Business
Further re Acquisition of Dart Energy
Further re Acquisition of Dart Energy.
About this update from Star Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 9641P Igas Energy PLC 26 August 2014 \n \n\n\n\n26 August 2014\n \nIGas Energy plc (\"IGas\" or \"the Company\")\n\nUpdate on Recommended proposed acquisition of Dart Energy Limited (\"Dart\") by IGas\n \nThe 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\").\n \nThe 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\nthe Scheme Booklet dated 23 July; or the respective businesses of Dart or IGas.\n \nHowever, 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.\n \nAs 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.\n \nAs 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.\n \nAs planned, the IGas General Meeting will t...