Past year: ▲ 137%(11.0c – 36.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Mar 2023registration revoked● NeutralMajor
Warrego is removed from the ASX Official List at close of trading on 9 March 2023, after Hancock compulsorily acquired the remaining shares. This ends the listed company; holders are paid $0.36 per share under the bid terms.
6 Mar 2023listing compliance notice● Neutral
ASX suspends Warrego shares from quotation at close of trading on 6 March 2023, following Hancock's despatch of compulsory acquisition notices. No further trading is possible; the delisting step follows.
27 Feb 2023business combination● NeutralMajor
Hancock's offer closed on 24 February with a relevant interest of 95.63% in Warrego. Hancock will compulsorily acquire the rest at $0.36, with trading suspended about five business days after the notice and the process taking roughly 4-6 weeks. Crosses the 90% threshold.
27 Feb 2023business combination● Neutral
Hancock lodges its formal notice of compulsory acquisition for remaining Warrego shares, on the terms of the bid ($0.36 cash per share per the earlier offer). Holders can apply to court within one month to object. Procedural step.
22 Feb 2023business combination● Neutral
Hancock says its holding has risen above 87%, close to the 90% compulsory acquisition threshold, and urges remaining holders to accept before the offer closes within days. If 90% is reached, trading would be suspended and Warrego delisted. These are Hancock's statements.
21 Feb 2023director officer appointment● Neutral
Chairman Greg Columbus and director Mark Routh stand down from the Warrego board effective immediately, as Hancock's offer has reached effective control. This resolves the open question of Columbus's role; Hancock nominees now lead the board.
16 Feb 2023business combination● Neutral
Warrego's board (Hancock nominees abstaining) unanimously recommends accepting Hancock's $0.36 cash offer before it closes 24 February. It says Hancock is guaranteed over 83% and remaining holders risk illiquid shares or later compulsory acquisition at $0.36.
15 Feb 2023business combination● NeutralMajor
Strike closes its takeover bid for Warrego with about 30.4% (377m shares) and will accept Hancock's $0.36 cash offer, expecting $136m in proceeds. It stays 50% partner with Hancock in EP469 and West Erregulla. Strike's bid is effectively ended.
10 Feb 2023director officer appointment● NeutralMajor
With Hancock holding about 52.33%, Warrego appoints three Hancock nominees: Ian Plimer as Non-Executive Chairman, plus Gerhardus Veldsman and Stuart Johnston as directors. Control of the board shifts to Hancock after the takeover contest.
9 Feb 2023business combination● NeutralMajor
Hancock says Strike will accept its $0.36 cash offer for all 322.6m shares it holds or controls (25.98%), lifting Hancock above 78% from 52.33%. Hancock warns it may seek delisting, certainly so at 90%. Strike's scrip bid effectively ends in defeat; the Strike acceptance is as reported by Hancock.
8 Feb 2023business combination● Neutral
Strike noted that Hancock's $0.36 cash offer became unconditional once its 40% condition was met, giving Hancock 52.17% voting power and control of Warrego. Strike's board said it had reconsidered its position in light of this.
6 Feb 2023business combination▲ GoodMajor
Hancock's 40% condition is met and it holds more than 50% of Warrego, so every acceptor now gets $0.36 cash, paid within seven business days. The offer is extended automatically to 24 February. Hancock becomes the controlling shareholder, the key turning point in the contest.
3 Feb 2023business combination● Neutral
Strike declares its 1-for-1 scrip offer 'best and final', with no increase in shares offered. It says its voting power is 24.91%, up from 20.57% on 17 January. Strike claims a 4.9% premium to Hancock's $0.36 proposal; this is Strike's claim.
3 Feb 2023business combination● Neutral
Strike corrects the CHESS acceptance code in its earlier statement to WGOSTK and lodges a required notice of conditions. Its offer has been unconditional since 17 January, with 24.91% voting power. Its offer is still due to close 13 February. Administrative.
