Done & Dusted

Patience is a virtue for Senex Energy shareholders.Four and a half months after Korean steelmaker Posco rocked up with a $4 a share offer, Senex Energy and Posco have agreed to a binding deal.Senex Energy chief executive Ian Davies and his management team have taken Posco through due diligence. Photo: Glenn HuntThe price, as has been the case for the past few weeks, is $4.60 a share, PLUS a 5¢ a share dividend. It’s the dividend that was the late kicker for Senex shareholders, particularly after the board had negotiated Posco from $4 to $4.20, $4.40 and up to $4.60.It is understood Posco and Senex Energy signed the deal over the weekend.Posco also has plans to cut Gina Rinehart’s Hancock Energy in for 49.9 per cent of the equity cheque, although that’s a separate deal between bidder and co-investor. Senex Energy made it clear it wanted to deal with Posco alone.