WGO - Warrego Energy

[divs4ever]

now i don't follow either Strike Energy or Warrego Energy , and my skill in the oil/gas sector has been luck especially in BPT , Linc Energy and Otis Energy ( which later morphed into ISX )

now i was rather surprised that BPT made an offer here , BPT has capped wells in Australia waiting to be turned into producers , so does BPT really need projects in Europe ( given current EU agendas ) ??

or is this a spoiler to slow down/stop the STX merger

or maybe BPT is playing the carbon offset game with some cash income to help with the bills

El Romeral Gas to Power facility, Spain
• Cash proceeds received during the quarter from El Romeral electricity was $1,265,000 (gross).
• Warrego has applied to drill three additional infill wells to provide gas feedstock. Warrego is targeting drilling of the additional El Romeral wells in Q2 2023, subject to award of permits.
• Project Apollo, the installation of solar panels to power ancillary services, was successfully completed during the period and has been generating electricity in line with expectations.
• Project Helios, a proposed renewable co-generation facility via a 5 MW solar farm adjacent to El Romeral, is advancing through the FEED stage with land negotiations and an environmental impact assessment underway.

OR maybe BPT is hoping for a cheap side-door entry into a part holding of STX , remembering the Stokes family ( a major shareholder in BPT ) are quite happy to have substantial holdings in various companies and a seat on the board

this might be good for novices to watch and learn from , as similar plays are liable to involve their portfolios in years to come

 

[Dona Ferentes]

BPT offer for WGO is at 20c a share (indicative and non-binding, no bankers lined up)

Strike’s scrip-based bid valued Warrego at 18.6¢ a share when it was lodged in late October.
Strike is Warrego's 50 per cent partner in the West Erregulla project and holds an 8.2 per cent pre-bid stake.

Neither company is interested in Warrego's Spanish assets and would like them sold within 12 months. Both bidders would like a board recommended deal and a scheme of arrangement.

The bidding has a potential to go higher;

 

[Dona Ferentes]

and that happened quickly

Announced this morning: Beach has entered into a Scheme Implementation Deed with Warrego Energy Limited (ASX: WGO) under which Beach will acquire all the issued shares in Warrego for $0.20 cash per share, plus any net proceeds received from the sale of Warrego’s Spanish assets, by way of a members’ scheme of arrangement.

so, that puts the Spanish assets at, say, 2c?

 

[rcw1]

and that happened quickly

Announced this morning: Beach has entered into a Scheme Implementation Deed with Warrego Energy Limited (ASX: WGO) under which Beach will acquire all the issued shares in Warrego for $0.20 cash per share, plus any net proceeds received from the sale of Warrego’s Spanish assets, by way of a members’ scheme of arrangement.

so, that puts the Spanish assets at, say, 2c?
View attachment 149234

Good afternoon
Game on.
Gina Rinehart’s Hancock Energy has launched a competing takeover bid for Warrego Energy, trumping Beach’s offer and sending the target’s shares higher. Hancock is urging Warrego shareholders to accept its 23c per share offer immediately, and says it beats Beach Energy’s 20c per share bid on a number of fronts. The new bid, it says, includes consideration for the company’s Spanish assets, which

Beach intends to sell post-acquisition, with that money then flowing back to shareholders.

Beach’s bid had in turn trumped an earlier scrip bid from Warrego’s joint venture partner Strike Energy.

Hancock says its offer will not be subject to a Warrego shareholder vote, has no minimum acceptance level, and shareholders who accept the off-market bid will receive their money within 10 days. The company said it had been engaging with the Warrego board on a confidential basis, but those talks had now ceased. Warrego is currently endorsing the Beach bid, which Hancock said came with the risk that the Spanish assets might never deliver any value.

The Hancock offer is scheduled to close on January 31 next year.The new offer waives a number of conditions commonly associated with takeover bids, such as the “the material adverse change condition’’.
“The low level of conditionality of hancock’s offer should provide Warrego shareholders with a higher level of certainty that they will be paid the offer price for their Warrego shares following their acceptance of the offer,’’ the bidder’s statement lodged with the ASX says.

Warrego is yet to respond to the new takeover offer.

Warrego earlier this week issued a statement to the ASX denying it had rushing into a deal with Beach, revealing it had opened its books to a number of parties in the lead-up to the current tussle for control of the company.

