News

Gina Rinehart, the nation’s richest person, has become the controlling shareholder of West Australian junior gas producer Warrego Energy as a months-long takeover battle for the company continues. In a message to Warrego shareholders yesterday, Rinehart’s Hancock Energy said Strike’s scrip offer “likely delivers an inferior outcome to Warrego shareholders in all cases”. The statement said Hancock expected the stock prices of Strike and Warrego to continue to decline below 36 a share and to probably “decline significantly once Hancock’s offer closes”. “Warrego shareholders should not do nothing and retain their Warrego shares because any remaining minority shareholders may face significantly reduced trading liquidity and may have difficulty realising an equivalent cash value for their shares,” it said.

“Hancock considers any prospect of a new competitor takeover offer for Warrego is negligible, particularly given Hancock has become Warrego’s controlling shareholder,” Hancock 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 also warned that Warrego shareholders who hung on to their shares might face “significantly reduced trading liquidity and may have difficulty realising an equivalent cash value for their shares’’.

Hancock’s 26 cents per share offer ticked over the required minimum 40 per cent mark at the weekend to give the group a 45.63 per cent position in Warrego Energy. The company is on track to secure a further 4.92 per cent from acceptances that have not yet ticked over, which would give Hancock a 50 per cent stake in the target and make it Warrego’s biggest shareholder. It also means Hancock’s offer is now unconditional.

Gina Rinehart-owned Hancock Energy said on Monday that its updated A$0.36 per share offer for Australia’s Warrego Energy (WGO) , which valued the oil and gas explorer at A$440 million ($304 million) has received the minimum required 40% approval from Warrego shareholders. As a result, all Warrego shareholders who accepted Hancock’s offer will now receive A$0.36 cash per share, regardless of when they accepted the offer, said Hancock. Warrego, which holds the West Erregulla gas fields in North Perth Basin in Western Australia, has been at the center of M&A battles, attracting offers from players such as Beach Energy (BPT) , Strike Energy (STX) and Hancock Energy. Hancock said that it is now the controlling shareholder of Warrego, holding more than 50% of all Warrego shares.

Gina Rinehart’s Hancock has become Warrego’s controlling shareholder, effectively ending a months-long battle with Strike Energy for control of the company. “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.

Australia’s richest person, Gina Rinehart, has further expanded her empire with the acquisition of a 14-storey office building in Queensland. “A building refurbishment program is planned, which will reposition the building and ensure it is a highly attractive location for businesses and visitors,” her company Hancock Prospecting said in a statement. “The acquisition of this property by Hancock is a continuation of its investment in Queensland, where Hancock has extensive investments in energy via Senex, its joint venture with POSCO, along with extensive agricultural operations and a growing Brisbane office.”

3 February 2023.

At McPhee, the plan is to haul 10 million tonnes per annum to Roy Hill for processing. From there the ore will be transported to Port Hedland for shipping. Both Atlas Iron and Roy Hill are majority owned by Gina Rinehart’s Hancock Prospecting. CEO Group Projects at Hancock Prospecting Group Sanjiv Manchanda said the McPhee project was another step in the integrated Hancock Group development approach, focusing on the product strategy for the broader group. “Atlas will continue to engage local and Indigenous contractors and maintain a practical approach to operations,” he said.

I could not be prouder to work for this wonderful company and represent women in mining. 5 years working for the generous Mrs Rinehart at Roy Hill. I have gained so much personally and professionally. The best part is, I have only just scratched the surface.

Celebrating Australia and women, as we remain committed to developing opportunities for women across our operation.