killermanjarrow
10 May 2017
Delek are playing games to get cheap shares I've done a fair bit of research into this and it seems that Delek are correct in their directors' circular when they say that they are not obligated to buy any of the shares that were not sold as part of the offer. They then try some scare tactics by saying that if they get too many of the shares then Ithaca may be involuntary delisted from AIM and TSX and shareholders will be left without a market. However the rules for an involuntary delisting from TSX are(i) the market value of the CommonShares is less than $2 million over any period of 30 consecutive trading days, (ii) the number of freely tradable,publicly held Common Shares is less than 500,000 or (iii) the number of Shareholders, eachholding a board lot or more, is less than 150, in each case exclusive of holdings of officers and directors ofthe Company and persons who own or control, directly or indirectly, 10% or more of the Common Shares. This isn't going to happen with Ithaca because i) The market value is currently over £300millionii) The number of publicly held shares is currently over £20 millioniii) The number of share holders owning more than a board lot (100) is not going to fall below 150.So the only threat is if Delek try and voluntarily delist from TSX but in such a situation the TSX has rules where it may insist that the company requires minority share holder approval before the delisting. This rule is to protect minority share holders for this situation.Given the above I can only see that Delek will take its option to buy the remainder at the offer price which I think have until about 6th June (120 days after the offer). I think they're playing a nasty game to get share below the offer value.The very worst case is that they stay listed on TSX so I think it would be crazy to sell on the market now.
Isla Fercombe-Hall
10 May 2017
Re: Messed up That's to stop you buying back in at the lower pri
great bull
10 May 2017
Re: Messed up Email from sharesave said money from sale of shares should be processed by around the 16th May
Wordbodger
09 May 2017
Re: unsold IAE shares Part of the £1.17 is explainable by £ currency strength since that offer ($CAN 1.95 doesn't convert to £1.17 any more), the rest by lack of liquidity since Delek took their offer off the table to holdouts, afaics.Not sure why people have been accepting what looks like about $1.50, maybe spooked, maybe don't want to hold till bought out - read earlier posts.
EiffelTower
09 May 2017
unsold IAE shares Can anyone offer a realistic explanation as to what will happen to the shares not offered to Delek by the deadline ? it's about 5% of the total. I rang TDWaterhouse and they didn't seem to know, they said they had no communication about it. A blank.Also, why are IAE shares on the market at only about 87p when the offer was at 1.95 Canadian or about 117p our money ?
microcalc
09 May 2017
Re: Messed up Similar here, responded to iii corporate actions on the 27th telling them to sell my shares for the agreed price (1.95 CAD), they acknowledged my request, my IAE shares have disappeared from my ISA account, but still no sign of the cash!
great bull
09 May 2017
Re: Messed up Phoned sharecentre today having noticed my account balance had dropped, I actually responded to corporate actions email on 26th April saying sell my remaining shares, they have just emailed me back to say that they are still processing the sale?
Ripley94
09 May 2017
Re: Messed up I am getting different info in writing from different brokers today one has told me anyone how elected on 2nd May was paid out on 5th .. and i have had that .Another replied to me after i passed that on that they had telephoned computershare and have been advised that a pay date has not been confirmed but they expect this week ??Can they both be telling the truth ?
Ripley94
08 May 2017
Re: Proceeds of sale of IAE shares Surprised to see id been paid out in the one who informed me of extension , and conformation from other two they acted on instruction and are awaiting payment why they would not all get monies at same time i don't understand ?
shyboy118
08 May 2017
Re: Messed up I missed the initial deadline of 27th April. I noticed this on 1st May but since Delek extended the deadline to the 3rd May i thought i was safe. I responded to the Corporate action from iii, my brokers at 08:30 on the 2nd May asking them to sell at the offer price. I received a mail from iii on 3rd May stating that i had missed the deadline so they could not sell at the Delek price.I've cut and paste an article from the iii website which clearly shows the deadline extension and sent it back to iii, asking for an explanation.I wait to hear back from them
waytogo333
08 May 2017
Re: Proceeds of sale of IAE shares It was the Share Centre - but it was really academic, because I was asking after the 3rd May extension anyway....,
shareordie
08 May 2017
Re: Messed up Lets face it they will want 100% and not 95% i would imagine,i have held a few companies through take overs and some of them i have not responded to any paperwork and eventually they just sent a cheque and cancelled the shares.
Mr Papillon
08 May 2017
Re: Messed up Uk law has protection for minority holders after a takeover and it seems thay Canadian law has something similar. See p29[link] this is the case it seems crazy to sell below the offer price..---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- -I wasn't sure but I thought this was the case. So they (Delek) have to compulsory buy (if they want too) the remaining shares at the offer price or over. I think.
killermanjarrow
07 May 2017
Re: Messed up Uk law has protection for minority holders after a takeover and it seems thay Canadian law has something similar. See p29[link] this is the case it seems crazy to sell below the offer price..
shareordie
07 May 2017
Re: Messed up I dont know about the Canada thing,but normally if they own above a certain amount they compulsory purchase the rest.
