Scheme of Arrangement Update

RNS Number : 5767S

Igas Energy PLC

25 September 2014

 

25 September 2014

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

Scheme of Arrangement Update - CMA condition waived

IGas Energy plc ("IGas") refers to the proposed acquisition by IGas of Dart Energy Limited ("Dart"), under a scheme of arrangement between Dart and its shareholders ("the Scheme").

As previously announced, the Scheme remained subject to the satisfaction or waiver of certain conditions, including the approval of the UK Competition and Markets Authority ("the CMA") to the transaction ("the CMA Condition").

IGas and Dart announce that they have now  formally waived the CMA Condition.

The waiver of the CMA Condition means that all key outstanding positive conditions to the Scheme have now been satisfied or waived, other than the approval of the Scheme by the Supreme Court of Queensland ("the Court").  Dart will be seeking the Court's approval to the Scheme at 10am on 30 September 2014.

Assuming the Court's approval on 30 September 2014, the Scheme timetable to completion is expected to be as follows:

Event	Indicative date
Effective Date (Dart Shares suspended on ASX from close of trade)	Wednesday 1 October 2014
Latest time and date for receipt of completed Small Shareholder Election Form or online election to participate in the Small Shareholder Sale Facility	5.00pm on Thursday 9 October 2014
Record Date for determining eligibility to participate in the Scheme	7.00pm on Thursday 9 October 2014
Implementation Date (New IGas Shares issued and IGas acquires all Dart shares)	Thursday 16 October 2014
New IGas Shares admitted to trading on AIM	Friday 17 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]

 

END

 

 

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