Ithaca energy share discussion _ iae stock discussion _ interactive investor

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Ithaca Energy Inc. Exchange rate uk to us (TSX: IAE, LSE AIM: IAE) (“Ithaca” or the “Company”) is pleased to announce that it has entered into a definitive support agreement (the “Agreement”) with Delek Group Ltd (“Delek”) on the terms of a cash takeover bid for all of the issued and to be issued common shares of Ithaca not currently owned by Delek or any of its affiliates for C$1.95 per share (the “Offer”).

· The Offer is unanimously recommended by the Board of Directors of Ithaca (excluding the Delek related party Directors) and values the entire issued and to be issued share capital of the Company at C$841 million (US$646 million)

· The Offer provides shareholders with the opportunity to crystallise the value of their holdings in cash and represents a 12% premium to the TSX closing price of C$1.74 per share on 3 February 2017 and a 16% and 27% premium to the 30 day and 60 day volume weighted average prices respectively

· Delek is an Israeli listed conglomerate with significant natural gas exploration and production activities in the Eastern Mediterranean and an existing 19.7% shareholder in Ithaca

“We are very pleased to announce the Offer, which provides an attractive opportunity for all shareholders to secure a premium cash value for their investment following a sustained period of share price growth and at a favourable point in the Company’s evolution.”

“A Special Committee of independent Directors has fully assessed the Offer, with input from the Company’s financial advisor and an independent valuator, and believes the Offer is fair and in the best interest of the Company and its shareholders and unanimously recommends that the shareholders tender their shares to the Offer.”

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Ithaca has announced an agreed cash offer worth 120p from Delek Group which is a 19.7% shareholder and which puts an enterprise value on IAE of $1.24bn. Gbp to usd converter This bid which is only an 11% premium to the Friday share price, is highly opportunistic, coming as it does only days before the FPF-1 comes on stream at Stella and which will transform the economics of the company. The binary system There is no doubt that looking at current analystsВ’ values of the company the bid might be considered full, but I would contend that those values would have changed significantly in this landmark year and looking forward the bid will look parsimonious in the extreme.

Ithaca has a fine portfolio of assets and a number of these will be proved to be especially valuable to Delek if the deal goes through.


Usa today coaches poll Whilst not certain of course, the economics of the sector are beginning to look as bright as they have done for a long time and with industry costs still falling and the oil price creeping up valuations are more subject than ever. Pound to euro forecast 2016 Shareholders who are probably delighted with this bid, dont get me wrong, may be about to miss out on the ride of their lives as IAE start up at Stella, raise revenue, pay down debt, all bringing the rating down, and miss taking advantage of what is one of the best managements in the sector.

Having spoken to the management I fully understand that they have the best insight into the risk profile and the potential value of the company going forward and could not in all honestly not put this offer to shareholders with their recommendation. Pound vs dollar exchange rate history I am also assured that no discussions have taken place about job security and that includes whether the IAE executives are to be kept on should the rumours be true about Delek listing an oil vehicle in London. Euro price today in pakistan It should be noted that they also own 20% of Faroe Petroleum another premium North Sea player, maybe following this and the recent Chrysaor deal means that the consolidation of the sector is finally under way. Inr to usd exchange rate today That will be fine as long as long as opportunistic bids are not accepted just as the promised land is under foot and patient shareholders rewards are within tantalising reach. Binary to octal It would certainly not do if an uber cautious board delivered one the sectors finest companies into hostile hands on the cheap and without appropriate vision.

The content of the messages posted represents the opinions of the author, and does not represent the opinions of Interactive Investor Trading Limited or its affiliates and has not been approved or issued by Interactive Investor Trading Limited.

You should be aware that the other participants of the above discussion group are strangers to you and may make statements which may be misleading, deceptive or wrong.

Please remember that the value of investments or income from them may go down as well as up and that the past performance of an investment is not a guide to its performance in the future.

Whilst information provided on them can help with your investment research you need to consider carefully whether you should make (or refraining from making) investment or other decisions based on what you see without doing further research on investments you are interested in.

Participating in this forum cannot be a substitute for obtaining advice from an appropriate expert independent adviser who takes into account your circumstances and specific investment needs in selected investments that are appropriate for you.


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