Strike Energy, which is a joint venture partner with Warrego in the West Erregulla project in Western Australia, revealed a scrip bid for the company on November 10, which it believed the Warrego board would back.

Late the next day Beach announced a 20c-per-share cash bid, which was considered by the Warrego board over the weekend and unanimously endorsed on Monday morning.


Ominous signs for Aussie gas. No doubt about it.

Kind regards
rcw1

 

[noirua]

Warrego Energy (ASX:WGO) weighs Hancock Energy offer amid takeover scuffle

Warrego Energy (ASX:WGO) on Thursday morning said it was considering a fresh takeover offer from Hancock Energy after the Gina Rinehart business announced its bid earlier this week.

themarketherald.com.au

Warrego Energy (WGO) on Thursday morning said it was considering a fresh takeover offer from Hancock Energy after the Gina Rinehart business announced its bid earlier this week.

The energy arm of Ms Rinehart’s Hancock Prospecting this week made a surprise appearance in the battle for control of Warrego after the gas junior fielded competing bids from Beach Energy (BPT) and Strike Energy (STX) over November.

Hancock Energy has offered to pay 23 cents per share for full control of Warrego, trumping Beach and Strike’s respective offers of 20 cents and 18.6 cents per WGO share.

Live price chart: https://uk.advfn.com/p.php?pid=staticchart&s=ASX^WGO&p=5&t=1

 

[Sean K]

This livens things up a bit more. Nice for WGO holders.

 

[rcw1]

Good afternoon
Game on.
Gina Rinehart’s Hancock Energy has launched a competing takeover bid for Warrego Energy, trumping Beach’s offer and sending the target’s shares higher. Hancock is urging Warrego shareholders to accept its 23c per share offer immediately, and says it beats Beach Energy’s 20c per share bid on a number of fronts. The new bid, it says, includes consideration for the company’s Spanish assets, which

Beach intends to sell post-acquisition, with that money then flowing back to shareholders.

Beach’s bid had in turn trumped an earlier scrip bid from Warrego’s joint venture partner Strike Energy.

Hancock says its offer will not be subject to a Warrego shareholder vote, has no minimum acceptance level, and shareholders who accept the off-market bid will receive their money within 10 days. The company said it had been engaging with the Warrego board on a confidential basis, but those talks had now ceased. Warrego is currently endorsing the Beach bid, which Hancock said came with the risk that the Spanish assets might never deliver any value.

The Hancock offer is scheduled to close on January 31 next year.The new offer waives a number of conditions commonly associated with takeover bids, such as the “the material adverse change condition’’.
“The low level of conditionality of hancock’s offer should provide Warrego shareholders with a higher level of certainty that they will be paid the offer price for their Warrego shares following their acceptance of the offer,’’ the bidder’s statement lodged with the ASX says.

Warrego is yet to respond to the new takeover offer.

Warrego earlier this week issued a statement to the ASX denying it had rushing into a deal with Beach, revealing it had opened its books to a number of parties in the lead-up to the current tussle for control of the company.

Strike Energy, which is a joint venture partner with Warrego in the West Erregulla project in Western Australia, revealed a scrip bid for the company on November 10, which it believed the Warrego board would back.

Late the next day Beach announced a 20c-per-share cash bid, which was considered by the Warrego board over the weekend and unanimously endorsed on Monday morning.


Ominous signs for Aussie gas. No doubt about it.

Kind regards
rcw1

Update:
BPT first offer was 20c then upped to 25c.
Hancock first offer was 22c upped now to 28c

Where will it end ?
Bloody exciting


Rinehart v Stokes: Bids flow thick and fast for Warrego gas. Angela Macdonald-Smith and Brad Thompson: AFR

A bid by Kerry Stokes-backed Beach Energy to get the upper hand in the takeover battle for West Australian gas developer Warrego Energy triggered a swift riposte from Gina Rinehart’s Hancock Prospecting, which quickly raised its own offer almost 22 per cent to emerge on top.

