Announcement • Nov 01
i3 Energy to Delist from LSE & TSX, Effective November 1, 2024 On August 19, 2024, the boards of directors of i3 Energy Plc and Gran Tierra Energy Inc. reached agreement on the terms of a recommended and final cash and share acquisition of the entire issued, and to be issued, share capital of i3 Energy. The acquisition is being implemented by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. On October 29, 2024, i3 Energy announced that the court had sanctioned the scheme at the sanction hearing held on October 29, 2024. i3 Energy and Gran Tierra announced that, following delivery of the court order to the Registrar of Companies and satisfaction or waiver of all of the conditions set out in the scheme document, the scheme has now become effective in accordance with its terms and, pursuant to the scheme, the entire issued and to be issued share capital of i3 Energy is now owned by Gran Tierra. An application was made for the suspension of admission to trading in i3 Energy shares on the London Stock Exchange's AIM Market and such suspension has taken effect from 7:30 a.m. today. The cancellation of the admission to trading of the i3 Energy shares on AIM has been applied for and is expected to take place by 8 a.m. on November 1, 2024. The delisting of the i3 Energy shares on the Toronto Stock Exchange has been applied for and is expected to take place at the close of markets on November 1, 2024. Announcement • Oct 08
i3 Energy's Shares on the AIM Market of the London Stock Exchange to be Delisted i3 Energy Plc's shareholders have voted to approve the company's deal to be acquired by Canadian sector player Gran Tierra Energy Inc. The cash-and-stock deal, which is valued at some GBP 174.1 million (USD 228.2 million/EUR 207.8 million), remains subject to other regulatory nods and is seen to be finalised on or around October 31, the Canadian firm said on October 7, 2024. As agreed, i3 shareholders will receive one new Gran Tierra share for every 207 of their existing shares, along with 10.43 pence in cash per share and an additional cash dividend of 0.2565 pence per share. Upon completion, i3 shareholders will own up to 16.5% of Gran Tierra. In addition, i3's shares on the AIM market of the London Stock Exchange will be delisted. Announcement • Aug 20
i3 Energy Confirms Advanced Discussions with Gran Tierra Energy The Board of i3 Energy Plc (AIM:I3E) noted the recent press speculation regarding a possible offer for the Company. The Board confirmed that it is in advanced discussions with Gran Tierra Energy Inc. (NYSEAM:GTE) in relation to a possible offer and a further announcement will be made in due course. This announcement is being made with the approval of Gran Tierra. In accordance with Rule 2.6(a) of the Takeover Code, Gran Tierra is required, by no later than 5.00 p.m. (London time) on 16 September 2024, being 28 days after today's date, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code. As a consequence of this announcement, an "offer period" has now commenced in respect of the Company in accordance with the rules of the Code and the attention of shareholders is drawn to the disclosure requirements of Rule 8 of the Code. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: UK£0.012 (vs UK£0.001 in 2Q 2023) Second quarter 2024 results: EPS: UK£0.012 (up from UK£0.001 in 2Q 2023). Revenue: UK£28.9m (down 9.7% from 2Q 2023). Net income: UK£14.5m (up UK£13.7m from 2Q 2023). Profit margin: 50% (up from 2.3% in 2Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Aug 14
I3 Energy plc Provides Production and Earnings Guidance for the Year 2024 i3 Energy Plc provided production and earnings guidance for the year 2024. For the year, the company expected annual average production to be in the range of 18,000 boepd to 19,000 boepd and exit rate guidance to be in the range of 20,250 boepd to 21,250 boepd.
For the year, the company expected resulting in a slightly reduced Net Operating Income forecast of USD 63 million to USD 67 million. Announcement • Aug 13
I3 Energy plc Provides Dividend Guidance of the Third Quarter 2024 i3 Energy Plc provided dividend guidance of the third quarter 2024. For the quarter, the Company expected to pay the dividend of 0.2565 pence per share in early fourth quarter 2024, which translates to a forward yield of 11.5% based on the closing price of i3's ordinary shares on 12 August 2024. Announcement • Jul 04
i3 Energy Plc Declares Dividend for the Second Quarter of 2024, Payable on 2 August 2024 i3 Energy Plc announced the a dividend of 0.2565 pence per share for the second quarter of 2024. The ex-dividend date is on 11 July 2024. The record date is on 12 July 2024. The payment date is 2 August 2024. Buy Or Sell Opportunity • Jul 01
Now 7.7% overvalued Over the last 90 days, the stock has fallen 13% to UK£0.10. The fair value is estimated to be UK£0.093, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 29
Now 20% overvalued Over the last 90 days, the stock has fallen 16% to UK£0.097. The fair value is estimated to be UK£0.081, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 04
Now 20% undervalued Over the last 90 days, the stock has risen 18% to UK£0.11. The fair value is estimated to be UK£0.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Meanwhile, the company became loss making. Price Target Changed • May 16
