NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES AND ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
23 July 2014
IGas Energy plc ("IGas" or "the Company")
RECOMMENDED PROPOSED ACQUISITION OF DART ENERGY LIMITED BY IGAS - COURT APPROVES CONVENING OF SCHEME MEETING
NOTICE OF AGM AND POSTING OF FINANCIAL REPORT FOR THE
YEAR ENDED 31 MARCH 2014
In relation to the proposed recommended acquisition of Dart Energy Limited ("Dart") by IGas by way of Scheme of Arrangement ("Scheme"), as announced on 9 May 2014, today the Supreme Court of Queensland has ordered that a meeting of Dart shareholders be convened to consider and vote on the Scheme ("Scheme Meeting"). The Scheme Meeting will be held at 9.30am (AEST) on 1 September 2014.
Dart's directors have unanimously recommended that Dart shareholders vote in favour of the Scheme, in the absence of a superior proposal. Each Dart director intends to vote any shares held or controlled by them in favour of the Scheme, in the absence of a superior proposal.
Completion of the Scheme is anticipated to occur around the end of September.
The Court also ordered that a Scheme Booklet, containing information in relation to the Scheme including the notice of meeting, be despatched to Dart shareholders. The Scheme Booklet will be sent to Dart shareholders after it has been lodged for registration with the Australian Securities and Investments Commission ("ASIC") and lodged with ASX. The Scheme Booklet will also be available via a link from the Company's website http://www.igasplc.com
Independent Expert's Conclusion
Deloitte Corporate Finance Pty Limited (the "Independent Expert"), appointed by the Dart Board, has concluded that the Scheme is fair and reasonable and in the best interests of Dart shareholders. A copy of the Independent Expert's report is contained in the Scheme Booklet.
Board Appointment of Robert Neale
As previously announced on 9 May 2014, following implementation of the Scheme, Robert Neale, current Non-Executive Chairman of Dart, will join the IGas Board as a Non-Executive Director. In accordance with Schedule Four of the AIM Rules for Companies, IGas announces that Mr Neale will receive annual remuneration of £45,000 and that the other terms of his employment will be in line with those of IGas' other Non-Executive Directors.
Notice of AGM and Posting of Financial Report for the 12 months to 31 March 2014
IGas is pleased to announce that its Annual General Meeting ("AGM") will be held on 1 September 2014 at 10.30am. IGas also announces that its Financial Report for the year ended 31 March 2014 will be posted to shareholders on Friday, 25 July.
The Financial Report and AGM notice have been published and are available for download from the investor relations section of the Company's website at http://www.igasplc.com
For further information please contact:
IGas Energy Plc
Andrew Austin - Chief Executive Officer
Stephen Bowler - Chief Financial Officer
Ann-marie Wilkinson - Head of Communications
Tel: +44 (0)20 3675 6059
Jefferies International Limited
Sara Hale/Graham Hertrich
Tel: +44 (0)20 7029 8000
Canaccord Genuity Limited
Tim Redfern/Henry Fitzgerald-O'Connor
Tel: +44 (0)20 7523 8000
Tel: +44 (0)20 3128 8100
Jefferies International Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for IGas and no one else in connection with the Scheme and will not be responsible to anyone other than IGas for providing the protections afforded to clients of Jefferies International Limited nor for providing advice in relation to matters described herein, nor for providing advice in relation to the Scheme or any matter or arrangement referred to herein.