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DTE, DART ENERGY LIMITED
balance
post Posted: Mar 12 2015, 07:00 AM
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What a schamozzle. So glad I pulled the pin early. It was a token holding so it was easy at the time. A disappointing end to what appeared a promising venture.

I was been caught once before with an overseas listing via take over. Never again if I can help it.



--------------------
Day Trader: Lowest form of life in the known universe.
Shorter: Can limbo under a day trader.
Investor: Salt of the Earth.Sits to the right of God (Warren Buffet)
Share prices are only ever manipulated down.
Paper losses are not really losses.
Chat site posters always know better & know more than anyone about anything.
I'm 29.
The cheque is in the mail.
 
crooky
post Posted: Mar 11 2015, 09:12 PM
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In Reply To: triage's post @ Mar 11 2015, 07:07 AM

Read with interest the announcement this arvo triage , my my



All of the PELs were acquired from Lawndale Pty Limited (Lawndale), a company controlled by Andrew Purcell, a non-executive director of AJ Lucas. Lawndale in turn acquired the PELs from Dart Energy Limited, a wholly owned subsidiary of Igas PLC, incorporated in the United Kingdom. Santos Limited currently has a 15% interest in PEL456, but has elected to earn a further 35% interest through an existing farm-in arrangement, which once completed will increase its interest to 50%. The balance of the equity interest in the PELs will be retained by Lawndale. Santos is the operator of PEL456 while PEL445 and PEL458 will be operated by Lucas or its nominee.

Hold AJL , talk about a dog biting it's tail




 
triage
post Posted: Mar 11 2015, 07:07 AM
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Just an update about what has happened to the carcass of what used to be Dart.

Dart was effectively sold in a fire sale by its major shareholder New Hope to the British outfit, iGas (and in doing so its Australian-based retail shareholders were rewarded with shares of a type that are near-untradeable).

Now it seems that iGas has liquidated all of Dart's assets other than the shale holdings in the north of England, in the Bowland Basin.

It appears that they sold the NSW leases to an associate of AJ Lucas who has immediately onsold those assets to AJ Lucas itself. I can only assume that the AJ Lucas associate got the NSW assets on the cheap and has made a tidy packet by shifting them straight onto AJ Lucas (surely a stunt that retail shareholders in AJ Lucas will be curious about (??).

See AJL's ASX announcement from yesterday (h/t jake0002 on hc).

And it also seems that iGas has sold Dart's Scottish assets to the owner of the chemical facility next door, Jim Ratcliffe's Ineos. Ineos had already bought a share of the shale that lies underneath's Dart's csg project at Airth from Dart and now it has bought the balance of that shale tenament from iGas. I'm not sure what this means for the csg project whose product Dart had already lined up a buyer for but was held up by bureaucratic dithering. If Ineos is keen to tap the shale that lies next to its chemcial plant then you would think they would not have any quibbles about extracting the csg either (and Mr Ratcliffe appears a crash-through-or-crash operator as a while back he threatened to close the plant entirely unless the workforce took significant pay cuts and won out on that occasion).

http://m.bbc.com/news/business-31815966

http://www.telegraph.co.uk/finance/newsbys...ation-deal.html

The main thrust of the Ineos deal with iGas however is that Ineos is to fund a major initiative of drilling and fracking in the Bowland Basin. It now means that iGas has three major players, Total, GDF Suez, and now Ineos, providing substantial funding and expertise in its drive to commercialise the shale holdings it has to the east of Liverpool.

I could only assume that Mr Ratcliffe is confident that the Tories will win the May gereral election and that fracking in the UK will get some steam up after then.

I treat the iGas shares that I got in exchange for my DTE as a lost cause but maybe in a year or two that may change (????).



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog

Said 'Thanks' for this post: skyhigh  PeterH  
 
fraz2
post Posted: Sep 10 2014, 07:05 PM
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In Reply To: triage's post @ Sep 10 2014, 05:15 PM

It looks like I will be a long term holder of Igas shares if I want to get a reasonable price for them(their last price was 101.75), and then if the Scots gain independence, there could be some negative exchange rate consequences as well. This would probably push the deal into the unfair and unreasonable category. grrr.gif



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Our greatest glory is not in never falling, but in getting up every time we do.

Great minds discuss ideas. Average minds discuss events. Small minds discuss people.
 
triage
post Posted: Sep 10 2014, 05:15 PM
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Well the no hopers recorded a thumping win: apparently of the 70% of shareholders who bothered to vote over 90% voted in favour of Dart being taken over by iGas. They obviously are more attuned to what the average DTE holder wants than I have been. This is not my preferred outcome but such is life...

