152 Beach Road, #19-03/04 The Gateway East
Singapore 189721
Brisbane (Registered Office) T+61 7 3149 2100 F+61 7 3149 2101Level 9, Waterfront Place, 1 Eagle Street,
Brisbane Qld 4000, Australia
GPO Box 3120, Brisbane Qld 4001,
dartgas.com ASX CODE DTE ABN 21 122 588 505
23 July 2014 Recommended Proposed Acquisition of Dart Energy Limited by IGas Energy plc - Court Approves Convening of Scheme Meeting; and - Independent Expert's Conclusion Regarding Scheme. Court Approval
In relation to the recommended acquisition of Dart Energy Limited ("Dart") by IGas Energy Plc ("IGas") by way of Scheme of Arrangement ("Scheme"), as announced on 9 May 2014, today the Supreme Court of Queensland has ordered that a meeting of Dart shareholders be convened to consider and vote on the Scheme ("Scheme Meeting").
The Scheme Meeting will be held at 9.30am (AEST) on Monday, 1 September 2014 at Level 2, Brisbane Polo Club, Naldham House, 1 Eagle Street, Brisbane. Each Dart shareholder on the share register at 7.00pm (AEST) on 30 August 2014 will be entitled to vote at the Scheme Meeting.
The Court also ordered that a Scheme Booklet, containing information in relation to the Scheme including the notice of meeting, be despatched to Dart shareholders. The Scheme Booklet will be sent to Dart shareholders after it has been lodged for registration with the Australian Securities and Investments Commission ("ASIC") and lodged with ASX. A further announcement attaching the Scheme Booklet will be released by Dart following registration of the Scheme Booklet with ASIC.
Deloitte Corporate Finance Pty Limited (the "Independent Expert") has concluded that the Scheme is fair and reasonable and in the best interests of Dart shareholders. The Independent Expert has assessed the full underlying value of Dart at between A$0.15 and A$0.19 per Dart share. A copy of the Independent Expert's report is contained in the Scheme Booklet.
Dart's directors unanimously recommend that shareholders vote in favour of the Scheme, in the absence of a superior proposal. Each Dart director intends to vote any shares held or controlled by them in favour of the Scheme, in the absence of a superior proposal.
Completion of the Scheme is anticipated to occur around the end of September.
John McGoldrick - Chief Executive Officer
Eytan Uliel - Chief Financial Officer
Tel: +65 6 508 9840
dartgas.com
Macquarie Capital (Australia) Limited
Andrew Jones
Tel: +44 (0)203 037 2000
Mark Dempsey
Chase Edgelow
Tel: +61 (0)282 323 333
Macquarie Capital (Australia) Limited is acting exclusively for Dart and no one else in connection with the Scheme and will not be responsible to anyone other than Dart in relation to matters described herein, nor for providing advice in relation to the Scheme or any matter or arrangement referred to herein.
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