This is what I sent to the company.
Hi Iian,
Further to my below email, I am seeking to understand the recent recommendation by the board to accept MINs revised take over offer. In particular I would like to understand what has changed (other than a increase in MINs share price and the circa 5% increase in the offer). I note that previously the boards position was:
The unsolicited Offer does not appropriately value Norwest’sPerth Basin assets and has been opportunistically timed prior to the fullextent of the Lockyer discovery becoming known
I am unclear how this situation has changed via a 5% increase in the bid. How has this minor increase resulted in the offer now appropriately valuing NWE assets, made it any less opportunistic and/or how is it now not timed prior to the full extent of the LD discovery being known?
MinRes is seeking to secure control of Norwest and itsPerth Basin assets without paying an appropriate premium for control
I am unclear how this situation has changed via a 5% increase in the bid?
By accepting the Offer and becoming a MinRes shareholder,Shareholders reduce their exposure
to the Lockyer project and adjacent exploration upside,while increasing their exposure to the risks
associated with MinRes’ other businesses and commodities
How has this changed?Is it the boards view that a 5% increase in the bid covers the cost of reduction in exposure to LD1 and/or covers the risk of exposure to MINs other business? Or have this upside and/or risk changed? Is the board of the view that a successful 3D survey and outcome and successful appraisal program would result in an upside of less than 5% to NWE shareholders?
As a stand-alone ASX-listed entity, Norwest providesinvestors with one of the few available opportunities to acquire meaningful exposureto what are expected to be compelling Perth Basin gas economics
How does the boards decision to recommend the MIN offer correlate with this statement?It would seem that accepting the offer would significantly reduce shareholders exposure to the compelling Perth Basin gas economics
If you accept the Offer, you may be unable to accept asuperior proposal if one emerges
Yes, so why now recommend acceptance?
The tax outcomes of accepting the Offer may be disadvantageousto you, particularly if the
requirements to obtain scrip-for-scrip rollover relief arenot satisfied
Yes, so why now recommend acceptance?
Further, I would like to know if NWE has sought and received an independent valuation, as you stated was in progress during a webinar in early 2022. If this has been sought, I would like to understand why it has not been released or referenced again and I would like to understand if MIN has been given access to it.
Iain, I have been a shareholder in NWE for well over a decade. I have contributed to the success of the company via my families hard earned cash and a very large amount of patience. And while I have done very well through my investment and thank the board for their part in that, I am adamant that the full upside of my investment belongs to my family, not Mineral Resource shareholders.
I hope and expect that the MIN takeover offer will fail. I am not sure what the implications for the board will be in this case, but regardless, I hope and expect for greater consideration of all shareholders interests going forward.
lots of love.
x
