Update re acquisition of Dart Energy

RNS Number : 2741R

Igas Energy PLC

10 September 2014

 



10 September 2014

IGas Energy plc ("IGas" or "the Company")

Approval of Scheme of Arrangement by shareholders of Dart Energy Limited ("Dart")

The Board of IGas welcomes the announcement today by Dart regarding the proposed recommended acquisition of Dart by IGas by way of Scheme of Arrangement ("Scheme"). Dart  announced that at the Dart Scheme meeting held earlier today ("Scheme Meeting") the requisite majorities of Dart shareholders present and voting approved the Scheme. 

The only remaining conditions under the SPA and scheme are: the approval of the UK Competition and Markets Authority ("CMA"), NSW Ministerial approval for a change in control in Dart's NSW licences and the approval of the Supreme Court of Queensland ("Court"). Consent has already been obtained from the UK Department of Energy and Climate Change.   The remaining conditions can be waived by IGas and Dart.  In the event that they are not waived / not satisfied by the time of the court meeting that is scheduled on Monday 15 September 2014, Dart will seek an adjournment of the Court hearing to a later date.    

Receipt of the CMA approval or NSW Ministerial approval, any decision by IGas and/or Dart to waive a condition of the Scheme or any adjournment of the Court hearing will be announced at the relevant time.

Closing of the proposed acquisition remains scheduled for 1 October 2014.

- Ends -

For further information please contact:

IGas Energy plc	Tel: [phone]
Andrew Austin, Chief Executive Officer Stephen Bowler, Chief Financial Officer Ann-marie Wilkinson, Head of Communications
Jefferies International Limited	Tel: [phone]
Sara Hale  Graham Hertrich Canaccord Genuity Tim Redfern	Tel: [phone]

MHP

Rupert Trefgarne                                                            Tel: [phone]

 

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