Sorry your stressed killermanj....
I must be judging by my last post... I just have to many stocks always something needs dealing with.
I think your broker has a Toronto platform so that must be to your advantage , If they give up AIM listing as TLP ( or is it TPL ) with that one they just swapped it over for £25. ( not TD but another with muti platforms)
It might work to your advantage if exchange rate gets better / gets back to were it was at time of offer RNS.
They might extend offer again ?? what is the worse that can happen ?
After some difficulty i have now been told Cad$ 1.95 was equal £1.12964 in what they paid out to me Monday after i excepted in extension.
No idea if they deducted a fx % charge. Can others confirm what they got per share in sterling please.
I am not sure if its the same or different from those who elected 'first'
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 Common
Shares is less than $2 million over any period of 30 consecutive trading days,
(ii) the number of freely tradable,
publicly held Common Shares is less than 500,000 or
(iii) the number of Shareholders, each
holding a board lot or more, is less than 150, in each case exclusive of holdings of officers and directors of
the Company and persons who own or control, directly or indirectly, 10% or more of the Common Shares.
This isn't going to happen with Ithaca because
i) The market value is currently over £300million
ii) The number of publicly held shares is currently over £20 million
iii) The number of share holders owning more than a board lot (100) is not going to fall below 150.
So the only threat is if Delek try and voluntarily delist from TSX but in such a situation the TSX has rules where it may insist that the company requires minority share holder approval before the delisting. This rule is to protect minority share holders for this situation.
Given the above I can only see that Delek will take its option to buy the remainder at the offer price which I think have until about 6th June (120 days after the offer).
I think they're playing a nasty game to get share below the offer value.
The very worst case is that they stay listed on TSX so I think it would be crazy to sell on the market now.
Part of the £1.17 is explainable by £ currency strength since that offer ($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.
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 ?
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!
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?
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 ?
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 ?
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
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.
Looks like i messed up with one of my accounts as well. Delek have over 90% but as it's Canada I don't think we can force them to buy at the offer price. I can't quite believe that they're allowed to play theses games.
I have with 3 different brokers one had informed me they were going to applying compulsory if not extended again . they were the only one to inform me of extension.
However i informed the other two of extension ( which must be a fact so do not know how watogo s broker can not comply ( who is it watogo ? ) And gave instruction to except.
I have not heard from them but would argue they are at fault if they had not complied with extension.
Made a complete mess up with the offer. Had a few hundred shares in an account I rarely check and have now realised I've missed the offer. Does anyone know please if the offer was declared compulsory, that is, 90% of the shares were acquired by Delek? If so the offer should have been processed automatically.
If the offer closed prior to it being declared compulsory, I think I'd better sell ASAP, before they drop any further.
Hi, how did you accept - I spoke to III on tuesday and they said to send a secure message, which I did on tuesday, before the 3rd May extension deadline.
Now they are saying it wasn't extended to them as a nominee broker and I still hold my shares, which are down 20p since then!! Needless to say I am 'discussing' it with them, they're reviewing recordings etc.
Sorry to miss your post Ripley. I'm sure you've found out by now but Toronto is five hours behind, so it's 10 PM today UK time.
Not that it makes much difference - I've been assuming that you get what Delek pay in $CAN ten calendar days* after the broker deposits the shares, and for execution accounls that would be perhaps ten days from last Friday (different depending on broker). I thought Delek would settle in $CAN and when they settled the broker would convert to £. But if GazMax's broker has already transferred the £ figure into his account maybe my assumption is wrong.
Whatever, it is a currency play, and since I know nothing I don't speculate on currency. If you haven't settled yet you will be hoping for an extension?
* ten calendar days: that's from the 21/04 RNS "Delek Takeover Conditions Satisfied"
Thanks wordbodger i did not accept but have been told they have extended offer until 3 May 17.00 Toronto time... Any idea what that is British time ?
I see GazMax has posted he got £1.13 which i guess you will all get if you excepted.
Will there be different settlement dates for each extension ?
Broker informs me he can select a GBP option ( not sure why he would select anything else as it a British acc ) l was waiting for opportunity to sell but share price was always tracking exchange rate and under offer price. This seems to have been a bet against the strength of sterling since offer.
Yes £ has risen from lows of 120 to 129 now (£/US$). so we are getting less on more recent form; but lets not forget that it has fallen c 13% since the Brexit vote.
Stirling weakness is probably a key reason why we have been taken over.
Ripley, when I did my calculation the conversion was exactly $Can 1.75 to £1, so $1.95 worked out somewhat over £1.114. The conversion at this moment is about $Can 1.77 to £1, if you could still get $1.95 for the shares, or if you hold certificates, that's about £1.102.
Shares seem to be trading around the £1.11 range which makes sense until the Offer closes to certificate holders.
Those of us who accepted Delek's offer will get $Can 1.95/share. We are in the hands of the currency dealers to discover how much that will be in £ on the day of settlement.
I suppose I could have sold in the AIM market and had certainty, and a T+2 settlement date.
What exchange rate did you get.
Wordbodger kindly gave a £1.114 equivalent for yesterday but not the rate.
Do they have a set date for rate , will the late excepters get a different date exchange rate ?
I held off but did not realize since offer this became an exchange rate play am i correct there ?
Just received proceeds of sale of shares and feel well and truly shafted between the share price deal and exchange rate. I had pretty high expectations for this share even if I had to wait another year or two for a better SP.
A lesson learned here!!!
If you don't inform III to accept by their deadline, the shares will remain on their books in your name and be available to trade until Delek apply to have IAE delisted. They will be quoted on Toronto and AIM until they are permitted to delist. .
In any case Delek's deadline for their offer is next Thursday, and until someone asks for a suspension they should continue trading, and you are free to make whatever deal you can. Talk to III about that, or a broker if you know one. There could be a fall off in Offer price as they become illiquid.
Delek's $CAN 1.96 works out to about £1.12 at today's exchange
Message received by III, is that I need to inform them on what I want to do with my shares. Which means let them know I will take the cash. What would happen if I do nothing? Is there another option, i.e: Take purchasing company shares?
Hi maproom i agree with your comment on HL .. but you pay for that with there much higher fees.
Do you know what the £ equivalent of offer is ? And if they send the money in $ and the brokers do the exchange at whatever rate they offer ?
"My understanding is they needed 75% and have 70% so have extended the offer. Is this correct?"
According to the most recent statement on the Ithaca website, 70.3% have accepted the Delek offer, and Delek now own 76%. I assume they owned some before making the offer. It also says "As required by securities laws, the Offer is being extended for a mandatory extension period until 17.00 (Toronto time) on 3 May 2017."
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