The increase in Hancock’s offer to 28¢ a share, or $342.5 million, came just hours after Beach raised its bid to 25¢, some 25 per cent above the initial proposal that had already secured the recommendation of Warrego’s board.Shares in Warrego surged 9.6 per cent to a three-year high of 28.5¢, suggesting the market expects further takeover action to emerge around the little-known gas player. Two billionaires Gina Rinehart and Kerry Stokes are among those battling for control of Warrego Energy. Fielding the blizzard of offers, Warrego advised shareholders to take no action as it considered the developments. The tussle for control of Warrego, which owns half the promising West Erregulla gas resource in the onshore Perth Basin, was kicked off last month by Warrego’s partner in the field, Strike Energy, with a scrip offer that put it in play. An increase in the Strike share price, as speculation mounts it could also become a takeover target for a buyer wanting total control of West Erregulla, has led to its scrip offer rising in value. Little-known Warrego has become hot property as players seek to snare a dominant position in gas resources in the Perth Basin, some 200 kilometres north of Perth, which has long been seen as a candidate for consolidation among multiple holders of acreage. The Warrego takeover action is reminiscent of the takeover battle for AWE that emerged in late 2017, with that larger Perth Basin player being snared by trading giant Mitsui. That gave the Japanese heavyweight, which beat bids from China Energy Reserve and Chemical Group and Chris Ellison’s Mineral Resources, 50 per cent of the Waitsia gas field in the region, in partnership with Beach. The basin hosts producing fields such as Waitsia as well as several undeveloped fields, processing and pipeline infrastructure, all much closer to the main demand centres in WA than larger offshore fields further north.Analysts have suggested that more interested players may yet reveal their hands, with Santos, Mitsui and Mineral Resources all expected to be keeping a close eye on developments. “The battle of the Western Australian billionaires for gas is on, as the Stokes, Rinehart and possibly Ellison all eye Perth Basin M&A,” said Credit Suisse energy analyst Saul Kavonic.“Low-cost, proven gas near infrastructure was always going to be attractive to strategic buyers looking to support their downstream ambitions or existing Perth Basin footprint. ”Shares in diversified mining services and resources player MinRes closed 0.7 per cent firmer at a record high of $89.83. Under the terms of its takeover scheme with Warrego, Beach has the right to match any higher offer and will have another chance to rival Hancock’s latest bid.

Strike CEO Stuart Nicholls said some under bidders in the battle for AWE had never been disclosed. Mr Nicholls, who is keen to talk up the value of Perth Basin assets in the interests of Strike, maintains two big players could be yet to show their hand in the bidding war for Warrego and made a case for Woodside and Santos to join the fray. “There are people who participated in the AWE sales process back in 2018 that were under bidders that have shown that they are looking for large quantities of energy going forward,” he said.“And then there are also the Australian majors. They’ve got enormous balance sheets at the moment and their growth projects are limited and more difficult. Therefore, the Perth Basin can represent a very low capital cost and material growth asset.”“Woodside put out their strategy documents on Thursday and all of their growth assets look challenging. The Browse and Sunrise gas fields were discovered in the 1970s and remain in the ground and then some of their other international stuff that they picked up from BHP is offshore, deep water and high cost.“Santos is Australia’s premier onshore operator, the Perth Basin is Australia’s premier onshore basin, and so Santos not having a position does raise a few question marks.”Mr Nicholls said the interest from big miners such as Mrs Rinehart’s and Mr Ellison’s Minerals Resources was understandable given rising energy costs and the important role gas had to play in reducing mining’s carbon intensity.“People are looking at putting their foot on these assets because once these assets change hands to a Mitsui or a Beach or Santos etc that’s where they live the rest of their time,” he said.The WA government policy limits onshore gas producers to the state’s domestic market apart from a one-of-kind export exemption granted to Waitsia gas field partners Beach and Mitsui.Mr Nicholls, who has criticised the uneven playing field created by that special arrangement, said it appeared Beach and Mitsui might have more chance of gaining further export concessions from the WA government than others trying to consolidate Perth Basin assets.Santos, with about a 40 per cent share, followed by Woodside and Chevron, dominate domestic gas supply in WA under the section of the reservation policy that covers offshore production.There are currently fears about power supply in the state with the Santos’ Varanus Island gas hub out of action for as long as six weeks while the company tries to fix a pipeline gas leak.The Strike share price jumped almost 6 per cent to 31.7¢ in early trading as the battle of the Perth Basin intensified before closing at 31.25¢.Mr Nicholls refused to comment when asked if Strike could make a counterbid for Warrego, but said Strike saw “incredible value creation for both sets of shareholders in the consolidation of the asset under one owner”.

