Ann: WES: Acquisition of 19.3 per cent stake in API, page-10

Does anyone know how much of API, SIG actually owns?

I had a look at Marketindex for API and can see the following in the Top 20 as of now (only Top 10 is visible in the extract):


Safe to say the two Washington H Soul Pattinson lines are now WES. Question is who is the ultimate owner of HSBC Custody Nominees (because HSBC would only hold it on behalf of their customers).

If the HSBC balance is held by SIG then we have a real bidding war because the only way to dislodge either party would be for the other to offer significantly more money on the table. If HSBC balance belongs to WES (and I think its unlikely because would have thought they would have had to disclose this then they can pretty much stitch up the deal).

My personal view is more geared towards SIG because of the scrip + cash offer v WES all cash offer (as it currently stands). Having said that however if WES was to put another offer with more money (say $1.75+) I will very happily change my mind because will be able to use the proceeds to buy SIG shares on market (plus a bit of something else).

Either way - if HSBC belongs to SIG or a party other than WES, then the ultimate winners will us shareholders (and that can only be a good thing).

GLTA - hope this M&A transaction is beneficial to all us holders