31 Jan 2023business combination● Neutral
Hancock extends its takeover offer to 7pm AEDT on 10 February 2023, from 31 January. Acceptors still receive $0.36 cash if 40% acceptances are reached. Routine extension.
31 Jan 2023business combination● Neutral
Hancock's ninth supplementary statement extends its offer to 10 February and says Beryl Capital (4.3%) intends to accept. It argues its cash beats Strike's scrip and says Strike legally owns only 15.6% of Warrego, not 21%. These are Hancock's claims.
24 Jan 2023quarterly activities report● Neutral
December quarter report: cash fell to $19.9m (from $26.8m at September), and two takeover bids remain open. West Erregulla still awaits EPA approval; the EPA-0127 Mitsui farm-out deadline of 22 December passed and an extension is being negotiated. Spanish Tesorillo permit is with the Ministry for final review.
23 Jan 2023business combination● Neutral
Warrego issues its target's statement responding to Strike's unconditional scrip offer, also covering Hancock's offer. The visible text does not give the directors' recommendation on Strike's offer.
23 Jan 2023business combination● Neutral
Hancock's lawyers lodge a formal notice of the status of defeating conditions on its takeover bid. The cover letter carries no detail on the conditions in the visible text; administrative.
23 Jan 2023business combination● Neutral
Strike's fifth supplementary bidder's statement says it has secured the Ensign 970 rig for 2023-24 drilling: two South Erregulla appraisal wells from mid-2023 targeting 178 PJ of 2C resources, and up to three exploration wells in early 2024 including Southwest Erregulla and Erregulla Deep. Pitched to Warrego holders considering Strike's scrip bid.
18 Jan 2023business combination● NeutralMajor
Mineral Resources confirms about 234 million Warrego shares, a 19.17% strategic stake. It does not intend to bid and thinks Perth Basin gas asset prices are now over-inflated. This leaves a large holder not obviously accepting either offer.
17 Jan 2023business combination● NeutralMajor
Strike waives its last condition, so its 1-for-1 scrip offer is now free of defeating conditions. Strike and associates hold 20.57% of Warrego. Both rival bids are now unconditional.
17 Jan 2023business combination● Neutral
Strike says a Federal Court order cured a late quotation filing, and its offer is now unconditional. Acceptors receive Strike shares within 7 business days of a valid acceptance. Strike urges acceptance.
17 Jan 2023regulatory community update● Neutral
ASIC lets Warrego send its target's statement on Strike's offer electronically. The statement, with directors' recommendations, is due by 27 Jan; shareholders should take no action on Strike's offer until then. Administrative.
16 Jan 2023business combination● Neutral
Warrego's second supplementary target's statement says Hancock has 26.1% and needs 13.9% more for $0.36. It notes Mineral Resources bought 16.35% with intentions undisclosed, and hedge funds have been buying. Hancock closes 31 Jan; Strike closes 13 Feb.
12 Jan 2023business combination● Neutral
Hancock releases acceptance facility forms and says it has acceptances for 26.1% of Warrego, needing a further 13.9% to reach the 40% trigger for $0.36 cash per share. Until then the offer pays $0.28.
12 Jan 2023business combination● Neutral
Strike disputes Hancock's claim of 32.6% acceptances, saying Hancock holds only 25.91% and that Regal sold its shares to Mineral Resources, whose intentions are unclear. Strike calls its scrip offer superior and says it will waive its last condition.
12 Jan 2023business combination● Neutral
Strike gives notice that a condition (no prescribed occurrences before its offer opened) was fulfilled when the offer opened. Administrative; a separate no-prescribed-occurrences condition remained at this point.
11 Jan 2023business combination● Neutral
Strike's lawyers give the statutory notice that its bidder's statements and acceptance form have been sent to all Warrego holders on the 24 Dec register. Administrative; no new terms.
11 Jan 2023business combination● NeutralMajor
Strike's 1-for-1 scrip offer for Warrego shares it does not already own formally opens, with bidder's statements and acceptance forms sent to shareholders. This is the 23 Dec bid now open, alongside Hancock's cash offer.