 

[Sean K]

Wonder how long this keeps going....well done if you were in this in Oct!

 

[rcw1]

Good afternoon
Reported today (12/12/22) in the AFR:

Battle for Warrego Energy may just be opening salvo​

Colin PackhamEnergy and resources reporter
Dec 12, 2022 – 5.00am

When Beach Energy called it quits in the battle for Warrego Energy, some may have expected the competition between Australia’s richest person, Gina Rinehart, and Kerry Stokes to be the highlight. Instead, the contest for the gas minnow may have a few more twists and turns, and it may just be an appetiser for a wave of consolidations in onshore West Australian gas.

Gina Rinehart’s Hancock Prospecting sweetened its offer for Warrego Energy. Matt King
Rinehart’s Hancock leads the contest for Warrego with an all-cash bid pitched at 28¢ a share, in a deal that values Warrego at $342 million.

The latest Hancock bid, during what turned into a rapidly escalating takeover battle last week, trumped an offer of 25¢ a share from Beach Energy. Warrego would augment Hancock’s growing portfolio of gas assets, which includes a minority stake in Queensland-based domestic gas producer Senex Energy, alongside majority owner and steel maker Posco of South Korea, and a stake of about 3 per cent in Norwest Energy, another Perth Basin explorer.

The deal, though, may not be the end of Rinehart’s ambitions. But Strike Energy – another Warrego suitor and a partner on the West Erregulla gas field – could complicate Hancock’s ambitions. “We expect further mergers and acquisitions next year, including the possibility of Strike becoming a target itself,” Credit Suisse analyst Saul Kavonic said.

Strike Energy has increased its stake in Warrego to 19.9 per cent and shapes as a potential kingmaker in the fight. Strike boosted its stake through a one-for-one exchange of shares with various Warrego shareholders that strengthens its hand in the takeover tussle and increases its say in the future of West Erregulla.

“[Strike’s] 19.9 per cent interest in Warrego puts Strike in a strong position with respect to a transaction becoming effective, it can block compulsory acquisition of Warrego and can prevent its de-listing,” said Stuart Howe, senior analyst at Bell Potter. “We continue to believe that the interest in Warrego and its non-operating interest in West Erregulla provides strong validation of the exploration potential and technical/economic feasibility of Strike’s Perth Basin assets from two high-profile energy sector participants, and that the corporate interest in Warrego may be a precursor to broader Perth Basin energy consolidation.”


Strike left the door open to discuss various deals with players interested in consolidating assets in the Perth Basin, saying its board “had not formed any intention with regards to any future transaction that may involve Warrego, and Strike is currently considering all available strategic options”.

Strike chief executive Stuart Nicholls is considered to have a strong track record of identifying and securing valuable and strategic energy assets at various stages of maturity. “The expansion of our ownership of Warrego shares and the resulting look through to an increased economic interest in the West Erregulla gas field is a further demonstration of this,” he said.

The Australian Financial Review understands there is no love lost between the boards of Strike and Warrego despite their partnership in West Erregulla, about 230 kilometres north-east of Perth.

Value in the west​

There is also some hostility between Strike and Beach. In November, Nicholls hit out at the one-of-a-kind exemption granted to the Waitsia gas reserves controlled by joint venture partners Beach and Mitsui, saying it left other players at a disadvantage with more twists on the way in the takeover battle for Warrego Energy.


Under concessions granted by the West Australian government in 2020, a chunk of gas from Waitsia can be exported as LNG while all other onshore production is restricted to the state’s domestic market.

The four main players in the Perth Basin are Beach, Japanese conglomerate Mitsui, Chris Ellison’s Mineral Resources and Strike.

Nicholls said the Perth Basin had the potential to supply Australia’s east coast but not without an easing of Western Australia’s domestic reservation policy. Analysts said the additional gas supplies through a deal with Warrego would have been a boost for Beach.

“Gas from these assets could be commercialised to support Western Australia’s domestic gas market and/or export gas markets if the Western Australian government eases gas export controls,” said UBS energy analyst Tom Allen. Unperturbed at losing out, Beach said it too shared confidence in Western Australia’s gas sector.


