Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Jan 2023business combination● Neutral
Hancock lodges its seventh supplementary statement, launching an acceptance facility so holders can signal intent to accept without being bound until 40% is reached, triggering $0.36. It claims three large holders (32.6%) accepted cash; Strike disputes this next day.
6 Jan 2023business combination● Neutral
Strike says Hancock's $0.36 is only proposed, not yet in force, and pays $0.28 unless 40% acceptances are reached. It argues its scrip offer is worth more, a 33.9% premium to $0.28 and 4.2% to $0.36 at its $0.375 close. Strike's offer is expected to open 11 Jan.
5 Jan 2023business combination▲ GoodMajor
Hancock says it will pay $0.36 cash per share, up from $0.28, if it reaches 40% acceptances, and that it now holds over 25%. It says a majority of Warrego's board recommends its offer. It also warns that CGT rollover relief may not be available on Strike's scrip.
5 Jan 2023business combination▲ GoodMajor
Warrego notes Hancock's conditional rise to $0.36 at 40% acceptances; Hancock has 25.92% so far and needs a further 14.08%. It also notes a roughly 15% special crossing on ASX at $0.35, with the buyer unknown. Board recommendation remains Hancock.
30 Dec 2022business combination● NeutralMajor
Strike says Chairman Greg Columbus alone recommends rejecting Hancock and accepting Strike's offer, while the board majority backs Hancock (3:1). Strike puts its offer's implied value at $0.32, a 14.3% premium to Hancock's $0.28, based on the 29 Dec Strike price.
30 Dec 2022business combination● NeutralMajor
Warrego issues its Target's Statement on Hancock's offer, covering both bids. The visible text does not give the board's recommendation; Strike's later statement describes it as a split recommendation, 3:1, in favour of Hancock.
23 Dec 2022business combination▲ GoodMajor
Hancock waives its conditions and declares its $0.28 cash offer unconditional. Accepting shareholders are paid within 10 business days. This resolves the earlier open conditions (pre-emptive rights, no prescribed occurrences), and the offer now cannot lapse on them.
23 Dec 2022business combination● NeutralMajor
Strike, via subsidiary Strike West, lodges its formal bidder's statement for a scrip offer of 1 Strike share per Warrego share, for shares it does not already own. Opening dates are still blank in the visible text. This turns the 19 Dec proposal into a formal rival bid.
21 Dec 2022business combination● NeutralMajor
Hancock says shareholders holding 15.84% of Warrego have stated they will accept its offer if it goes unconditional within two trading days, and they confirmed this after Strike's scrip proposal emerged. Hancock will respond by 23 Dec. Holders are described as seeking cash soon.
20 Dec 2022business combination● Neutral
Hancock lodges a third supplementary bidder's statement. Only the number '5' is readable, so no content can be stated.
20 Dec 2022joint venture update▲ Good
Strike, as operator, says the EP469 JV approved a work program and budget for two exploration wells, Southwest Erregulla-1 and Erregulla Deep-1, plus seismic reprocessing. Rig slots are being negotiated for late 2023/early 2024. This follows the 16 Dec prospective resource announcement.
20 Dec 2022regulatory community update● Neutral
ASIC gives Warrego a 7-day extension, so the Target's Statement on Hancock's offer is now due by 5 January 2023. The board is weighing Strike's proposed scrip offer against Hancock's. Shareholders should take no action. Administrative.
19 Dec 2022business combination● NeutralMajor
Warrego notes Strike's plan to bid 1 new Strike share per Warrego share for the shares it does not already own, competing with Hancock's $0.28 cash. The board will weigh both; shareholders should take no action until the Target's Statement, due by 29 Dec.
19 Dec 2022business combination● Neutral
Strike announcement on the takeover offer for Warrego. Text not readable beyond blank bullet points, so no content can be stated.
16 Dec 2022resource reserve update▲ GoodMajor
Strike, as operator, tables a two-well exploration plan for late 2023/early 2024 on EP469, targeting Southwest Erregulla (272 PJ gross) and Erregulla Deep (278 PJ gross) best-estimate prospective resource. These are unrisked, undiscovered volumes, with discovery chances of 54% and 42%.
