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Delek Group Receives Offer to Invest in the Parent Company of Ithaca Energy

Source: www.gulfoilandgas.com 9/23/2019, Location: Middle East

Delek Group has provided an update concerning negotiations with potential investors to make an equity investment in the parent company of Ithaca Energy, a wholly owned subsidiary of Delek Group ('Ithaca’s Parent Company'), and concerning discussions with international trading companies to sign marketing agreements for oil and gas:
On September 20, 2019 Ithaca’s Parent Company, received a signed offer from an international trading company to make an equity investment in Ithaca’s Parent Company through the purchase of USD 100 million in preferred shares of Ithaca’s Parent Company.

The preferred shares carry a guaranteed dividend yield, and will automatically convert to approx. 4% of common shares at the time of Ithaca’s Parent Company’s initial public share offering, reflecting an equity value of USD 2.5 Billion for Ithaca Energy (pre money). In addition, there will be an agreed adjustment mechanism to the investment linked to the actual IPO price ('the Offer').

In addition, the Offer also includes entering into agreements with the Investor for the marketing of oil and gas for a five years period. As part of this the Investor has proposed an advance payment on account of future sales, as is customary in transactions like this, which will be used to fund Ithaca’s working capital in the sum of up to USD 150 Million.

In addition to examining the aforementioned Offer received by the Company, negotiations are underway with other potential investors.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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