“The multiple party bidding process for Warrego has reinforced our view of the value of our dominant acreage position in the Perth Basin and encourages us to expand our current active exploration drilling program in one of the most exciting gas plays in Australia,” said Beach Energy’s chief executive Morne Engelbrecht.

“We propose to invest further exploration capital into our existing prospects and drilling inventory in the Perth Basin. Beach will look to accelerate exploration, development and commercialisation of our acreage to deliver more gas for Western Australia,” Engelbrecht said.

The Beach decision not to continue the bidding war comes as it is embroiled in the fallout from the collapse of Perth-based engineering group Clough. Clough was a key contractor for Beach and its partner Mitsui in the $768 million Waitsia gas project in the Perth Basin. Beach shares have taken a hammering this week given the cloud hanging over completion of the engineering work

Future role of gas​

The scramble for control of Warrego comes as Australia’s energy and industry sectors face a material shortfall in domestic gas supplies next year. Gas in Australia is typically used as a peaking fuel, with plants fired up when demand is strong in the evening and on cold mornings. But in recent months, gas plants have been required to run almost around the clock to compensate for the loss of coal generation.

Despite this, however, the outlook for gas is rocky. Although gas demand shows no sign of abating, state and federal governments have moved to exclude it from a capacity mechanism that is designed to prop up Australia’s National Electricity Market, and a recent landmark ruling from the Federal Court appears set to further complicate the pathway for future developments.

At an energy ministers’ meeting in Brisbane last week, Federal Energy Minister Chris Bowen hailed the agreement as a breakthrough after the ministers controversially took the delivery of the capacity mechanism off the Energy Security Board in August.

The Energy Security Board’s original proposal for a capacity mechanism, to help ensure there was enough supply in the grid, included coal and gas.

Mr Bowen said the Commonwealth would run auctions for dispatchable generation from next year to ensure there was enough renewable energy in each state or territory. The proposed capacity mechanism will pay providers to have their capacity available during certain periods to ensure there are no power shortfalls in the grid. But energy experts have warned about the risks of relying on solar, wind and storage to provide dispatchable generation to replace synchronous generation from coal and gas.

Have a safe and happy Christmas and prosperous new year.
rcw1 holding STX.

Kind regards
rcw1

 

[rcw1]

Good afternoon
and further on the developments:
Been reported today (21/12/22)

Gina Rinehart's Hancock Energy may raise the stakes in its race to buy Perth gas business Warrego Energy after 15.8 per cent of the target's investors, including co-founder Duncan MacNiven, agreed to accept the 28c cash offer if the suitor makes its bid unconditional by Friday.

Mr MacNiven's 11.27 per cent stake comprising 137.8 million shares – held by his UK-based Mira LasNubes LLP business – is on the list of supportive investors, which also includes Serena Arif, a 1.05 per cent stakeholder in Warrego with 12.8 million shares, who is connected to Mr MacNiven via his oil and gas entity Delphian Ballistics.

Former Warrego chief financial officer Owain Franks, who holds a 1.06 per cent stake (13 million shares), is also leaning towards the Hancock deal.

"The supportive shareholders, for their own reasons, are seeking to realise cash value for their Warrego shares as soon as possible," Hancock Energy says in its fourth supplementary bidder's statement on Wednesday – a day after warning Warrego investors that rival Strike Energy's one-for-one scrip bid comes with the risks of it having "no track record" on energy or manufacturing projects and possible exposure to funding challenges.

Hancock is now considering its position in the light of the shareholder statements and intends to update the market by Fr

Have a safe and happy Christmas and prosperous new year.

Kind regards
rcw1

 

[rcw1]

Good afternoon
and further on the developments:
Been reported today (21/12/22)

Gina Rinehart's Hancock Energy may raise the stakes in its race to buy Perth gas business Warrego Energy after 15.8 per cent of the target's investors, including co-founder Duncan MacNiven, agreed to accept the 28c cash offer if the suitor makes its bid unconditional by Friday.

Mr MacNiven's 11.27 per cent stake comprising 137.8 million shares – held by his UK-based Mira LasNubes LLP business – is on the list of supportive investors, which also includes Serena Arif, a 1.05 per cent stakeholder in Warrego with 12.8 million shares, who is connected to Mr MacNiven via his oil and gas entity Delphian Ballistics.

