UK 02:54 Friday, 9 October 2026
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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.
I have been looking in detail at the takeover by IGas (IGAS) of Aussie-based Dart Energy over the summer of this year - an all-paper deal which, at time of announcement, offered a substantial premium to the prevailing share price of Dart. Since the deal was first agreed by the two Boards, Igas’ share price has fallen substantially to leave former Dart shareholders nursing hefty losses. But there are skeletons in the closet:
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Comments
drunken sailor
The Aussies quite like their Class Actions (not as much as the US, but far more than us keep a stiff upper lip Brits).
They have a number of companies that will do no win no fee class actions if there is enough money in it.
The problem might be getting enough money out of it as IGAS look to be close to bankruptcy already.
Does Share Prophets have any Aussie readers? Are there any Aussie BBs where Dart former shareholders talk?
AussieBear
Just had a look at hotcopper.com.au (by far the most popular bulletin board in Australia).
There is a lot of discontent about the iGas deal and Mr Austins dodgy share sales, but there is no serious move yet regarding legal action.
nigel somerville
Drunken, Aussiebear – yes, had a gander through HC and there is discontent. Seems that those Aussies who took IGas paper are having some difficulty/expense trading their new stock. They’ve picked up on the ramifications of AA’s EFH deal. Perhaps this piece will filter through in due course.
There was one former Dart s/h who raised the Dart issue in the first place: Jason, are you about?
re HC, saw one v good post to the effect that IGas business model was to build a portfolio of loss making assets, and then buy other loss making companies with loss making assets.
ref cash, I guess AA will be v pleased with the cash in the bank that Dart brought to the party….
N
Jason
Yeah still about and still intend to stir the pot with regulators on this issue but have been a bit snowed under workwise over last couple of weeks. As soon as I saw shareprophets article on the EFH/IGAS link I bailed (early 70s average) so loss restricted to a few thousand… I would be deeply (even more) pissed off if I had held as I’d be down 5 figures by now.
nigel somerville
Jason – re Aussie regulators, there are links at the end of this piece:
http://www.shareprophets.com/views/9263/igas-piggy-andrew-austin-at-the-trough-and-worse-far-worse
there is still more to come on this….keep eyes peeled!
N