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 shares now 30.5p – FFS Piggy Austin: what about the margin call

By Tom Winnifrith, The Sheriff of AIM

22 January 2015 03:14

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A year and five days ago Andrew “Piggy” Austin announced he was buying shares in Igas (IGAS) at 135p sending the stock up to 147p. Sadly that was untrue he made a net £7 million from selling/loaning shares to dodgy Equities First Holdings LLC at 93p. Such dodgy deals always have a level at which there is a margin call. FFS the shares are now just 30.5p

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Comments

alcira16247

22 January 2015, 02:45

Tom

Its remarkable that a gentleman whom considers himself worthy of commanding a salary package in excess of half a million per annum, lacks the balls to face up and tell the truth regarding these dubious EFH ‘loans’. Surely, the very least shareholders can expect from their directors is clarity and honesty?

And, there can be little doubt that Mr Austin’s evasiveness, over this matter, has caused considerable damage to Igas’s corporate reputation that has added to its present woes. Also, the adverse comment and publicity has given additional ammunition to the detractors of fracking in the UK.

All in all what a sorry story for private investors, not that Mr Austin and the board of Igas seem to give a flying ……… about!

Keep up the great work, ShareProphets! Nail them!