Ann: Strike's Seventh Supplementary Bidder's Statement, page-62

Im surprised everyone has missed the key point here....

STX said they intend on taking up Hancocks offer, By stating this in advance, they are putting everyone on notice today. But they are not closing their own offer until Monday 13th Feb?




So lets say they give Hancock the 250,000,000 WGO tomorrow and get the money in 7 days. But their own offer for WGO lapses on the night of the 13th February???.

Among other things, this is telling Hancock that if Hancock, as a WGO holder is intending on taking up STX's offer, they can do so before the night of the 13th February. So technically, Hancock can amass as many WGO shares as they can, including STX's WGO shares, and then flip them over to STX at 1:1, in return for a decent chunk of STX. STX is infinitely better value than WGO. So its a no brainer to offer 36c for WGO, knowing you will swap them for STX shares, which are worth 36c and then some (80c according to STX).

Think of it, Hancock can swap 850,000,000 WGO shares for 850,000,000 STX shares. So STX will then have 3.2B on issue. Hancock will have around 25% of STX. see it clear as day. And I bet after that happens, Hancock tell STX to wait a bit more for the money...while they launch an outright takeover for STX.

If STX really wanted the Hancock WGO offer, they would have closed their bid on announcement and simultaneously submitted the Hancock acceptance paperwork. I might be wrong...but the devil is in the detail...

So what is really going on here???? Is STX giving Hancock a free ride?