Price target increased by 10% to UK£0.26 Up from UK£0.23, the current price target is an average from 2 analysts. New target price is 132% above last closing price of UK£0.11. Stock is down 39% over the past year. The company posted earnings per share of UK£0.013 last year. Announcement • May 16
i3 Energy Plc Provides Dividend Guidance for the Second Quarter of 2024 i3 Energy Plc provided dividend guidance for the second quarter of 2024. Subject to Board approval, the Company expects to pay the second quarter 2024 dividend of 0.2565 pence per share in early third quarter 2024, which translates to a forward yield of 9.4% based on the closing price of i3's ordinary shares on 10 May 2024. Reported Earnings • Apr 30
Full year 2023 earnings released: EPS: UK£0.013 (vs UK£0.036 in FY 2022) Full year 2023 results: EPS: UK£0.013 (down from UK£0.036 in FY 2022). Revenue: UK£146.3m (down 30% from FY 2022). Net income: UK£15.1m (down 64% from FY 2022). Profit margin: 10% (down from 20% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, compared to a 1.4% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Apr 27
i3 Energy Plc Provides Dividend Forecast for the Year 2024 i3 Energy Plc announced that as part of i3's commitment to its total return model, subject to Board approval, the Company is expected to return forecasted dividends of £12.3 million (USD 15.7 million) in 2024, representing 0.2565 pence per share per quarter or 1.0260 pence per share for the year, which translates to a forward yield of 8.1% based on the closing price of i3's ordinary shares of 12.66 pence on 23 April 2024. Announcement • Apr 26
i3 Energy Plc Provides Production Guidance for the Year 2024 i3 Energy Plc provided production guidance for the year 2024. For the year, the company expects annual average production to be in the range of 18,000 boepd to 19,000 boepd and Exit Production (Dec. 2024) to be in the range of 20,250 boepd to 21,250 boepd. Announcement • Apr 24
i3 Energy Plc, Annual General Meeting, Jun 27, 2024 i3 Energy Plc, Annual General Meeting, Jun 27, 2024, at 10:00 Coordinated Universal Time. Location: At the offices of W H Ireland Limited at 24 Martin Lane, London London United Kingdom Declared Dividend • Apr 07
Dividend of UK£0.0026 announced Shareholders will receive a dividend of UK£0.0026. Ex-date: 11th April 2024 Payment date: 3rd May 2024 Dividend yield will be 8.1%, which is higher than the industry average of 6.7%. Sustainability & Growth The dividend has increased by an average of 56% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 58% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Apr 04
i3 Energy Plc Announces Dividend for First Quarter of 2024, Payable on 3 May 2024 i3 Energy plc announced first quarter 2024 dividend of 0.2565 pence/share. Ex-dividend date is 11 April 2024. Record date is 12 April 2024. Payment date is 3 May 2024. The first quarter 2024 dividend total is £3.084 million. New Risk • Mar 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Paying a dividend despite having no free cash flows. Announcement • Feb 29
I3 Energy plc Provides Dividend Guidance for the First Quarter of 2024 i3 Energy Plc announced that the subject to board approval at the end of quarter, the company expected to pay the first quarter of 2024 dividend of 0.2565 pence per share in early second quarter of 2024, with an announcement made in due course, which translates to a forward running yield of 11.5% based on the closing price of i3's ordinary shares on 23 February 2024. Announcement • Jan 09
i3 Energy plc Announces Dividend for the Fourth Quarter 2023, Payable on 9 February 2024 i3 Energy plc announced fourth quarter 2023 dividend of 0.2565 pence/share. Ex-Dividend Date is 18 January 2024. Record Date is 19 January 2024. Payment date is 9 February 2024. Price Target Changed • Nov 09
Price target decreased by 8.5% to UK£0.25 Down from UK£0.28, the current price target is an average from 2 analysts. New target price is 125% above last closing price of UK£0.11. Stock is down 52% over the past year. The company posted earnings per share of UK£0.036 last year. Price Target Changed • Oct 22
Price target increased by 8.8% to UK£0.28 Up from UK£0.26, the current price target is an average from 2 analysts. New target price is 117% above last closing price of UK£0.13. Stock is down 43% over the past year. The company posted earnings per share of UK£0.036 last year. Announcement • Oct 05
I3 Energy plc Announces Quarterly Dividend, Payable on October 27, 2023 i3 Energy Plc announced quarterly dividend of 0.2565 pence/share for the quarter. Ex-Dividend Date: 12 October 2023, Record Date: 13 October 2023 and Payment date: 27 October 2023. Price Target Changed • Sep 29
Price target increased by 8.8% to UK£0.28 Up from UK£0.26, the current price target is an average from 2 analysts. New target price is 87% above last closing price of UK£0.15. Stock is down 43% over the past year. The company posted earnings per share of UK£0.036 last year. Reported Earnings • Sep 01
First half 2023 earnings released: EPS: UK£0.009 (vs UK£0.013 in 1H 2022) First half 2023 results: EPS: UK£0.009 (down from UK£0.013 in 1H 2022). Revenue: UK£75.5m (down 26% from 1H 2022). Net income: UK£10.9m (down 26% from 1H 2022). Profit margin: 14% (in line with 1H 2022). Revenue is expected to fall by 8.5% p.a. on average during the next 2 years compared to a 2.9% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jul 05
