Company in the news: IGas

Shares in fracking play IGas have been hit by controversy of director share dealing. Phil Oakley looks at what action investors should take.

Aim-listed IGas (Aim: IGAS)offers a way to invest in the UK fracking boom and it's a share we've followed for some time. Recently it's been caught up in a controversy over director share dealing, writes David Stevenson at The Fleet Street Letter.

In January, IGas said CEO Andrew Austin had bought 300,000 shares at 135.38p each. He funded this by taking out a loan and transferring up to 7.5 million shares as security. Austin is required to redeem the shares in three years, and the lender is prohibited from short-selling or voting during the period of the loan, said IGas.

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Phil spent 13 years as an investment analyst for both stockbroking and fund management companies.

 

After graduating with a MSc in International Banking, Economics & Finance from Liverpool Business School in 1996, Phil went to work for BWD Rensburg, a Liverpool based investment manager. In 2001, he joined ABN AMRO as a transport analyst. After a brief spell as a food retail analyst, he spent five years with ABN's very successful UK Smaller Companies team where he covered engineering, transport and support services stocks.

 

In 2007, Phil joined Halbis Capital Management as a European equities analyst. He began writing for MoneyWeek in 2010.