Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

IGAS – a good day to bury bad news as Piggy gets the Chop

By Nigel Somerville, The Deputy Sheriff of AIM

8 May 2015 04:11

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Finally, some sixteen months or so after the disgrace of Andrew ‘Piggy’ Austin’s sale of 7,500,000 shares to Equities First Holdings LLC in return for a non-recourse loan when he had been announced by RNS to be buying shares, he has been sent to the Corporate Butchers’ shop. After a period when the IGas (IGAS) share price has fallen from a peak of around 160p to the current 30p or thereabouts (having hit lows of below 20p), and the train-wreck of the deal to buy Dart Energy (at least for Dart’s shareholders) someone had to pay the price.

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Comments

trawler

11 May 2015, 07:33

The trading update says that net debt was £91m at 31st March 2015, and the company has ‘now’ (ie as at 8th May) received £30m from INEOS, following completion of the farm out deal. That suggests net debt is now £60m, give or take trading cash flows since 31st March, ie better than at the last half year.