RE:RE:Early days Kensho,
I'm not clear what conspiracy theories you think I’m pushing. You shouldn’t take my dig at Les’s typical dead pan presentation as anything other than a bit of fun. Anyone that has listened to a conference call will be familiar with his tone. I heard a suggestion that Les has been playing down Ithaca’s progress ever since Delek came on board. Now that’s what I call a conspiracy theory.
Every commercial enterprise has an eye on the long game – is that conspiracy thinking?
You talk about what every analytical house is telling us. The fair value is C$1.6 – C$2.1. First Energy produced that valuation and we will see the detail in the bid circular.
The offer is a premium to the broker consensus. The brokers have been playing catch-up for some time.
The valuations that matter are what the involved parties have. Delek, Artemis, Cavendish, and the other shareholders with some 70% of the equity. Do you seriously believe that Delek have made their final offer? Maybe they will include that statement in the formal bid document, but they would have to do a lot of sweet talking before then if they expect the bid to succeed at C$1.95.
I agree that Dyas will not be a bidder (at least not alone). As you say, they are not an operator. But I mentioned them because they have influence here and an interest in the valuation. But to be clear, if I haven’t been, I am not holding for another bidder, I am holding for a higher price.
I wasn’t familiar with the term ‘drinking the kool-aid’ so I looked it up.
"Drinking the Kool-Aid" is an idiom commonly used in the United States that refers to any person or group who knowingly goes along with a doomed or dangerous idea because of peer pressure.
Is that what you think I’m doing?
If that isn’t what you meant I can assure you that I’m a real ale drinker and I haven’t drunk milk since infants’ school. ;-)
Londoner7