Former Warrego chief financial officer Owain Franks, who holds a 1.06 per cent stake (13 million shares), is also leaning towards the Hancock deal.

"The supportive shareholders, for their own reasons, are seeking to realise cash value for their Warrego shares as soon as possible," Hancock Energy says in its fourth supplementary bidder's statement on Wednesday – a day after warning Warrego investors that rival Strike Energy's one-for-one scrip bid comes with the risks of it having "no track record" on energy or manufacturing projects and possible exposure to funding challenges.

Hancock is now considering its position in the light of the shareholder statements and intends to update the market by Fr

Have a safe and happy Christmas and prosperous new year.

Kind regards
rcw1

Good morning
Reported today (23/12/22) Hancock waives the conditions in its takeover bid for Warrego Energy after 15.8 per cent of shareholders informed the companies they would accept a 28c per share offer if it was made unconditional.

Hancock on Friday said all Warrego shareholders who had already accepted its offer would be paid 28c per Warrego share within 10 business days.

"Hancock urges all Warrego shareholders to accept Hancock’s offer without delay, and receive cash value for their Warrego shares," the statement said.

The transition begins …
Another development (s) on the horizon for sure.

Have a safe and happy Xmas ? and prosperous new year.

Kind regards
rcw1

 

[rcw1]

Good morning
Gina's equity in WGO up to 25.91% from 14.54% as at time of announcement 8.25am today, 03/01/23.
She gunna need more than that. Perhaps actions not executed yet... interesting.

Kind regards
rcw1

 

[Roller_1]

Good morning
Gina's equity in WGO up to 25.91% from 14.54% as at time of announcement 8.25am today, 03/01/23.
She gunna need more than that. Perhaps actions not executed yet... interesting.

Kind regards
rcw1

I picked this up in my trend system the other week. Is it worth holding for another offer? Or sell up? A question for you fundamental folk

 

[InsvestoBoy]

I picked this up in my trend system the other week. Is it worth holding for another offer? Or sell up? A question for you fundamental folk

Does your trend system have a backtest for "exit via illegal financial advice from ASF randos" or not?

 

[Roller_1]

Does your trend system have a backtest for "exit via illegal financial advice from ASF randos" or not?

Not financial adv at all, asking for opinions.

 

[rcw1]

I picked this up in my trend system the other week. Is it worth holding for another offer? Or sell up? A question for you fundamental folk

Hey Roller_1
was this you today (04/01/23) !!! ha ha ha ha ha

3:20:31 PM

0.350

186,042,643

65,114,925.050

CXA

SP XT

Seriously, not sure what you paid and how many shares, but irrespective, make sure that you have read both these attachments. The other considerations for mine, $0.35 is good coin for a WGO Share. 52 week ++++ high today of $0.345; and trend is bull, if timeframes good, could consider waiting a tad longer and see what happens as absolute madness with volume and depth, crazy



At the end of the day and when the dust settles, great position to be in Roller_1 100% on the money (pardon the pun)
Kindly conduct your own due diligence. Whatever you choose all the very best with it.

EDIT cosmetic stuff..
Kind Regards
rcw1

 

[Roller_1]

Hey Roller_1
was this you today (04/01/23) !!! ha ha ha ha ha

3:20:31 PM

0.350

186,042,643

65,114,925.050

CXA

SP XT

Seriously, not sure what you paid and how many shares, but irrespective, make sure that you have read both these attachments. The other considerations for mine, $0.35 is good coin for a WGO Share. 52 week ++++ high today of $0.345; and trend is bull, if timeframes good, could consider waiting a tad longer and see what happens as absolute madness with volume and depth, crazy



At the end of the day and when the dust settles, great position to be in Roller_1 100% on the money (pardon the pun)
Kindly conduct your own due diligence. Whatever you choose all the very best with it.

EDIT cosmetic stuff..
Kind Regards
rcw1

Maybe.. maybe not.

No longer a holder.... lol joking

I'll just hold it for a while until like you said it comes down. Someone else might step up to the plate...

My normal plan of attack is to just wait for a while and then sell before you get caught up. But I have sold too early a few times and then it gets under another bid and you miss out on 10 or 15% sometimes

 

[rcw1]

Good evening,
WGO announcements X 3 today.

