ShareProphets : tidm

IGAS

IGas – STILL not in compliance with DTR 3. Time for the FCA to show its teeth

On 27 Nov 2014, the FCA, as I flagged up earlier today HERE, publicly warned that failure to comply with DTR 3 rules, governing disclosures of share dealings by Person Discharging Managerial Responsibility (PMDRs) would “consider taking public disciplinary action, which could, among other outcomes, Lead to public censure of the relevant party.” IGas (IGAS) has had a month and a half to get its house in order on this with regard to CEO Andrew Austin’s dealings with Equities First Holdings LLC (EFH), and has still failed to do so. But there are bigger sanctions available to the FCA. Let us remind ourselves of what it is that HAS to be disclosed in relation to the share dealings of PMDRs under DTR 3:

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2015-01-16 06:34:52 |

EXCLUSIVE – Has ShareProphets Forced the FCA into a clarification re EFH and IGas?

ShareProphets broke the story of the Equities First Holdings LLC (EFH) loans scandal back in November 2014. We nailed the EFH six – IGas (IGAS), Quindell (QPP), Optimal Payments (OPAY), Cloudbuy (CBUY), IQE (IQE) and Angle (AGL) for not giving adequate disclosure of the dealings of their directors with regard to deals with EFH. All those companies were in the end (and some rather more reluctantly than others) forced into clarifications. But it turns out that the FCA has also issued a clarification too!

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2015-01-16 04:54:37 |

Proof that Equities First sold Andrew Austin’s stock!

Nigel Somerville, the Deputy Sheriff, has done some sterling work. This morning he revealed the loophole that those clever people at Equities First Holdings exploit to allow directors to sell shares to them (at a whopping discount), without declaring the sales. Unfortunately for IGas Energy (IGAS) CEO Andrew Austin, this revelation leaves him with some explaining to do. It is now clear that Mr Austin sold 7.5million shares to Equities First, who must have sold at least 1.425million of them to comply with the FCA’s disclosure regulations. This makes a mockery of IGas’ AIM Rule 26 disclosure about Mr Austin’s holding and calls further into question Mr Austin’s declarations concerning the Dart Energy takeover. Above all it betrays Mr Austin as the liar he is.

By Ben Turney | Published 2015-01-16 02:29:58 |

Reader Poll – when will Andrew “piggy” Austin of Igas be fired?

It is a year to the day since Andrew Piggy Austin of Igas ( salary £670,000) told investors he was buying shares when in fact he was dumping a net £7 million worth in his dodgy loan deal with Equities First Holdings LLC. In the 365 days that have followed shares in Igas have crashed from 135p to 35p. So when will Piggy get his much deserved P45?

By Tom Winnifrith | Published 2015-01-16 01:56:56 |

REVEALED!! The Loophole That AIM-Cesspit Clients of Equities First Exploit

One year ago, IGas Energy CEO Andrew Austin deceived his shareholders. He issued an RNS claiming to have bought 300,000 of his company’s shares, when in fact he had net sold 7,200,000. After weeks of painstaking research, and on the anniversary of this shameful episode, ShareProphets can exclusively reveal the loophole the like of Mr Austin have sought to exploit to get around the Disclosure and Transparency Rules (DTR) through their dodgy deals with Equities First Holdings LLC (EFH). The explanation is complicated, but the results are both shocking and appalling. Through EFH directors can sell stock and not declare it. The FCA must close this loophole now.

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2015-01-16 01:52:01 |

EXCLUSIVE – Has ShareProphets Forced the FCA into a clarification re. EFH and IGas?

ShareProphets broke the story of the Equities First Holdings LLC (EFH) loans scandal back in November 2014. We nailed the EFH six – IGas (IGAS), Quindell (QPP), Optimal Payments (OPAY), Cloudbuy (CBUY), IQE (IQE) and Angle (AGL) for not giving adequate disclosure of the dealings of their directors with regard to deals with EFH. All those companies were, in the end (and some rather more reluctantly than others), forced into clarifications. But it turns out that the FCA has also issued a clarification too!

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2015-01-16 00:36:37 |

The IGas Takeover of Dart: What About The Role of Nomad Jefferies?

In two previous articles HERE and HERE I have identified four material breaches of the ‘Scheme Implementation Agreement’ (SIA) under which AIM listed IGas completed its all-paper takeover of Aussie-listed Dart Energy. Each of those breaches is serious enough to call the whole deal into question. But what of the role of IGas’ Nomad, Jefferies International?

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2014-12-31 03:15:51 |

Igas and the Dart takeover – breach number 4: what happened to Robert Neale?

In my last piece on IGas HERE I described in detail how IGas (IGAS) breached the ‘Scheme Implementation Agreement’ (SIA) which governed the conduct of the all-paper deal in which IGas took over Aussie-listed Dart Energy.

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2014-12-30 00:44:56 |

IGas Energy –Andrew Austin is a goddamned liar

Nigel Somerville, the Deputy Sheriff of AIM, has been far too kind to IGas Energy (IGAS) CEO Andrew Austin. In a devastating series of revelations, Nigel exposed three material breaches by Mr Austin of IGas’ Scheme Implementation Agreement (SIA), which governed the takeover of Dart Energy. Any one of these breaches could have been grounds for termination of the takeover, but Nigel stopped short of saying one thing. He didn’t call Mr Austin a goddamned liar.

