Ann: Scheme Booklet, page-18

SP007 "So the board now has a problem as the share price is below the low end of the independent experts report...  "

Igas are offering scrip , not cash so no problem .

The percentage of the combined entity offered to Dart shareholders remains unchanged .

The whole sector is down over the past 6 months (Igas , Dart , A.J. Lucas , Egdon , Europa , Alkane) .

Hardly surprising given that no shale wells have been frac'd in the UK since 2011 .

The delayed 14th UK onshore licensing round , currently delayed 18m is looking like it will be postponed .

This is imho because a Labour victory in 2015 General Election would likely be a disaster for U.K. shale and no big oilie or big shaler is going to invest anything more than pin money until  the politics is resolved .


The bottom line is that there has not been a competing offer from a third party and is unlikely to be one at the eleventh hour .

That is the proof that the Igas offer is at least fair value , not the independent experts report .