Takeover bid by Hancock Energy (PB) Pty Ltd – sixth supplementary bidder’s statement: The executive summary in bold and in capitals. Must be important :

• $0.36 cash per share should Gina acquire 40% of the company;
• Majority WGO Board (3 out of 4) has recommended shareholders accept, of which Director Dennis Donald sold up to Gina for $0.28 with the other $0.08 per share + pending.... and
• CGT rollover relief may not be available to WGO shareholders that sell to STX

Not holding.
Have a very nice day today.

Kind regards
rcw1

 

[rcw1]

Good evening
published via New Corp 05/01/23 @ 5.54pm; which for mine, pretty much sums up the developments:

MinRes snapped up 15 per cent of Warrego at 35c and now there’s speculation it could capitalise on Hancock Energy’s sweetened 36c-a-share offer. Mineral Resources could deliver effective control of Warrego Energy to Gina Rinehart’s Hancock Energy, after the company’s dramatic intervention into the ongoing takeover battle this week. The Chris Ellison-led company is understood to have bought about 15 per cent of Warrego stock on Wednesday at 35c a share, including Regal Funds Management’s 9 per cent stake and shares held by other institutional investors.

Mrs Rinehart’s Hancock Energy immediately added 8c a share to its cash offer on Thursday, taking its bid to 36c, and said it would pay the full amount if it gained control of more than 40 per cent of the Warrego register. About 25.9 per cent of Warrego stock had been accepted into the offer by December 30, meaning that MinRes could effectively hand control of Warrego to Mrs Rinehart if it flipped its shares into the Hancock bid at the small premium on offer.

MinRes is yet to comment on its dramatic intervention into the bidding war for the Perth Basin gas play, but its market move deals a major blow to the all-scrip offer by Hancock rival Strike Energy, which has offered one of its shares for each Warrego share on offer.

Strike owns 19.9 per cent of Warrego, and until MinRes’ foray into the market believed it was likely to pick up another 20.5 per cent of the company’s shares when its offer opens next week. But despite the 28.5 per cent lift in the value of Hancock’s offer for Warrego, the market clearly still does not believe the bidding war is done, lifting the value of the company’s shares to a 38 close on Thursday.

Strike shares also benefited from the twin moves, with its shares up 4c to 37.5c on Thursday, following a “clerical error” at the hands of MinRes’ lawyers, who put Strike’s Australian Business Number in place of that of Norwest Energy in the target statement for its own takeover tilt at Norwest.

While a spokesman for MinRes dismissed the mistake as a “clerical error in drafting”, the mistake began a fresh round of speculation the company could be targeting Strike Energy as part of its own gas plans. At stake is the development-ready West Erregulla gas project in WA, in which Strike and Warrego each own a half share, which the companies say could produce 87 terajoules a day of gas if approvals are granted.

Like MinRes, Strike has plans to use the gas for future downstream projects, having floated the prospect of building a $3.5bn urea plant in WA using gas produced from its local acreage.

Mr Ellison, who opened MinRes’ all-scrip offer for Norwest on Wednesday, told investors in December he planned to use the company’s gas production to power its WA mining operations, but eventually move into downstream manufacturing of fertilisers – urea and ammonia – rather than selling the gas not needed for its own domestic operations, into overseas markets.

While MinRes’ intentions for its Warrego stake are not yet clear, (** rcw1 has suspicions .... to isolate STX and make it more vulnerable for a take over by MinRes) the company has long had an extensive relationship with Mrs Rinehart’s WA mining operations. Currently the two companies are involved in a joint venture to develop new iron ore shipping berths at Port Hedland, and have an agreement for the shared use of railway facilities owned by Mrs Rinehart’s Roy Hill mine to help open up Pilbara deposits controlled by MinRes.

That agreement is the ultimate result of another takeover tussle, for Atlas Iron, in which both MinRes and Hancock were players.

MinRes launched its bid for Atlas in 2018 as the company struggled with low iron ore prices, targeting not just its mining operations but the company’s longstanding agreement with the WA state government to allow the development of a new shipping berth at Port Hedland.

Within months MinRes was forced to bow out of the friendly takeover tilt for Atlas after Andrew Forrest’s Fortescue Metals Group built a 20 per cent blocking stake in the company, eventually sold to Hancock Prospecting’s $390m cash bid. That year MinRes also dipped out of its tilt at building a significant onshore gas presence in the Perth Basin through a takeover offer for ASX-listed AWE after Japanese giant Mitsui topped the company’s cash and scrip bid with a $602m all-cash offer.