By Ben Turney | Published 2014-12-29 07:25:25 |

Tom Winnifrith’s share tips for 2015 No 2 – sell Igas at 39.5p – target cut to 10p

In my macro themes for 2015 article HERE I stated that I was fundamentally bearish on equities and as such half of my ten tips of the year would be shorts. Another theme for 2015 (as it was for 2014) was an extreme aversion to oil stocks. In that vein I return to Igas (IGAS) which I first suggested shorting at 56p a month or so ago HERE but where I am now halving my target price to 10p making this my second top short for 2015.

By Tom Winnifrith | Published 2014-12-27 10:05:04 |

IGas and the Dart Takeover – were Dart Shareholders Duped? How can Andrew Austin survive this?

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:

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2014-12-19 03:58:03 |

IGas Energy; the “loan” that shames AIM

Even by the shocking standards of disclosure on AIM, January 16^th’s RNS from IGas Energy (IGAS) takes some beating. Titled “Director Share Purchase and Finance Facility” this has to be one of the most shameful announcements released in recent years.

By Ben Turney | Published 2014-12-18 01:49:57 |

IGas; CEO Andrew Austin betrayed his shareholders and has to go

The behaviour of IGas Energy (IGAS) CEO Andrew Austin is appalling. Director share sales will always cause disquiet among shareholders. However, dumping nearly three quarters of one’s holding and attempting to disguise this as a share purchase is a treacherous and rapacious act. This cannot be an acceptable standard of behaviour for the director of a publicly listed company. Mr Austin has to go.

By Ben Turney | Published 2014-12-16 08:09:31 |

IGAS, Optimal Payments and Nomads Canaccord and Jefferies: Anything you should tell us?

Thanks to the joys of the internet we have a sample contract for those Equities First Holdings LLP (EFH) so-called loan deals. It makes fascinating reading - you can read it HERE.Note that it is held on the USA’s Securities and Exchange Commission (SEC) website: I think we can assume it is genuine! Given that EFH is a one product company, this contract gives us a solid basis for a model contract with directors the EFH Six (Optimal payments, IGAS, Cloudbuy, IQE, Quenron and Aengle), which we can now test against disclosures made.

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2014-12-12 10:23:47 |

Shock: IGAS – Rescue Placing in 2015? – The woes of Piggy Austin accelerate

IGAS CEO Andrew “piggy” Austin still has not come clean on his shoddy Equities First Holdings LLC loan/share sale deal – FFS at what price is your margin call piggy? But that is the least of his woes. I reckon that the shares are worth 20p at best (see HERE) but now even his own house broker Canaccord ( yes those mothers of Quenron fame) is flagging up a potential gaping balance sheet issue.

By Tom Winnifrith, The Sheriff of AIM | Published 2014-12-11 03:39:09 |

IGAS – Time for Piggy Wiggy Andrew Austin to fess up on EFH margin call

Shares in IGAS (IGAS) now trade at a year low of 49.25p. IMHO they are heading a lot lower – 20p is my target as you can see HERE. But even at the current dismal level the question is “when is the margin call on CEO Andrew Austin’s Equities First Holdings LLC share sale (oops I mean loan) set to kick in?

By Tom Winnifrith | Published 2014-12-10 05:21:43 |

IGas – now about that margin call on piggy wiggy Andrew Austin’s EFH dodgy share deal, clarification needed (again)

Things are hotting up for AIM Cesspit-listed IGas (IGAS) and its beleaguered CEO Andrew Austin in relation to his ‘loan’ deal with Equities First Holdings LLC. I remind you that this is a one-product finance company, and we have read one of its loan-deal contracts held on the SEC website in the US very carefully. Thus far we have not yet seen a British one, but we think it will be largely the same. Some of the AIM companies caught up in the EFH scandal have been rather more open than others when it has come to clarifying details of the deal. And that brings us back to the issue of margin calls.

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2014-12-03 01:12:08 |

Igas and hapless Nomad Jefferies Clarifies the Clarification but more Clarifications needed

IGas (IGAS) has this morning admitted that it got its numbers wrong last week. Yesterday’s piece on today’s RNS HERE on Shareprophets was, er, prophetic.

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2014-12-01 07:29:36 |

Igas – Monday’s RNS Tonight, to Correct Last Wednesday’s Clarification RNS

In the light of yesterday’s piece on boardroom piggery, wrong figures in RNSs, incorrect data given to Dart’s shareholders etc – you can read it HERE I have now checked through all IGas’ share issue announcements and Companies House Filings, with particular regard to the holdings and ‘interests’ of CEO Andrew Austin.

By Nigel Somerville, The Deputy Sheriff of AIM | Published 2014-11-30 12:48:40 |

What disgraced IGAS boss Andrew Austin should do now

Last week IGas (IGAS) accompanied a dire set of results with another statement regarding the shabby dealings of CEO Andrew Austin with the dodgy American firm Equities First Holdings LLC. As usual it was deceitful and inaccurate.