The consolidation of UK shale gas players IGas Energy (LON:IGAS) and Dart Energy (ASX:DTE) is set to complete in the first half of October.
IGas confirmed that a key condition to the deal – approval from the UK Competition and Markets Authority – has now been waived.
All key conditions have now been satisfied or waived, and consequently Dart will seek court approval in Australia on September 30 in order to finalise the deal.
The share-based deal was agreed in May and at that time it valued Dart at £117.1mln.
Assuming approval is granted the following timetable is expected: the effective date of the transaction will be October 1; the record date for Dart shareholders will be October 9; the implementation date will be October 16; and the new IGas shares issued to Dart investors will be admitted to AIM on October 17.