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Hancock has 26%
MIN has about 16.35%
STX has 19.9% ( plus maybe another 11%) = total maybe 31% ?
So maybe about 73.25% already !!!
***************************************** Update it now:
Hancock has 26%
MIN has about 19.17%
STX has 19.9% ( plus maybe another 11%) = total maybe 31% ? Total = 76.17%
So I think we can assume a couple of things:
- MIN will go to 19.9% -
- Hancock probably doesn't have many acceptances in Acceptance Facility - (because I think if H did, then they would need to lodge a Change in Sub S/H notice to include those shares in their holdings !!???) And they have not done so.
- there are always smaller retail shareholders who do not manage their shareholdings, and therefore will not voluntarily accept any offer - they await compulsory acquisition -> ergo there will not be 100% of shares available to purchase on the market.
If we assume MIN goes to 19.9% then total of those three shareholders = 77% approx.
So that theoretically leaves just 23% of shares available for acquisition - but as above some shareholders won't do anything unless forced to.
So being conservative - I bet there are only 20% of shares available to be purchased anyway.
Thus that's only 245m shares left !!
Why would a new bidder stump up a bid of say 40c cash, if they can only gain a 20% toe-hold?
They would need to convince one of STX, MIN, or Hancock to sell.
I see that the only outcome here is for two of the 3 to agree to a deal ie one sells out.
At this point MIN has the highest cost for their 20%.
This stand-off simply will not stand in the short-term, because each will fight for a board seat or two, each will have their own agenda, and each will need to agree to a exploration and devt program.
As Operator, STX can claim it can set the agenda, and delay exploration and dev't of WE - but I simply cannot see either of Hancock or MIN sitting back and being run-over by STX. Those guys are "doers".
WGO Price at posting:
39.5¢ Sentiment: None Disclosure: Held
