It came to my mind some time ago poster Killermanjarrow posted how his dad had seen a short term opportunity with a corporate action after panic from share holders and treats from the company that they could be left with worthless shares.
Just noticed his dad did this on my birthday ..lol
Took a bit of searching .
Wondered if there might be a similar opportunity with SPHR
I have just had a reply from iii in regards to the payment and this is the reply -
'The average industry timescale for a corporate action to close is six to eight weeks from the closing date. This is an estimated timescale but depends on the company and when they decide to pay you the tender proceeds. As the closing date for this action was 22 June 2017 we are still anticipating the proceeds from Ithaca. You will see the proceeds in your Statements tab once allocated.'
Hope this helps, at least now I know how long I have to wait.
HoldB... Also no expert.......... My take is this company has been brought out by someone else in cad $.
It is now an exchange rate play ???.
And has been since offer ( which i missed ) I called it wrong by holding on until May ( one of my biggest holdings so a costly mistake )
I'm an unlucky b so you might be better off for holding. if you read down there was concern you might be stuck with them and for about a week.... And after reading a post on here there was a fantastic buying opportunity which i hesitated ( put to low a limit order in for :-( .....and missed ...) But someones Dad got in on it i recall so that was a nice thing to read.
Rip - I'm no expert but as the shares are no longer trading on LSE would that mean they are now viewed in Canadian $ only, therefore, the weaker £ would equate to the latter payout being higher.
Just a thought.
I am confused as i held with different brokers and got two different payouts even though i accepted both on same day ???
The lower paying broker just claimed they passed on money from computer share ( phone number ) 03707036347.
A dedicated line i got "Paul " not very bright unfortunately.
He informed me acceptance to 19 April ex- rate 1.7262 pay out £1.12964843 .. paid 27 April 17.
Second .............."""""""""""""" to 28 April ex-rate 1.7728 pay out £1.0999548 ... paid 12 May 17.
Third ..............""""""""""""""" to 02 May ex-rate 1.7754 payout £ 1.09834404...paid 17 MAY 17.
He told me the rest will be paid the third rate up to 22 June ??? after that dealt with by Canadian office ?
He claimed there were two options except in GBP or $ USA...
Maybe someone else can ring might not get "Paul " might get better info ... if so please post.
I thought the GBP had got weaker between last two dates ????
I think even weaker since.
Rang my broker again today,shares still in account,no money.and I accepted the takeover ages ago.
First I got told I didn't instruct them,then I got told they are extending the offer to the 22nd of June .
But I have told them I have already accepted and others got paid two weeks after accepting,I am not waiting for the compulsory purchase as I have already accepted the offer.
I think they haven't acted on the original instruction I gave them and are trying to cover it up.
Not happy at the moment with them.
They should at least tell me the truth.
I see the rns today says compulsory purchase is on for tomorrow.
we should all be clear about the exchange rates paid, and rational for that.
Making sure it is transparent, surly there should be no difference between different brokers.
Can posters confirm the info i posted sat 13th may @ 9.57 am
I've now had a reply. Delek forwarded my email to Ithaca, who wrote: "The funds will have been transferred to Hargreaves Lansdown within 10 days of the deadline". Hargreaves Lansdown have assured me that my acceptance instruction was sent in on April 24th, that's well before the deadline of May 2nd; and that they have still not received the payment. So someone's record-keeping is defective, and I have no way of finding out who
A little bit annoying that the money goes out of your account and no one seems to know when you might get it back i.e. No specific date, l could of been using the funds to purchase other shares l want to invest in.
Spoke to sharecentre today asking why l have not been paid even though l accepted the offer on 26th April they said that no one has been paid and they are not holding up payment they are waiting for delek to complete no they are compulsory buying everyone's shares?
The info i was given Friday and posted here saturday was correct.
Paid in this afternoon they have stated an exchange rate of 1.775407 they have not given me ( GBP )
I think lower figure is best so this is worse then 12/5/17. i thought sterling had weakened this week ?
