Ann: Mineral Resources Shareholding in Essential Metals, page-74

Hi @Bailey241

That announcement you presented does not tell the full story. I held a wad of WGO and therefore monitored progress of competing bids all the way. MIN entered that takeover well into it like here. There were 4 main players starting with STX, then BPT, then Hancock Prospecting (Gina Rinehart) and finally MIN moved in scooping up nearly 20% above other bids. At that time it looked like STX which controlled about 29% and Gina Rinehart something similar (can't recall the exact numbers) were going to have to all do a deal. Problem was that GR had a cash offer on the table and STX (which is led by a very savvy board) accepted the then unconditional cash offer from GR and pocketed over $100m to use in its capex programme. GR won control.

So in that case MIN was outplayed. I would think MIN would rue that decision not to play it harder, as now STX is trading miles above the then price and gas in WA has a very rosy outlook. Meanwhile the appraisal well of NWE (MIN 81%) was a duster and it might have something to do with the sudden departure of MIN Energy executive the other day.

Imo it actually cements further the case for MIN taking a more direct approach here.

Regards

DF