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Ann: Webster enters into Scheme Implementation Agreement with PSP, page-8

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408 Posts.

36

03/10/19

12:14

Post #: 40705302
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Originally posted by Rothbard: ↑

It'll be a shame to see Webster disappear, not least because of its water holdings.

I wouldn't rule out a rival bid emerging. Clearly PSP is hoping their hefty 60% premium will be a knockout blow, but given the water assets I wouldn't be too sure.

With Ruralco, their assets were such a mish-mash I couldn't see a rival bidder emerging (and none did). But Webster is a far more appealing target I would've thought. You get a lot of water for your money, plus aligned and well-managed horticultural and agricultural assets (which an acquirer could offload if they only wanted the water).

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If just the water rights are valued at a market value of around $400m, then this opening bid is not even much of a premium to NAV. I suspect the land has a market value higher than book value too. Worst case scenario if you buy at $1.93 is $2 in 4 months giving you over 11% p.a.

WBA Price at posting: $1.93 Sentiment: Buy Disclosure: Held
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Ann: Webster enters into Scheme Implementation Agreement with PSP, page-8

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