I accepted the "extension" offer on April 24th. I have still not been paid (my holding is with Hargreaves Lansdown, and they say they have not received the payment). I emailed Delek on Monday, but they haven't replied or even acknowledged receipt of my email.
Yes killermanj...was on to that last week.
All the accepters by 2nd ( third wave ) paid today i have been informed see my last post.
Can anyone who knows rate please post.
Anyone info when others paid and when.
well your Dad must love you even more this weekend lol
I'm getting some inconsistent information about payouts.
I accepted on 2nd and was paid out by one broker on 5th i now think they might have made some sort of mistake.
After chasing the other they sent this info they claim they got from computershare.
Acceptances received up to 19/4/17 paid 27/4/17 exchange rate 1.7262 ( GBP 1.29648 )
Acceptances received up to 28/4/17 paid 12/5/17 exchange rate 1.7728 ( GBP 1.09995487)
Acceptances received up to 2/5/17 paid 17/5/17 exchange rate -tbc
Does all that fit with others experiences ?
Wonder when they will pay you and your Dad killmanj...
I'm flattered that you were looking to take a punt based on my information and given the outcome I'm sorry to hear that your order wasn't lifted! I'd concluded that IAE was probably worth buying but I was out of the office yesterday so I didn't act on it. It's easy to say with hindsight that I'd have bought some more but TBH I'm just glad it's all done now.
It was my Dad who bought some and his trade yesterday was 559 @ 87.1 at 10:42am
Thanks again killermanj...
But do you know what he paid ? my limit was put in after reading your post, but not at any price as i don't know you from Adam and assessed risk . If he was a friend the risk would of been smaller ( taking he trusts you lol )
I accepted the offer in my iii account on 15th March and received the funds on 27th April so it would have been possible for me but it took me a long time to try and understand what the situation was following the takeover but before the compulsory purchase.
I think Delek have behaved pretty badly here and should have gone straight ahead with the compulsory purchase.
So it's all over now and the best strategy would have been to have bought back in after accepting. Pleased I didn't sell after missing the deadline and sorry for those who did.
(Well done to those who bought yesterday!)
Thankyou for sharing all that killermanj......
Is there anything to stop Delek buying any shares that are offered for sale ?
85 p is cheaper then the 112.9 p they have just paid me !!
Is there anything stopping them issuing more shares therefore diluting holders.
195 $ cad appears to be only 110.31p today so I'm thinking maybe lucky to have got 112.9p ?
Hope all brokers get same rate still waiting on news of most of mine.
The offer expiry news release tells us that Delek intend to increase and decrease their holdings in Ithaca as they see fit! It implies that they intend to keep the company public and sell or buy as the price changes.
I take what they say with a pinch of salt but perhaps the best result is to have held given that Stella is coming online...
"The Offer was completed as part of Delek's strategy to expand its international energy operations. The Offeror
and its affiliates intend to continue to assess, from time to time, the Offerors holdings in Ithaca, and insofar as it
deems it appropriate, based on market conditions and other circumstances and it is permissible in law, the
Offeror will consider further increasing or decreasing its holdings in Ithaca. In accordance with the terms of the
support agreement between Ithaca and Delek dated February 6, 2017, the Offeror may at any time, and from time
to time, designate such number of members of the Ithaca board of directors, and any committees thereof, as is
proportionate to the percentage of the outstanding Common Shares beneficially owned at such time by Delek or
an affiliate or subsidiary of Delek."
I'm pretty sure that they'll come back with the buy out at the offer price at some point. It's just frustrating to be in limbo.
I don't think that it's possible for them to delist without another offer so ultimately I think everything will be fine. It's certainly opened my eyes to being fully aware of the rules of the takeovers instead of making assumptions! I'm aiming to get some legal clarification on some points on Monday.
Good luck to anyone who didn't accept the offer and decided to hold.
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