Independent Non-Executive Chairman recently bought UK£64k worth of stock On the 30th of June, John Festival bought around 470k shares on-market at roughly UK£0.14 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was John's only on-market trade for the last 12 months. New Risk • Jun 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (108% cash payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (20% net profit margin). Announcement • Jun 30
i3 Energy Plc Announces Commence Paying Dividends on Quarterly Basis i3 Energy Plc will now commence paying dividends on a quarterly basis and will pay the third quarter dividend in October 2023, subject to being in compliance with (or obtaining a waiver from) the financial ratios contained within the Loan Documentation, following the financial ratio test at each quarter end. Including dividends declared for the first 6 months in 2023 of £12.3 million, the forecast aggregate dividend payment to shareholders for the first nine months of 2023, of 1.28 pence per share, represents a yield of approximately 7.9% and a forward running yield of 6.3% based on the closing price of i3's ordinary shares of 16.26 pence on 28 June 2023. Price Target Changed • Jun 29
Price target decreased by 19% to UK£0.26 Down from UK£0.32, the current price target is an average from 2 analysts. New target price is 94% above last closing price of UK£0.13. Stock is down 49% over the past year. The company posted earnings per share of UK£0.036 last year. Buying Opportunity • Jun 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.7%. The fair value is estimated to be UK£0.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 105% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Jun 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 20% Last year net profit margin: 29% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (108% cash payout ratio). Profit margins are more than 30% lower than last year (20% net profit margin). Reported Earnings • Jun 08
Full year 2022 earnings released: EPS: UK£0.036 (vs UK£0.028 in FY 2021) Full year 2022 results: EPS: UK£0.036 (up from UK£0.028 in FY 2021). Revenue: UK£208.4m (up 140% from FY 2021). Net income: UK£42.0m (up 67% from FY 2021). Profit margin: 20% (down from 29% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.7% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 07
Price target decreased by 9.9% to UK£0.31 Down from UK£0.34, the current price target is an average from 2 analysts. New target price is 70% above last closing price of UK£0.18. Stock is down 43% over the past year. The company posted earnings per share of UK£0.028 last year. Announcement • May 25
i3 Energy Plc, Annual General Meeting, Jun 29, 2023 i3 Energy Plc, Annual General Meeting, Jun 29, 2023. Announcement • May 17
i3 Energy Plc Announces Monthly Dividend for June 2023, Payable on 16 June 2023 i3 Energy Plc announced its monthly dividend totaling £2.055 million and confirms the following: Dividend of 0.171 pence/share. Ex-Dividend Date is 25 May 2023. Record Date is 26 May 2023 and Payment date is 16 June 2023. Price Target Changed • Mar 21
Price target decreased by 10% to UK£0.34 Down from UK£0.38, the current price target is an average from 3 analysts. New target price is 95% above last closing price of UK£0.18. Stock is down 13% over the past year. The company posted earnings per share of UK£0.028 last year. Announcement • Feb 08
i3 Energy Plc Declares February 2023 Dividend, Payable on 10 March 2023 i3 Energy Plc announced its monthly dividend totaling £2.040 million for the month of February 2023 and confirmed the dividend of 0.171 pence per share. Ex-dividend date is 16 Feb. 2023. Record date is 17 Feb. 23. Payment date is 10 March 2023. Announcement • Jan 12
i3 Energy Plc Announces Dividend for the Month of February 2023, Payable on 10 February 2023 i3 Energy Plc announced its monthly dividend totaling £2.040 million for the month of February 2023 and confirmed the dividend of 0.171 pence per share. Ex-dividend date is 19 January 2023. Record date is 20 January 2023. Payment date is 10 February 2023. Price Target Changed • Nov 16
Price target decreased to UK£0.42 Down from UK£0.49, the current price target is an average from 3 analysts. New target price is 93% above last closing price of UK£0.22. Stock is up 83% over the past year. The company posted earnings per share of UK£0.028 last year. Price Target Changed • Oct 10
Price target decreased to UK£0.43 Down from UK£0.47, the current price target is an average from 3 analysts. New target price is 77% above last closing price of UK£0.24. Stock is up 87% over the past year. The company posted earnings per share of UK£0.028 last year. Reported Earnings • Sep 13
First half 2022 earnings released: EPS: UK£0.013 (vs UK£0.01 loss in 1H 2021) First half 2022 results: EPS: UK£0.013 (up from UK£0.01 loss in 1H 2021). Revenue: UK£101.6m (up 284% from 1H 2021). Net income: UK£14.7m (up UK£21.8m from 1H 2021). Profit margin: 14% (up from net loss in 1H 2021). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 7.1% decline forecast for the Oil and Gas industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 12
Price target increased to UK£0.49 Up from UK£0.45, the current price target is an average from 2 analysts. New target price is 99% above last closing price of UK£0.24. Stock is up 114% over the past year. The company posted earnings per share of UK£0.028 last year.