fact that GTE don’t pay a dividend.

I’m interested to hear which shares match up favourably on the 3 metrics I highlighted above.

We get a mention from Sarah from London South East - she's reading the posts here:

https://www.lse.co.uk/media/I3E/what-s-hot-at-the-end-of-summer-rj6ual491rxxpuw.html

I would encourage all shareholders to vote as you see fit - my vote is NO !