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Igas – refinancing at 4.5p on the way (if the bondholders agree), Ouzo time!

By Nigel Somerville, the Deputy Sheriff of AIM | Wednesday 1 March 2017


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.


I’ve been saying for an age that AIM-listed Igas Energy (IGAS) was a sell and this morning the denoument has arrived. In the wake of previous boss Andrew “Piggy” Austin and his dealings with Equities First, and his legacy to the new board of a massively overindebted company, this morning came the announcement that a restructuring is being attempted at 4.5p per share. I fear that poor Tom Winnifrth senior may be further deprived of that bottle of Ouzo. Actually, if the new board manages to pull this off I will take my hat off to it but there are some hurdles to overcome first.


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