Deloitte can be blamed for not discovering/hilighting Andrew Austin's deal with First Equity but the merger made sense and the ratio of equity each party received in the final entity looked about right based on the info we knew at the time .
There was plenty of opportunity for other parties (like Ineos) to come in with an alternative offer but none materialised .
The other UK shale players have all suffered in their last year though not as much as Digas :-
- Egdon fall of 70% from high 8 months ago
- Europa fall of 53% from high 10 weeks ago
- AJ Lucas fall of 67% from high of 1 year ago
If the merger had never gone ahead and Dart had carried out their threat to dual list on AIM I suspect it would have lost a similar amount to AJ Lucas and Egdon i.e. today be worth 50-66% more than it currently is .
Dart were almost as reliant on planning permission for the Airth CBM project as Igas were on the price of oil .
I reckon refusal of planning permission for Airth is priced in . Between the Scottish Independence referendum and the May General Election the poli's have been no help whatsoever .
They are not getting any of my UK shale shares at these prices .
DTE Price at posting:
13.0¢ Sentiment: Hold Disclosure: Held