15 Dec 2022regulatory community update● Neutral
ASIC lets Warrego send its Target's Statement electronically, with a link by email or letter. The statement, with reasons for backing Hancock's $0.28 offer, is due by 29 Dec 2022. Shareholders should take no action until then. Administrative.
14 Dec 2022business combination● Neutral
Hancock confirms it has finished posting its replacement bidder's statement, with the $0.28 all-cash offer dated 14 Dec 2022. The offer closes 31 Jan 2023 unless extended or withdrawn. The formal offer is now open.
9 Dec 2022business combination● Neutral
Cover letter lodging Hancock's clean replacement bidder's statement dated 9 Dec 2022. No new terms in the visible text.
9 Dec 2022business combination● Neutral
Hancock lodged a second supplementary bidder's statement with a marked-up replacement bidder's statement dated 9 Dec 2022. The cover's '$0.2328' is a mark-up overlay of the old $0.23 and the new $0.28 offer price; the offer closes 31 Jan 2023 unless extended.
9 Dec 2022business combination▲ GoodMajor
Beach won't match, so Warrego's board withdraws its Beach recommendation and unanimously recommends Hancock's $0.28 offer, absent a superior proposal. It open until 31 Jan 2023, with no minimum acceptance. Holders may wish to delay accepting; Target's Statement to follow.
9 Dec 2022business combination● NeutralMajor
Beach decides not to match Hancock's $0.28 offer, ending its bid for Warrego. It says the contest reinforces the value of its own Perth Basin acreage and it plans more exploration spending there.
7 Dec 2022business combination● NeutralMajor
Strike says it has agreed share swaps with Warrego holders, 1:1 Strike for Warrego shares, lifting its stake to about 19.9% and making it the largest holder. This lifts its look-through EP469 interest to about 60%. Its board has formed no intention on a transaction.
5 Dec 2022business combination▲ GoodMajor
Warrego's board deems Hancock's $0.28 offer superior to Beach's $0.25 cash counterproposal and opens a second 5-business-day matching period for Beach, ending 12 Dec. The board still recommends Beach for now.
2 Dec 2022business combination▲ GoodMajor
Warrego confirms Beach's counterproposal: cash raised from $0.20 to $0.25 per share, plus any Spanish sale proceeds, on otherwise the same terms. The board will consider it; shareholders should take no action.
2 Dec 2022business combination▲ GoodMajor
Beach says it lodged a counterproposal lifting its cash offer from $0.20 to $0.25 per Warrego share, plus any Spanish asset sale proceeds. It says this beats Hancock's $0.23 offer. Other scheme terms are unchanged.
2 Dec 2022business combination▲ GoodMajor
Hancock raises its takeover offer from $0.23 to $0.28 per Warrego share, other terms unchanged. That tops Beach's $0.25 counterproposal. The board will consider it; shareholders should take no action.
1 Dec 2022business combination▲ GoodMajor
Warrego notes Hancock's off-market takeover offer at $0.23 per share, above Beach's $0.20 scheme. The board is assessing whether it is a 'Superior Proposal'; Beach has a 5-business-day matching right. Board still backs Beach; shareholders told to take no action.
1 Dec 2022business combination▲ GoodMajor
Warrego's board judges Hancock's $0.23 offer a Superior Proposal to Beach's $0.20 scheme and starts Beach's 5-business-day matching period, expiring 8 Dec. It still recommends Beach for now; shareholders should take no action.
30 Nov 2022business combination▲ GoodMajor
Hancock Energy (PB) Pty Ltd lodges its bidder's statement for an off-market takeover bid for all Warrego shares. The visible text is a cover letter and acceptance form; price not stated here (the 1 Dec release says $0.23). A new bidder appears alongside Beach and Strike.
30 Nov 2022investor presentation● Neutral
Webinar slides restating the Beach scheme: $0.20 cash (36% premium to 1-month VWAP) plus any Spanish sale proceeds, and why the board preferred it to Strike's scrip (implied $0.194). Strike's ratio rose from 0.7142 to 0.775. Repeats known facts.
