Ann: Scheme Booklet, page-2

Dart's independent expert's report has arrived.
They recommend the offer as fair.
The basis of their assessment is:
Estimated fair market value of a Dart share 0.15 - 0.19
Estimated fair market value of consideration offered 0.19 - 0.20
They say "The consideration offered by IGas is above the range of our estimate of the fair market value of a Dart share, albeit equal at the high end of our estimated value of a Dart share. Accordingly it is our opinion that the Proposed Scheme is fair."

But these figures are not related to current shareprices. At today's shareprices the market value of consideration offered amounts to 17cents. But Igas has fallen 19% since the beginning of June and could well fall quite a bit further before the scheme takes effect in September.

The expert's assessment is out of date and does not reflect the current value of the offer and stands a good chance of being more irrelevant on September 1 when Dart shareholders are to vote on what looks more and more like a con job.

In recommending this takeover the board are failing to act in the interest of the majority of shareholders.