Have a very nice evening.

Kind regards
rcw1

 

[farmerge]

Good evening
published via New Corp 05/01/23 @ 5.54pm; which for mine, pretty much sums up the developments:

MinRes snapped up 15 per cent of Warrego at 35c and now there’s speculation it could capitalise on Hancock Energy’s sweetened 36c-a-share offer. Mineral Resources could deliver effective control of Warrego Energy to Gina Rinehart’s Hancock Energy, after the company’s dramatic intervention into the ongoing takeover battle this week. The Chris Ellison-led company is understood to have bought about 15 per cent of Warrego stock on Wednesday at 35c a share, including Regal Funds Management’s 9 per cent stake and shares held by other institutional investors.

Mrs Rinehart’s Hancock Energy immediately added 8c a share to its cash offer on Thursday, taking its bid to 36c, and said it would pay the full amount if it gained control of more than 40 per cent of the Warrego register. About 25.9 per cent of Warrego stock had been accepted into the offer by December 30, meaning that MinRes could effectively hand control of Warrego to Mrs Rinehart if it flipped its shares into the Hancock bid at the small premium on offer.

MinRes is yet to comment on its dramatic intervention into the bidding war for the Perth Basin gas play, but its market move deals a major blow to the all-scrip offer by Hancock rival Strike Energy, which has offered one of its shares for each Warrego share on offer.

Strike owns 19.9 per cent of Warrego, and until MinRes’ foray into the market believed it was likely to pick up another 20.5 per cent of the company’s shares when its offer opens next week. But despite the 28.5 per cent lift in the value of Hancock’s offer for Warrego, the market clearly still does not believe the bidding war is done, lifting the value of the company’s shares to a 38 close on Thursday.

Strike shares also benefited from the twin moves, with its shares up 4c to 37.5c on Thursday, following a “clerical error” at the hands of MinRes’ lawyers, who put Strike’s Australian Business Number in place of that of Norwest Energy in the target statement for its own takeover tilt at Norwest.

While a spokesman for MinRes dismissed the mistake as a “clerical error in drafting”, the mistake began a fresh round of speculation the company could be targeting Strike Energy as part of its own gas plans. At stake is the development-ready West Erregulla gas project in WA, in which Strike and Warrego each own a half share, which the companies say could produce 87 terajoules a day of gas if approvals are granted.

Like MinRes, Strike has plans to use the gas for future downstream projects, having floated the prospect of building a $3.5bn urea plant in WA using gas produced from its local acreage.

Mr Ellison, who opened MinRes’ all-scrip offer for Norwest on Wednesday, told investors in December he planned to use the company’s gas production to power its WA mining operations, but eventually move into downstream manufacturing of fertilisers – urea and ammonia – rather than selling the gas not needed for its own domestic operations, into overseas markets.

While MinRes’ intentions for its Warrego stake are not yet clear, (** rcw1 has suspicions .... to isolate STX and make it more vulnerable for a take over by MinRes) the company has long had an extensive relationship with Mrs Rinehart’s WA mining operations. Currently the two companies are involved in a joint venture to develop new iron ore shipping berths at Port Hedland, and have an agreement for the shared use of railway facilities owned by Mrs Rinehart’s Roy Hill mine to help open up Pilbara deposits controlled by MinRes.

That agreement is the ultimate result of another takeover tussle, for Atlas Iron, in which both MinRes and Hancock were players.

MinRes launched its bid for Atlas in 2018 as the company struggled with low iron ore prices, targeting not just its mining operations but the company’s longstanding agreement with the WA state government to allow the development of a new shipping berth at Port Hedland.

Within months MinRes was forced to bow out of the friendly takeover tilt for Atlas after Andrew Forrest’s Fortescue Metals Group built a 20 per cent blocking stake in the company, eventually sold to Hancock Prospecting’s $390m cash bid. That year MinRes also dipped out of its tilt at building a significant onshore gas presence in the Perth Basin through a takeover offer for ASX-listed AWE after Japanese giant Mitsui topped the company’s cash and scrip bid with a $602m all-cash offer.

Have a very nice evening.

Kind regards
rcw1

Looking good for STX