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Outrageous IGas RNS obliterates Andrew Austin’s credibility & career

By Ben Turney | Wednesday 26 November 2014


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


How stupid does the board of IGas Energy (IGAS) think its shareholders are? This is an interesting question to reflect on this afternoon, after the company released this morning’s disgraceful RNS in pitiful defence of CEO Andrew Austin’s “Sale & Repurchase” agreement with Equities First Holdings LLC. Despite all the evidence to the contrary, IGAS is still desperately trying to portray this arrangement as a bona fide loan. This is madness. It is lying to its shareholders and the statement - coming after fairly dismal interims earlier - is a disgrace. Austin should be sacked at once.


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