News: STX UPDATE 1-Mineral Resources steers away from Warrego Energy buyout plan, page-11

CE's comment reminds me of Engelbrecht's comment earlier in their takeover attempt that STX was of no interest to them as it was considered expensive (when STX was at 25c) - https://hotcopper.com.au/threads/ann-perth-basin-strategy-proposed-merger-update.7086772/page-178?post_id=64876961

As has been correctly called out by many of you, would pay 39c (which is the highest price amongst all the interested companies) for a near 20% stake in an asset that he considers to be overvalued? And pay approx 40% premium to acquire NWE?

The only logical rational for his WGO stake and his comment is a planned entry into STX via converting that WGO stake into STX. It would make his comments technically correct in that he is not interested in acquiring WGO, and that PB asset is overvalued (including WGO) - with the exception of STX which is trading at a c.33% discount relative to the look through valuation. The strategy of his "strategic stake" is to buy into STX on the cheap without showing his hand. If he had purchased a stake in STX directly, he would simply pour fuel on the simmering smoke and start a bushfire.

Stokes, in the mean time, has obviously tried to do the same by hiding behind "Neweconomy com au nominees" (without the full stops - the lengths these guys go to to hide their hands).

All fun and games. As equity holder of STX, we are in the privileged position of being able to sit back and watch this all play out as our equity value grows towards its fair value

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