New Hope Leads Coup in Dart Energy

Australia-based Dart Energy’s shareholders approved changes to the composition of the board, paving the way to a ‘review of the company’s strategy.’

According to a note released on Tuesday, Shaun Scott, Stephen Lonie, Peter Forbes, Cam Rathie and Rob Neale will now guide the company. Neale has been appointed as Chairman. 

In an older press release, former Chairman Nick Davies voiced his concerns ‘over the actions of New Hope Corporation Limited,’ which was said to be intentioned to seize control of the Board.

New Hope currently owns a 16.2% interest in Dart. 

‘The new directors proposed by New Hope and Soul Pattinson - led by New Hope’s current CEO Rob Neale who steps down in January and who has just become Chairman of Dart’s competitor WestSide Corporation Limited in which Soul Pattinson also has a substantial shareholding - are entirely Brisbane based and appear to have limited unconventional gas and international experience,’ wrote Davies last week.

The Australian-based Dart Energy is an exploration and production company in the unconventional gas industry, with activities in several countries outside Australia. It has carbon bed methane assets in the UK, Indonesia, India, Poland, China, Belgium and Germany. It has shale assets in the UK, Poland, Germany and China.

Earlier this year, France’s GDF Suez announced its intention to invest up to $39 million for a 25% interest in 13 licences in Cheshire and the East Midlands owned by Dart Energy. The transaction, announced in October, is expected to be completed by the end of the year.