25% no vote easily achieved, page-3

Please point out if I've made a mistake with my maths .

The currently deal being made by Igas results in Dart shareholders having 30.5% of the final entity and Igas shareholders 69.5% .

If we were able to get 0.135 Igas shares per Dart share as proposed by Abalone , there would be :-

- (0.305 * ( 0.135 / 0.08117 )) + 0.695 = 1.202 times as many shares after the deal as there would be with the current proposed deal .


And Dart shareholders would have :-


(0.305 * ( 0.135 / 0.08117 ) ) / 1.202 = 0.422 of them i.e. 42.2% of the post Abalone deal and Igas shareholders 57.8% .


The current deal values Dart pre-deal at 30.5/69.5 = 0.439 = 43.9% of pre-deal Igas .

Abalones deal values Dart pre-deal at 42.2/57.8 = 0.73 = 73% of pre-deal Igas .