In a normal takeover it would be amazing to see the board recommending shareholders accept an initial low ball offer right from the start. Initial offers usually leave a bit of room for an improved offer.
The initial notice on 9 May read .. Please find attached for release to the market a Joint Statement from IGas Energy Plc and Dart Energy Limited in relation to a recommended acquisition of Dart Energy Limited by Igas Energy plc. ... The Boards of IGas Energy Plc (“IGas”) and Dart Energy Limited (“Dart”) are pleased to announce that they have reached agreement on the terms of a recommended acquisition by IGas of Dart.
Rather than an approach from Igas, the whole thing seems to have been cooked up by our board who must have approached IGas to sell out. Had IGas come along with an offer, the board would have been obliged to share it with the market. I wonder how long our board were working on their deal - all the while pretending to shareholders that they were preparing the AIM listing of Dart but having no intention of letting it happen.
Since they took over, the board have done nothing positive for the shareprice. They have done nothing to act in the interests of the shareholders that own the 69.5% of the company they don't control. Rob Neale got away lightly at the last AGM, avoiding answering the few questions put to him. It's time shareholders put him to account for the way he has run the company and seriously challenge the unfair deal he's cooked up.
DTE Price at posting:
13.5¢ Sentiment: None Disclosure: Held
