Jake, I think you should revisit your comment re the possibility of Gina getting to 90%. As I mentioned on the weekend: IMO too many have too readily dismissed the possibility that Gina may attain her target. The offer extension must be viewed as strategic. This was in relation to the 40% level she was seeking. The same now applies with the next hurdle.
Only the lethargic and those with little idea will either not take the cash from Gina or accept Stx's offer because: (1) remaining WGO SHs will surely be subjected to a huge cap raise and dilution (which will raise Gina's shareholding anyway); (2) why would you elect to limit your participation in the Perth Basin journey to permit 469 alone when you can be part of the whole show for the same price atm, if that is your ultimate aim?
As you have pointed out, there are significant benefits in Gina getting to compulsory acquisition (these may include invalidating the Alcoa contract which has been speculated). Now that stx have accepted it's near on a certainty.
I'd love to have a carton on the outcome!
WGO Price at posting:
36.0¢ Sentiment: Sell Disclosure: Held
