People don't seem to make any effort to value a scrip offer objectively .
Igas are not offering 17c , 20c and to suggest that the value of their offer is such is disenginuous because a scrip offer cannot be directly compared with a cash offer .
If UK shale has legs then an offer of 30c-40c would almost certainly be inferior to the current Igas offer .
Without a sea change change to NSW policy on CSG , Dart is Scottish CSG and English/Welsh shale/CSG .
Scotland are due to have their independence referendum in September - a Yes vote could render Dart UK shale/CSG only .
I'd like to see Dart shareholders get a bit more of the combined Igas-Dart entity but am frustrated that people appear ready to accept a cash offer at this stage of the game before the assets have matured .
The BBC is against it , Labour party is sitting on the fence and their union paymasters are against it .
IMHO the 14th onshore licensing round (delayed 18m) is likely to be delayed further until after the 2015 general election - because no big oil or big shale is going to risk anything more than pin money until the politics are out of the way .
The Igas offer offers security , longevity and continued exposure to the assets until they achieve realistic valuations which will happen but not overnight .
Dart directors did very well to save the company with the restructuring and negotiate this deal but the restructuring came at a cost of losing staff and with them much operational capability .
DTE Price at posting:
15.0¢ Sentiment: Hold Disclosure: Held
