Hancock wins WGO, page-7

This entire takeover has had so many weird turns of events that nothing surprises me anymore, including MIN selling its WGO stake to Hancock for a loss. Given it is an off market transaction, who knows what other conditions are attached to the transaction. Either way, with this development, Hancock's position is now looking EXTREMELY ominous....



At worst, it will be sitting on just under the 19.9% threshold before a bid is required. At worst, it could be sitting on 24.9% of STX if it converts, with an average entry price of 36cps into STX, or $4.46 per 2P+2C BOe. They can go on and lodge a bid with 50% premium and still not be paying fair value for our gas.

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