Beach ups the ante in Warrego tussle
PERTH (miningweekly.com) – Suitor Beach Energy has increased its takeover offer for ASX-listed Warrego Energy from 20c a share in cash to 25c a share in cash, beating a 23c-a-share bid from Gina Rinehart’s Hancock Energy.
Beach Energy’s revised offer also included the distribution of any net proceeds received from the sale of Warrego’s Spanish assets, by way of a member’s scheme of arrangement.
Hancock Energy earlier this week emerged as a contender for Warrego, making its surprise 23c-a-share bid, trumping not only Beach Energy’s initial offer, but also an offer from Strike Energy, which is offering 0.714 of its own shares for each Warrego share held and is offering to pay Warrego shareholders an additional scrip consideration for the company’s Spanish assets, if sold within 12 months of the transaction.
Under a scheme implementation deed inked between Beach Energy and Warrego Energy, Beach was given five days in which to match a superior proposal, or risk losing the backing of the Warrego Energy board.
Warrego’s assets in Australia include a 50% interest in an exploration licence in the Perth basin, which includes the West Erregulla gas project, as well as full ownership of a further 8 700 km2 of exploration acreage. In Spain, the company holds an 85% working interest in the Tesorillo gas project and a 50.1% working interest in the El Romeral gas to power facility in the Seville region.
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