26 Aug 2014 07:00
26 August 2014
IGas Energy plc ("IGas" or "the Company")Update on Recommended proposed acquisition of Dart Energy Limited ("Dart") by IGas
The Board of IGas notes the announcement today by Dart Energy Limited ("Dart") regarding the proposed recommended acquisition of Dart by IGas by way of Scheme of Arrangement ("Scheme").
The Scheme continues to be unanimously recommended by both the Dart Directors and IGas Directors and there has been no change to the advantages and disadvantages of the Scheme which are outlined in
the Scheme Booklet dated 23 July; or the respective businesses of Dart or IGas.
However, Deloitte Corporate Finance Pty Limited ("Deloitte" or the "Independent Expert"), appointed by the Dart Board, yesterday issued a supplementary letter to the Independent Expert's Report dated 21 July 2014. Deloitte continues to consider that the Scheme is in the best interests of Dart Shareholders however, due to the fall in the IGas share price since 21 July, Deloitte believes it is appropriate to change its official opinion to reasonable but not fair. In its supplementary letter, Deloitte states that the fall in the IGas share price is consistent with the fall in the share prices of comparable oil and gas companies in the UK.
As a result of the change in the Deloitte basis of opinion, as is usual and in accordance with ASIC regulations, The Supreme Court of Queensland has postponed the meeting for Dart shareholders to vote on the Scheme to 9.30am on Wednesday 10 September 2014 to allow time for Dart to dispatch supplementary material, including the Independent Expert's Supplementary Letter, to Dart shareholders.
As noted in the Scheme Booklet, major shareholders of Dart, holding voting rights over a total of 337,662,293 Dart shares, representing 30.45% of the total voting rights of Dart (made up of 16.34% held by a subsidiary of New Hope Corporation Limited and 14.11% held by GEL/GPEL Limited) have indicated their intention to support the Scheme in the absence of a superior proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of Dart shareholders, which remains the case.
As planned, the IGas General Meeting will take place on Monday 1 September 2014 as set out in the notice to the general meeting previously circulated to IGas shareholders.
This change in basis of opinion is not expected to have an impact on the closing timetable for the proposed acquisition.
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For further information please contact:
IGas Energy plc | Tel: +44 (0)20 7993 9899 |
Andrew Austin, Chief Executive Officer Stephen Bowler, Chief Financial Officer Ann-marie Wilkinson, Head of Communications
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Jefferies International Limited | Tel: +44 (0)20 7029 8000 |
Sara Hale Canaccord Genuity Tim Redfern |
Tel: +44 (0)20 7523 8000 |
MHP
Rupert Trefgarne Tel: +44 (0)20 3128 8100