Article by Caitlin Paroczai courtesy of the West Australian.
Gina Rinehart’s Hancock Energy says it has secured the support of a list of Warrego shareholders for its 28¢-a-share cash bid for the junior gas play.
However, that’s only if Hancock makes its bid unconditional by Friday.
Hancock lodged its fourth supplementary bidder’s statement on Wednesday, which outlined a list of supportive Warrego investors. This included Warrego co-founder Duncan MacNiven, who holds an 11.27 per cent stake comprising 137.8 million shares, held by his UK-based Mira LasNubes LLP business.
Serena Arif, a 1.05 per cent stakeholder in Warrego with 12.8m shares, is also on the list, along with former chief financial officer of Warrego, Owain Franks, who holds a 1.06 per cent stake.
“The supportive shareholders have reaffirmed their desire to receive cash for their Warrego shares as quickly as possible, and not scrip,” the statement read.
The supportive investors have notified Warrego and Hancock that if the suitor declares its offer unconditional by Friday, then each of them would accept Hancock’s offer.
It comes after Strike Energy on Monday launched its $410 million scrip offer for Warrego – its joint venture partner in the West Erregulla project in the Perth Basin – in an attempt to win over investors in the face of Hancock’s cash offer.
But Hancock warned investors on Tuesday that they would face management and share price risks if they chose to accepted the rival scrip only bid from Strike.
Shares in Warrego were up 5 per cent to 32¢ per share at 9:10am.
