Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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, compared to a 38% growth forecast for the Oil and Gas industry in Germany. 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 12% per year, which means it has not declined as severely as earnings. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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 • Jun 05
Now 20% undervalued Over the last 90 days, the stock has risen 14% to €0.11. The fair value is estimated to be €0.13, 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. Tillkännagivande • 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, while revenues in the Oil and Gas industry in Germany are expected to remain flat. 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 2% per year, which means it is well ahead of earnings. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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 06
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 8.7%, which is higher than the industry average of 3.1%. 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. Tillkännagivande • 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. Share price has been volatile over the past 3 months (9.8% average weekly change). Tillkännagivande • 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. Tillkännagivande • 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. New Risk • Nov 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). High level of non-cash earnings (25% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Tillkännagivande • 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. 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 decline by 8.5% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in Germany are expected to grow by 1.9%. 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 56% per year, which means it is significantly lagging earnings growth. New Risk • Sep 01
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.5% average weekly change). Recent Insider Transactions • Jul 05
Independent Non-Executive Chairman recently bought €75k worth of stock On the 30th of June, John Festival bought around 470k shares on-market at roughly €0.16 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. Tillkännagivande • 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. New Risk • Jun 08
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). Share price has been volatile over the past 3 months (7.5% average weekly change). 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 1.6% growth forecast for the Oil and Gas industry in Germany. 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 47% per year, which means it is significantly lagging earnings growth. Tillkännagivande • May 25
i3 Energy Plc, Annual General Meeting, Jun 29, 2023 i3 Energy Plc, Annual General Meeting, Jun 29, 2023. Tillkännagivande • 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. Tillkännagivande • 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. Tillkännagivande • 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. Recent Insider Transactions • May 29
Independent Non-Executive Director recently bought €113k worth of stock On the 27th of May, John Festival bought around 355k shares on-market at roughly €0.32 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Tillkännagivande • Oct 01
i3 Energy Plc (AIM:I3E) agreed to acquire Toscana Energy Income Corporation (TSX:TEI) for CAD 3.8 million. i3 Energy Plc (AIM:I3E) entered into letter of intent to acquire Toscana Energy Income Corporation (TSX:TEI) for CAD 3.8 million on January 23, 2020. i3 Energy Plc entered into an agreement to acquire Toscana Energy Income Corporation on June 23, 2020. i3 Energy executed its option to acquire Toscana Energy Income Corporation (TEIC). Under the terms of the arrangement agreement, Toscana shareholders will receive 0.03031261 of an i3 Energy ordinary share (the i3 Energy Shares) for each Toscana common share. TEIC shareholders will receive approximately 4.4 million i3 ordinary shares, representing dilution of approximately 4% to i3's current shareholders. I3 Energy paid in total CAD 3.85 million for the debt and equity. On conclusion of the arrangement agreement, i3 intends that its enlarged share capital will also be listed on the TSX. If the transaction will terminate by Toscana Energy, Toscana Energy will pay CAD 0.05 million to i3 Energy. If the transaction will terminate by i3 Energy, i3 Energy will pay CAD 0.05 million to Toscana Energy.
On completion of the transaction and subject to regulatory approval, a current member of the TEIC Board, John Festival, will join the board of i3 as a non-executive director. Completion of the plan of arrangement will be conditional on a vote in favor of the arrangement resolution by 66 2/3% of TEIC's shareholders voting at a general meeting and all of the Directors and Officers of Toscana have signed support agreements with i3 Energy. The transaction is also subject to i3's shareholder approval, approval of the Court of Queen's Bench of Alberta, assignment of ATB Loan, execution of dissent rights, Stock Exchange listing and satisfaction of certain other closing conditions customary in transactions of this nature. As of September 9, 2020, the annual and special meeting of TEIC shareholder will held on October 27, 2020 to approve the transaction. The Board of Directors of Toscana has been unanimously approved the transaction. The arrangement is expected to close during the third quarter of 2020.
Sayer Energy Advisors acted as financial advisor and fairness opinion provider to the Board of TEIC. James Joyce and James Sinclair Ford of WH Ireland Limited acted as financial advisor to i3 Energy. Al Gourley of Fasken Martineau LLP acted as legal advisor to i3 Energy. Justin Pettigrew of Norton Rose Fulbright Canada LLP acted as legal advisor to Toscana Energy Income. Odyssey Trust Company is the registrar and transfer agent of TEIC. Tillkännagivande • Sep 18
i3 Energy Plc has completed a Follow-on Equity Offering in the amount of £29.057363 million. i3 Energy Plc has completed a Follow-on Equity Offering in the amount of £29.057363 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 581,147,255
Price\Range: £0.05
Transaction Features: Subsequent Direct Listing Tillkännagivande • Sep 05
i3 Energy Plc (AIM:I3E) completed the acquisition of Portfolio of Petroleum Assets of Gain Energy Ltd. for CAD 80 million. i3 Energy Plc (AIM:I3E) entered into a non-binding letter of intent to acquire Portfolio of Petroleum Assets of Gain Energy Ltd. for CAD 80 million on June 23, 2020. i3 Energy Plc (AIM:I3E) entered into a binding purchase and sale agreement to acquire Portfolio of Petroleum Assets of Gain Energy Ltd. for CAD 80 million on July 3, 2020. The consideration paid is subject to adjustments. In 2019, the Gain Assets produced ~CAD 44 million in field EBITDA. Completion of the transaction remains subject to i) financing to raise the cash consideration and working capital, ii) industry standard conditions precedent, and iii) i3 shareholder approval. The company is in discussions with its investors and brokers and is seeking funding for the consideration and general corporate purposes. As of August 7, 2020, i3 Energy went through fund raising of £30 million (CAD 52.3955 million) to complete the acquisition, unlock production potential within the Gain Asset portfolio and for general corporate purposes. As of August 27, 2020, the transaction was approved by the shareholders of i3 Energy Plc.
i3 Energy Plc (AIM:I3E) completed the acquisition of Portfolio of Petroleum Assets of Gain Energy Ltd. on September 4, 2020. 
