Ann: Quarterly Report and Appendix 5B, page-18

Well said from an STX perspective,STX acquired 8% of Warrego and paid dearly for it.Currently sitting at about 60% loss and definitely would have to have been a defensive ploy as a near term capital gain hasn’t played out to well.The original 1.2 offer was rejected and so it should have been because on asset value at that time WGO was worth 2 for 1 purely on the number of shares on issue.
The current WGO share price is a product of the poor incompleted WE 3,4,5 JV program and obviously the related asset value is greatly underestimated.
True the management style of WGO is totally different to the operator STX,but they are having to wait for the “Dream Team” at STX to complete there JV program responsibilities and put less emphasis on their other unrelated projects.The uncertanty being generated is controlling market sentiment.
I think if the Mitsui JV with Warrego is successful,it would make a TO of WGO a given,especially if the the JV program on EP469 was incomplete and share price is way understated.
STX couldnt stand alone and take out all WGO 42% shares remaining and definitely not at true market value.
As a WGO holder,I will keep the shares in the bottom draw and see what plays out this year,let the facts speak.
IMHO