Industry

Bank increases stake in IGas

181116 Tinker Lane Eric Walton4

IGas Tinker Lane shale gas site, 16 November 2018. Photo: Eric Walton

HSBC bank has increased its stake in IGas, which is currently drilling for shale gas at Tinker Lane in Nottinghamshire.

A notice, issued by IGas yesterday, confirmed that HSBC had increased its voting rights to just over 11%, up just over 1%.

According to the notice, HSBC now has 122,077,269 voting rights in IGas.

This is the latest in a series of increases this year in the stake held by the bank in IGas. In less than six months, HSBC has increased its share of voting rights from 5.69% to 11.06%.

HSBC is among a group of institutional shareholders that now appears to own about two-thirds of IGas.

An analysis by DrillOrDrop of RNS notices issued by IGas indicates that the private equity fund, Kerogen Capital, the largest of the company’s significant shareholders, has maintained its 28% stake since April 2017.

The Singapore-based KOG Investments, currently holds just under 15%. Other significant shareholders are J O Hambro Capital Management (4.91%), Royal London AM (8.37%) and Sand Grove Capital (3.7%).

Sand Grove, which is based in the Cayman Islands, has maintained its shareholding since October 2017 but it has gradually increased its stake through financial instruments (RNS). In August 2018, IGas reported an increase in voting rights from this source from 1.26% to 6.51%. There were three more increases, most recently to 10.28% at the end of October 2018.

At the time of writing, IGas shares were down 2.39% on the day at 90p. The most recent increase was on 30 November, to 92.20p. But generally, the trend has been down since a high of 120p on 12 October 2018.

IGas announced on 27 November 2018 that it had spudded the shale gas well at Tinker Lane, near Blyth in north Nottinghamshire. This is the first of the company’s shale gas wells in the east midlands.

36 replies »

  1. Utterly disgraceful. I bank with Halifax – but perhaps for no longer. I am appalled.
    Fracking has unknown geological consequences – and the dreadful aspect is that they are supporting the exploitation of fossil fuels. At a time when the IPCC and UN are saying ‘stop!’ HSBC carries on, with profits as their only concern.
    The only thing that will influence them is collective action.
    So – please…. let many of us write our objections to them.
    Now!

    • Go on then change the name on the plastic in your pocket…

      Against fossil fuels? What’s keeping you warm, driving you around and keeping you posting on DOD???

      • Kisheny – be realistic. You are referring to the ‘here and now’ and sadly have no vision of a carbon-free future where renewables will heat and power our homes and allow us to transport ourselves around. Weaning ourselves off oil, gas and coal needs to start now and it isn’t going to happen overnight. You may have interests in the fossil fuel industry and therefore you have no interest in the lives of your children (if you have them) or future generations. Without a transition to renewables, you consign future generations to climate hell whereas some of us are striving towards a carbon-free heaven.

    • Hmm yep no fossil fuels. How you going to send your emails with no phone or internet, as you freeze with no heating, and can’t go anywhere as you have no car?

      Grow up.

      • Voice of Unreason. Get real. See my comment above. Nothing wrong in striving for a carbon-free heaven rather than a future of Climate hell. Any sane person can see that there is a need to replace over time dinosaur fossil fuels with power and energy from sun, wind, waves and geothermal. It is happening already and would happen quicker if the stupid fossil fuel industry stopped spending millions of pounds
        in lobbying to save its ass.

        • Nope there isn’t, that’s why windfarms and solar exists, and other methods are being developed.

          But to think that we do not need more sources of fossil fuels in the decades before these renewables MAY replace FF really is naive in the extreme.

        • Rather than a Utopian Heaven I would suggest the best you’re going to get is a sensible balance between fossil fuels and renewables which takes into account the environment but also cost to the consumer, reliability and energy security.

          To come back to the unavoidable truth, at the moment there is no economic alternative to a fossil fuel backup to unreliable renewable generation. Just in the last week we have seen wind generation vary from over 25% of UK electricity generation to less than 8%. It is only the flexibility of CCGT generation which keeps us going. Unfortunately the increasing price of gas will probably let coal back into the market, again as it has done in the last week.

  2. Even if they pay the biggest dividends you can make a moral decision to invest in less environmentaly damaging options. Life does not revolve around money!

  3. Obviously good news for the industry downplayed on the anti DoD site. Although DoD will always sway to the anti side it’s STILL the best place for the gossip so keep it up even though I’ll always slate your bias journalism 😘

    • But strange that news regarding one of the companies (Cuadrilla) is so late in appearing. Could it be that it meets some of the anti complaints and is therefore not that exciting? Check their web site, if interested.

  4. A nice change of UK government will be the end of UK fracking. The Brexit fiasco seems to be hastening that situation along.
    Seriously who would invest their own cash in UK unconventional onshore gas extraction at the moment ? Obviously nobody but banks love speculating with other people’s cash!

    • You mean to someone who needs to have a group pulling his strings to try and manage the output of a written statement that he didn’t understand, as was so humorously exposed yesterday? Reminded me of all those it took the other day to manage the Mars landing from afar! The difference was the Mars landing was successfully achieved. Yesterday was a crash and burn .

      All those jobs lost at Barrow. Yep, that would be nice Peter.

      Seriously? Sir Jim. Some would say he speculates, others would say he sees value opportunities that others don’t. As he has recently been declared at the top of the rich list he seems to get it right more times than most.

      • Some would say he speculates……..

        And the people who run Scotland have told him that his licences are useless. Great business model and forward thinking.

        • And what compensation will they pay, and how much long term will it cost them John?

          Great business model when business is already a problem for the “people who run Scotland”.

          And the winner is?

          Mummy Ruth.

      • Martin,
        Mars landing? Seriously?
        Starvation and climate change are the issues we need to fix for heavens sake!
        Maybe cure cancer and other health issues? That wouldn’t suit the drug/medicine companies though!

        • You obviously did not share the experience provided yesterday Peter, but still advocated without having seen it, that would be a good thing!

          Wonderland.

          But it seems pretty endemic when one of the longest serving members refers to the problems the farmers will have because the EU currently gives them so much money! Err, I give £10 to Brussels Bill and he gives £2 of it to my UK farmer friends, but if I keep hold of the £10 I am unable to give £2 to my UK farmer friends. Some of us remember MAFF. Pity those who should also, forget about it.

          You really think that level of knowledge/fog will do anything for cancer cures, starvation, climate change and other health issues? Good luck.

  5. An online search linking criminal money laundering to HSBC produced a lengthy list of coverage. This bank, although apparently profitable, would appear to have the morality of a rattlesnake.
    Perfect partners then for the fracking industry and the Tory government.

  6. HSBC also owns a large stake in AJ Lucas which is a partner in Cuadrilla. And look at its share price in the past couple of months. Lol.

  7. Why not boycott HSBC? See how much difference that makes other than making you feel good perhaps. I wouldn’t bank with them but not because they have invessted in I Gas or Cuadrilla.

  8. Yes, bale out of HSBC and plump for Barclays! Oops. Wonder where INEOS gets their loans from?

    Not going to have an awful lot of options left, apart from the Co-op. Oops again.

    Mattresses, come to mind.

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