Gina Rinehart’s Hancock Energy has warned investors in its takeover target Warrego Energy that they face management and share price risks if they choose to accept a rival bid from Strike Energy. Hancock said taking up Strike’s offer would open shareholders up to risks around potential future funding challenges which “are likely to include substantial funding that is not in place for key developments and onerous debt arrangements’’.
Gina Rinehart has hit back in the takeover battle for Warrego Energy and cast doubt on rival Strike Energy’s capacity to fund its onshore gas ambitions in the Perth Basin. Mrs Rinehart’s Hancock Energy maintains its all-cash 28¢ per share takeover offer for Warrego is superior to a revised bid lobbed by Strike on MondayHancock, which has pointed to a near $18 billion cash war chest to fund a Warrego takeover, other acquisitions and project developments, warned Strike would need to go deep into debt under its “high risk” Perth Basin plans.
LONG live the King. If Kyle Chalmers ever thinks about quitting swimming early again, then the whole of Australia needs to beg him to stay. The Dolphins have produced a stack of legendary male freestyle sprinters over the years, but Chalmers deserves to be listed at the very top now. Stop the fight. There is just no argument any more.
18 December 2022. Evening update.
Norwest offer a ‘Christmas present’ Chris Ellison’s Minerals Resources is open to cooperating on gas with Gina Rinehart after joining the gathering consolidation of the onshore Perth Basin with a $403 million buyout bid for partner Norwest Energy. The $16 billion mining and services group has bypassed Norwest’s board and gone straight to its shareholders, seeking to secure full ownership of the Lockyer Deep gas find, touted as potentially Australia’s biggest onshore discovery. “It’s Christmas time, so we’re giving the Norwest Energy guys the ultimate present, MinRes shares wrapped in a bow,” Mr Ellison, MinRes’ founder and chief executive, said.
