UK 03:29 Friday, 9 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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.
Forget today’s news that a well has been spudded in some grim Northern welfare addicted hell hole. Let’s deal with the real issue here. On Friday 14th November iGas released a terse announcement: “IGas Energy notes the recent movement in its share price and confirms the detail contained in the statement on 16 January, in respect of Andrew Austin's facility with Energy First Partners LLP, is full and correct disclosure for the purposes of the AIM and Disclosure and Transparency Rules.” But it was not.
Already a member? Sign in
• All premium articles
• Tom Winnifrith’s Bearcast
• Access to all the entire nearly 13 year archive
• ShareProphets Daily Newsletter
Cancel any time
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
Comments
Nelson
Share price currently 58p…..margin call??? Does it have to be below 80 % of the transfer price for 3 days or just one day? Hello purchasing directors I have Equities First Holdings holding for you!!
the dazzler
There is an example of an EFH contract here (from 2012)
http://www.sec.gov/Archives/edgar/data/789868/000101905613000317/ex7_06.htm
No particular reason to think the contracts with Igas, QPP, Cloudbuy, Angle et al will have been materially different.
alcira16247
Sir
A first class piece of well researched documentary….. thank you.
Am I the only one that found iGas RNS of Friday bordering on showing open contempt towards the legitimate concerns of shareholder’s towards the dealings of CEO and the alarming decline in the shareprice during the week?
The terse and totally uninformative RNS put together by Jefferies couldn’t even be bothered to get the name of the ‘loan’ company right! Shameful and yet another reason why I am now an ex-holder of this stock!
Keep the pressure up, Sir!
long only
Old RNS of director loan deal from Magnum Hunter Resources in 2012. Seems like back then EFH used to say explicitly what they were going to do with the stock!
2nd Nov 2012 Form 4:
“Mr. Denny transferred 357,500 shares to Equity First Holdings LLC (“Equity First”) pursuant to a Loan Agreement and related (stock) Pledge Agreement, each dated October 31, 2012. The term of the loan is three years, and the proceeds will be equal to 75% of an approximation of the current fair market value of the transferred shares. Equity First has agreed to sell the transferred shares as promptly as possible given market conditions. Upon repayment of the loan and subject to the terms of such agreements, Equity First will transfer 357,500 shares of Magnum Hunter common stock to Mr. Denny.”
More recent stock loan RNS’ state that EFH are beneficial owners. 7th Nov ’14:
“As beneficial owner of the shares of our common stock pledged to it as collateral under the Loan Agreement, EFH may take any and all actions with respect to such shares, including, without limitation, selling, using as part of hedging transactions, pledging or creating and trading derivative instruments backed by such shares. EFH has agreed that it will not vote any shares of our common stock that it is holding as collateral under the Loan Agreement.”
rob
If you are right and EFH have been selling the shares then that might explain why the share price stalled afterJanuary.
7.5m shares is a lot!
Igas has always seemed a pretty well run op so this is all a bit hard to fathom.
Richard T
Ultimately, as a business model the EFH has to fail and is as much a fraud as the people using it in full knowledge.
But let’s say the model is far more in use than we imagine e.g. UBS and Telecity. But EFH is an outlier in the business space. Maybe Andrew Austin wasn’t ‘aware’ that he was getting involved in a fraud and truly thought it was too good a deal to miss at that level of interest rate and didn’t consult more widely?
If that’s the case would you be telling Jeffries,’..Go right ahead and let the world know I’m a complete numpty..’ – not so good for current and future job prospects. Or do you say,’..Help me out here. Idiot; yes! But here’s what I thought I was getting into. And I’m now down the shares I transferred to EFH with little chance of getting the full value / shares back. so why don’t we tell the market that now so I don’t look like an idiot who deserves to be sacked..’?
Just a thought. No one ever lost money on betting against just how dumb some people are especially re money and reading legal documents. Why should AIM Directors be that much smarter?