If in the near future iGas flog off Dart's NSW holdings to some associate of New Hope, sells off the leases around Airth in Scotland to that chemicals company and uses Dart's cash to pay down its (iGas's) existing debts then it will become obvious that iGas picked up the English shale blocks as a steal then yes we've been shafted by Dart's current board imo. But in fairness, let's see how iGas behaves in the coming months.



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
crooky
post Posted: Aug 28 2014, 09:52 PM
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In Reply To: PeterH's post @ Aug 28 2014, 03:40 PM

Thanks for your reply PeterH,
Like I said it's a gamble at present , right now I would have a sizeable CGT loss if I sold now.
But I know what my loss will be , sell now can have access to the cash straight up and either bank it or move into some other stock.
For sure if the deal falls thru Dart's share price will drop and to what price is the next unknown. My already sizable CGT loss increases
If I Hold and get igas shares which going from their chart , from a high of 140 to 102 pence today , definitely in a downtrend and at what price we get these shares is the another unknown.
Which I guess brings us to this point of time now where the Independent Expert has had to issue another review which we now states the scheme is unfair to Dart shareholders but remains reasonable .
To me it's just saying your getting shafted but accept .
now If I accept I have to wait till the 1st October 2014 before my igas shares admitted to AIM for trading , I know nothing about igas only that their share price in decline and really dozen't inspire atm. OK I'm now a shareholder of igas and in with a chance of sharing some spoils after setting up four accounts. Why have igas shares been declining ? What if the market corrects between acceptance and admission to AIM
This is the mess we all face.
The way I see we are already getting bought out cheap. Not Fair to Shareholders but remains reasonable
Yer right
this is where we differ and our Board put us in this current mess

I can offset some CGT losses atm, but yes would rather be paying tax
.

 

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PeterH
post Posted: Aug 28 2014, 03:40 PM
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In Reply To: crooky's post @ Aug 28 2014, 03:32 AM

To quote you Crooky, "But ............what's the next stop if the scheme fails , Share price drops by half and No Hope/ whoever make a Takeover offer after forcing the price down to yet another low then offer a 40% increase in share price to get them Home."

And if the scheme succeeds New Hope can't privatise on the cheap. We will all be in the same boat as shareholders of Igas.

So where would you rather be, a shareholder of Igas and in with a chance of sharing some spoils or bought out cheap and stuck with another CGT deduction?

Have I missed something here?

Not pushing a barrow, still feeling my way. I too hold in three accounts and share your concern about holding offshore parcels.

 
crooky
post Posted: Aug 28 2014, 08:15 AM
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In Reply To: triage's post @ Aug 28 2014, 07:29 AM

Good Morning Triage & Balance,
I Need to get more sleep hey ! was a worst case scenario I put forward but just shows the dilemma the board creates when trying to sell us out short. As with Arith area , at least that bloke has a clear vision of what needs to happen , survive or die .

 
triage
post Posted: Aug 28 2014, 07:29 AM
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In Reply To: crooky's post @ Aug 28 2014, 03:32 AM

Crooky

You're probably right: the DTE price may well drop at least for a while if the scheme gets voted down but I think the long-term vision of Dart in the UK (and at some stage in NSW) still has a chance of coming about. I'm often wrong of course.

On the brighter side though surely a decision on the Airth csg project must be close at hand. My guess is that it is being held back until after the referendum (?). I think a positive sign is that the chap who owns the petrochemical plant in the Airth area has just bought half the rights to the shale gas that lies directly under Dart's csg fields. He fought hard for the right to import gas from the US to feed into his operations so one can only presume he will fight just as hard to be able to secure local supplies of gas in partnership with Dart.



--------------------
"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
balance
post Posted: Aug 28 2014, 06:27 AM
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In Reply To: crooky's post @ Aug 28 2014, 03:32 AM

QUOTE
How many Mum & Dad investors have dumped already , not wanting to setup a overseas broking account


I am one of those and there would be others I am certain. For the average investor the OS thing is a PIA. That is THE reason I bailed out early.



--------------------
Day Trader: Lowest form of life in the known universe.
Shorter: Can limbo under a day trader.
Investor: Salt of the Earth.Sits to the right of God (Warren Buffet)
Share prices are only ever manipulated down.
Paper losses are not really losses.
Chat site posters always know better & know more than anyone about anything.
I'm 29.
The cheque is in the mail.
 
 


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