IGas Moves Closer to Dart Acquisition

IGas Energy moves closer to its acquisition of Dart for $200m, saying that the new IGas shares should be admitted to trading on AIM in mid-October.

‘As previously announced, the Scheme remained subject to the satisfaction or waiver of certain conditions, including the approval of the UK Competition and Markets Authority ("the CMA") to the transaction… IGas and Dart announce that they have now formally waived the CMA Condition,’ reads a note released on Thursday.

On Tuesday, the company welcomed the NSW Ministerial approval for a change in control in Dart’s NSW licences. 

The next step will be to obtain the approval of the Supreme Court of Queensland. The company expects to receive it next week.  

According to data released on Thursday, British gas production decreased by 1.9% in the 3 month period May 2014 to July 2014. Gas provided 39.1% of electricity generation by major power producers in the UK.