Dart obtains shareholders approval for merger with IGas Energy
Wednesday, September 10 2014 - 03:15 AM WIB
ASX-listed Dart Energy Limited said it has obtained shareholders approval for the proposed acquisition of the company by London-listed IGas Energy plc.
?Dart is pleased to announce that at the scheme meeting held earlier today, the requisite majorities of Dart shareholders present and voting approved the scheme (of arrangment between the company and shareholders),? Dart said in a statement Wednesday.
Dart further said that the proposed acquisition remains subject to three further conditions including the approval of the UK Competition and Markets Authority (CMA), New South Wales Ministerial approval for a change in control in Dart?s NSW licences and the approval of the Supreme Court of Queensland.
?Currently, the Court is scheduled to hear the application of Dart to approve the Scheme on Monday 15 September 2014. However, if either of the CMA approval or NSW Ministerial approval have not been granted by this date and the relevant condition has not been waived by IGas and Dart (in relation to the CMA approval) or by IGas (in relation to the NSW Ministerial approval), Dart will need to seek an adjournment of the Court hearing to a later date,? the statement said.
Dart and IGas signed in May an agreement for the proposed US$198 million acquisition in a merger that would create a leading UK oil and gas company.
IGas produces around 3000 barrels of oil & gas equivalent per day from 110 sites around the UK, including conventional and coal-bed methane production along with a number of shale exploration prospects.
Dart Energy holds 24 licenses in the UK for shale and coal-bed methane along with non-core licenses in Australia, Germany, Belgium, Indonesia and India. The company has interest in four CBM blocks in Indonesia, two in Kalimantan (Bontang Bengalon PSC, 100%, Sangatta West PSC , 24%) and two in South Sumatra (Muralim PSC, 50%, and Muara Enim PSC, 45%).
Under the proposed acquisition scheme, Dart shareholders will receive 0.08117 IGas shares for each Dart share, and will hold approximately 30.5 percent of the enlarged company on a fully diluted basis.
Editing by Reiner Simanjuntak