Ann: Strike increases ownership of Warrego to 19.9%, page-306

Hey Blueseal,
Like the detective work. You may be right, but...

I think Strike would be able to look into the share registry in a manner not available to retail investors. They may, having observed manipulation of their own share price, have already understood which trading/nominee accounts are linked to Regal. The 9% figure listed in the Nov 15 announcement may have been cheeky way of saying, "we know what you are up to." Regal themselves have been very reticent and slow to update their holdings (as Hesk pointed out). And if Strike and Regal were working together, then Strike would've kept the information hidden.

Second, if Regal and Strike were in cohoots, they would've approach Regal first with the 1:1 offer, as that would've been the quickest and quietest way of getting to the 20% mark. There is no doubt that Strike paid a hefty premium to get that 20% strategic stake.

I'm more inclined to think Regal are mercencries who've identified an underpriced "takeover play" ahead of the curve, or alternatively are a trojan horse. Probably the former, now that Beach are out of the play (unless they come back hostile).
(The link between the Regal Energy Fund Manager and Beach were established in some previous post on this board.)

Please don't see this as attack. Just presenting the counter argument.