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.
How stupid does the board of IGas Energy (IGAS) think its shareholders are? This is an interesting question to reflect on this afternoon, after the company released this morning’s disgraceful RNS in pitiful defence of CEO Andrew Austin’s “Sale & Repurchase” agreement with Equities First Holdings LLC. Despite all the evidence to the contrary, IGAS is still desperately trying to portray this arrangement as a bona fide loan. This is madness. It is lying to its shareholders and the statement - coming after fairly dismal interims earlier - is a disgrace. Austin should be sacked at once.
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Comments
Sweet Karolina
No mention of Margin calls. He must have had several as the IGas Share price tanked. Have these been met, how have they been met. This is material info, as we have seen with QPP, that needs to be disclosed.
Ben Turney
@Sweet Karoline – exactly. A piece on that to follow.
T A X-men
I’m surprised someone would allegedly flaunt his tax er, dealings, so publicly when it is so easy to report such trades.
http://www.hmrc.gov.uk/tax-evasion/hotline.htm
alcira16247
Great work, Ben!
Hard hitting! Shooting straight from the hip! Telling it as it is…. make no mistake Ben, your documentary over this whole sorry affair, will be read by the folks at Jefferies and iGas, who knows it just might shame them into ‘fessing up!
Your article is up there with what we punter’s expect now from ShareProphets…. the best standards of investigate financial journalism to be found anywhere!
NB
I took Tom’s advise and bailed out of iGAS and IQE at the start of this scandal! Sugar, that’s another one I owe him!
Jason
Still waiting for a response from IGAS as to why this transaction was not disclosed in the Dart Energy Scheme Booklet prior to vote on acquisition…..
the dazzler
Excellent article – with just one caveat, I applaud all you say.
The caveat is that, like it or not, it’s by no means clear that you’re right in challenging the CGT issue: indeed it looks like the RNS may well be correct about this, see http://www.hmrc.gov.uk/manuals/cfmmanual/CFM17280.htm.
This comment will be equally in point for all these bizarre Equities First deals.
That being said, even if the deals don’t trigger CGT in themselves, then defaulting or walking away from them will, sure as eggs is eggs.
Ben Turney
@Taxmen – thank you for that.
@Alcira – thank you, very kind of you to say
@Jason – that issue certainly deserves revisiting
@The Dazzler – that is an extremely helpful link. Thank you! – A piece to follow on that definitely.