Article by Hayden Johnson courtesy of the Australian.
Gina Rinehart’s Hancock has become Warrego’s controlling shareholder, effectively ending a months-long battle with Strike Energy for control of the company.
Hancock on Monday revealed its relevant interest in Warrego shares reached a majority position of approximately 50.54 per cent, making it Warrego’s controlling shareholder.
The group also said it received acceptances above 40 per cent of Warrego shares, satisfying its increase condition and delivering 36c per share to investors who accept Hancock’s offer.
“Hancock considers any prospect of a new competitor takeover offer for Warrego is negligible, particularly given Hancock has become Warrego’s controlling shareholder,” the group said.
“Hancock considers current share prices of Strike and Warrego are largely being supported by Hancock’s offer, with their prices rising in step with Hancock’s key announcements over the past two months.
“Now that Hancock has become Warrego’s controlling shareholder, and Strike has confirmed its scrip offer is its “best and final” offer, Hancock expects Strike’s and Warrego’s share prices to continue to fall below 36c and will likely further decline significantly once Hancock’s offer closes.”
Hancock said its officer was automatically extended and will remain open for acceptance until 7pm AEDT on February 24.
