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Ann: Strike increases ownership of Warrego to 19.9%, page-270

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dakook

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09/12/22

22:33

Post #: 65251447
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Originally posted by Brobel: ↑

Hi dakook.

I also hold WGO, although a much smaller holding compared to my STX holding. I held onto WGO as I felt the fundamentals of it's assets was significantly discounted by the market and IMO this would eventually be corrected, most likely thru an M&A transaction. I must say I was surprised that WGO was moved on first instead of the JV operator STX although I think STX's first move forced others to enter the bidding earlier than they wanted (given the fact neither BPT nor Hancock had built up any holdings in WGO).

Regardless of BPT withdrawing their bid today, I always felt Hancock would win the battle for WGO (barring any other bigger party coming along which I certainly would not rule out, in fact I would put money on it). Either way, WGO as an independent entity is fast coming to a close, either to be consumed by STX via a perhaps higher scrip bid or by Hancock or by a yet unknown 3rd party (I'm thinking WDS, STO, perhaps MIN).

IMO Hancock made their move on WGO to block BPT from grabbing WE... I don't think Hancock is keen to take out BPT... but I do think they are keen to grab WE and ultimately their main goal is to takeout STX. Funnily enough I mooted this scenario not long ago, when POSCO took over SXY and then invited Hancock to go halves on the deal. I thought it would make sense for Hancock to do a similar deal in WA, as she would need quite a bit of gas for her mines and IO and mineral processing etc. I mooted that she could move onto STX/WGO and then invite another "friendly" to also go halves on the deal... a $1bn+ deal which is not going to stretch Hancock but I think she doesn't mind a good JV. You never know, it could be one with MIN... given she has a stake in MIN's JV partner NWE. The two of them may wish to consolidate the PB and go halves on gas for their mining & processing operations, as well as Urea, supplying domgas and of course, LNG thru NWS. Got to love all the possible combination and permutations. I love mulling over these things... obviously with the aim of getting it right before the rest of the market does.

But today's trading in WGO is a tell tale sign that the market feels this tussle is not over yet and I would agree with this. Heavy volume today ~2% SOI and not once falling below 29c. Will we see another offer next week?

In fact as I write this post, I see Regal have increased their holding in WGO to just over 9%. They have been buying some large chunks even this week at ~31c... about $1m worth... so does beg the question, what do Regal know about other potential bidders out there? I know Regal are quite opportunistic and would be very keen to throw their weight around in the coming M&A negotiations.

Lets see what the next few weeks holds.

GLTA

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thank you for the comprehensive musings Brobel, you are obviously very knowledgable and I appreciate you sharing your knowledge.

Definitely a poster to follow on here.

I agree that Regal wouldn't be buying up above 30 cents on Wednesday if there was even a chance the final price was going to be 28 cents.

here's hoping the action kicks off again next week!

STX Price at posting: 34.5¢ Sentiment: Buy Disclosure: Held
3 Upvote

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(20min delay)
Last 20.0¢		Change 0.015(8.11%)		Mkt cap ! $573.0M

Open	High	Low	Value	Volume
19.0¢	20.5¢	18.8¢	$1.839M	9.285M

Buyers (Bids)

No.	Vol.	Price($)
15	1895959	19.5¢

Sellers (Offers)

Price($)	Vol.	No.
20.0¢	157824	3

View Market Depth

No.	Vol.	Price($)
7	957296	0.195
13	1752658	0.190
9	1083513	0.185
20	2364981	0.180
24	1386529	0.175

Price($)	Vol.	No.
0.200	157824	3
0.205	2071335	23
0.210	1545302	15
0.215	299189	8
0.220	1090125	13

Last trade - 16.10pm 13/09/2024 (20 minute delay)

STX (ASX) Chart

Ann: Strike increases ownership of Warrego to 19.9%, page-270

Vulcan appoints investment bank and M&A veteran to board

Olam Agri raises Namoi takeover offer to 75 cents a share and receives shareholder backing

Medallion Metals kicking off 15,000m drill run at Ravensthorpe gold play

Antipa divests its Citadel interest to JV partner Rio for A$17M, refocuses on Minyari Dome

Enova Mining unveils "high-grade" REE drill hits at Coda North, Brazil

Mako sniffs gold at 170 g/t at Cote d’Ivoire's Napié play

Utah authorities sign off on Anson's lithium extraction plans at Green River

Metals Australia kicking off plant study at Lac Carheil; Canadian tariff tailwind potential

Dale Gillham's weekly wrap: US fracking support boosts outlook for Australian gas stocks

Week 37 Wrap: HotCopper likes Cuban oil; markets shrug debate off for Putin; firebrand quant says social media a market threat

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Buyers (Bids)

Sellers (Offers)

Featured News

Ann: Strike increases ownership of Warrego to 19.9%, page-270

Top Stories

Vulcan appoints investment bank and M&A veteran to board

Olam Agri raises Namoi takeover offer to 75 cents a share and receives shareholder backing

Medallion Metals kicking off 15,000m drill run at Ravensthorpe gold play

Antipa divests its Citadel interest to JV partner Rio for A$17M, refocuses on Minyari Dome

Enova Mining unveils "high-grade" REE drill hits at Coda North, Brazil

Mako sniffs gold at 170 g/t at Cote d’Ivoire's Napié play

Utah authorities sign off on Anson's lithium extraction plans at Green River

Metals Australia kicking off plant study at Lac Carheil; Canadian tariff tailwind potential

Dale Gillham's weekly wrap: US fracking support boosts outlook for Australian gas stocks

Week 37 Wrap: HotCopper likes Cuban oil; markets shrug debate off for Putin; firebrand quant says social media a market threat

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News