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AWE, AWE LIMITED
blacksheep
post Posted: Feb 22 2018, 02:42 PM
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Analyst supports $602m Mitsui bid for AWE
Peter Williams | The West Australian
Thursday, 22 February 2018
QUOTE
The report by Grant Thornton declared the 95¢-a-share offer fair and reasonable, given it came within its valuation range for the oil and gas producer.

It valued AWE — 50 per cent owner and operator of the Waitsia onshore gas project near Dongara — at between 78¢ and $1.06. The report was contained in a target statement released by AWE yesterday.

https://thewest.com.au/business/mergers-and...e-ng-b88752957z
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 31 2018, 01:58 PM
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In Reply To: blacksheep's post @ Jan 29 2018, 09:07 PM

AWE calls for MinRes to match superior bid
Petrina Berry | AAP
Wednesday, 31 January 2018 1:29PM
QUOTE
Oil and gas producer and explorer AWE has given suitor Mineral Resources three business days to match a superior proposal lobbed by Japanese firm Mitsui & Co.

AWE has so far fielded three takeover offers: first from China Energy Reserve and Chemical Group, then a bid by Mineral Resources, which it was endorsing up until Mitsui’s recent proposal.

The company has decided that Mitsui’s 95¢ a share all-cash offer, which values AWE at $602 million, is superior to MinRes’ 83¢ a share cash and scrip bid.

AWE said it had reached an in-principle agreement with Mitsui and late on Tuesday issued a notice to MinRes asking it to match the rival bid by Friday.

“If MinRes does not match the Mitsui proposal within that period, AWE intends to enter into the Mitsui bid implementation deed and to change its recommendation to a recommendation that AWE shareholders accept the Mitsui takeover bid, in the absence of a superior proposal,” a statement by AWE to the ASX said today.
The company also released its December production report today that showed production was flat but revenue was higher.

The group’s December quarter production was consistent with the prior quarter at 0.6 million barrels of oil equivalent.

However, sales revenue rose 13 per cent to $21.8 million largely due to an increased volume of condensate and improved LPG prices and the company said conditions in Australian domestic gas markets remained strong.

Shares in AWE were down 0.8 per cent, or 0.75¢, to 96.75¢ at 11.19am (AEDT).

https://thewest.com.au/business/oil-gas/awe...d-ng-b88730019z




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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 30 2018, 01:54 PM
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In Reply To: blacksheep's post @ Jan 29 2018, 09:07 PM

Japanese company Mitsui enters war for AWE
Ben Harvey | The West Australian
Tuesday, 30 January 2018 11:03AM
extract
QUOTE
Mitsui’s pitch to AWE shareholders was bolstered by an RBC report that cast doubt over whether the target would need to cough up $5 million to MinRes if it ended talks.

“While there is a break fee of $5.2 million potentially payable by AWE to MinRes, our reading of the scheme deed suggests this may not be payable in the event of a superior proposal and, in any case, it is minor in the context of the quantum of the bid,” analyst Ben Wilson wrote.

Mitsui has an existing relationship with AWE in the form of a joint venture at the Casino Gas project in Victoria.

“Mitsui believes the proposal, which values AWE’s fully diluted issued share capital at $602 million, represents a compelling opportunity for AWE shareholders to realise a significant premium for their AWE shares in cash,” the Japanese giant said.

https://thewest.com.au/business/oil-gas/jap...e-ng-b88727835z
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 29 2018, 09:07 PM
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In Reply To: blacksheep's post @ Jan 29 2018, 09:07 AM

Updated chart - nice breakout, although it's left another large gap - however might not get filled at this rate of interest. SP briefly hit the $1 mark, then closing at 99c. - +16.47%

Question now is - how will MIN respond, and also CERCG - choices, choices smile.gif
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Jan 29 2018, 10:16 AM
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And trading 97c. Now we're getting somewhere



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Jan 29 2018, 09:07 AM
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In Reply To: blacksheep's post @ Dec 29 2017, 12:28 PM

Mitsui trumps rival bids for AWE
22 mins ago Angela Macdonald-Smith
QUOTE
AWE has attracted a third takeover offer, with Japanese heavyweight trader Mitsui lobbing a bid that trumps Mineral Resources' one.


Read more: http://www.afr.com/business/energy#ixzz55WWIBkaL

QUOTE
$0.95 per share cash proposal from Mitsui
AWE Limited (ASX:AWE) advises that it has received an unsolicited, non-binding and conditional
proposal from Mitsui & Co Ltd (Mitsui) to acquire 100% of the shares in AWE for cash
consideration of $0.95 per share (Mitsui Proposal). If the Mitsui Proposal proceeds, it would be
implemented by way of an off-market takeover bid for AWE1.

Mitsui states that the Mitsui Proposal is not conditional on due diligence, financing, regulatory
approval or further internal approvals, but is conditional on:

 Termination by AWE of the MinRes scheme implementation deed (SID) by close of
business on Friday 2 February; and

 Agreement of a bid implementation deed (BID) through which AWE’s directors unanimously
recommend acceptance of a takeover bid to implement the Mitsui Proposal, in the absence
of a superior proposal.

Under the Mitsui Proposal, any takeover bid which is made by Mitsui to implement the proposal
would be subject to a number of bid conditions, which are summarised in the attachment to this
announcement.

The AWE Board will evaluate the Mitsui Proposal and provide shareholders with a
recommendation in due course.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


nipper
post Posted: Jan 25 2018, 08:29 PM
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they had 2 months. Just made it, snuck in, but why?
QUOTE
China Energy Reserve and Chemical Group has not sweetened its 73¢ per share cash offer for AWE, or changed any terms, signalling the move is more of a holding strategy until it figures out how to proceed.
AWE shareholders will not vote on the MinRes offer until about mid-April. CERCG Australia has not declared its offer final so has left the door open to improving it. MinRes's offer is almost 14 per cent higher.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: wolverine  
 
nipper
post Posted: Dec 30 2017, 09:08 AM
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QUOTE
AWE’s 50 per cent-owned, massive Waitsia gas project north of Perth will be a producer for decades to come for AWE and partner Beach Energy. The price has ticked up but is still cheap, in the eyes of StockAnalysis, saying suitor Minerals Resources could sell non-Perth Basin assets and retain Waitsia for free!
.... a scenario that could play out in a few years. But there's a capital spend, some discounted cash flow calcs and uncertainties as to future gas prices.
Perhaps 90c for now and maybe $1.20 in 2-3 years?




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: db76  
 
blacksheep
post Posted: Dec 29 2017, 12:28 PM
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CERCG gained regulatory nod for AWE bid though now a longshot following the $403 million offer from MIN

QUOTE
Dec 22 (Reuters) - China Energy Reserve and Chemicals Group (CERCG) has gained clearance from Australia's foreign investment regulator for its bid for AWE Ltd , although it is unlikely to win after being trumped by a $403 million offer from Mineral Resources .

The nod will mean that state-owned CERCG can follow through with sending out a bidder's statement to AWE shareholders, which is a regulatory requirement.

State-owned CERCG chances are, however, slim after Mineral Resources sweetened its offer 14 percent above CERCG's bid and added a cash component to what had been an all-share deal - a proposal that has been unanimously backed by AWE's board.

"We have entered into a binding agreement with Mineral Resources and remain focused upon and committed to its successful conclusion," an AWE spokesman said in an emailed statement.
Under the new offer, Mineral Resources has promised to pay the equivalent of A$0.83 a share, as long as Mineral Resources shares average between A$15 and A$21 a share ahead of a vote on the bid, expected in April. [nL4N1OK5KJ]

AWE had declined to give CERCG access to its books with its A$0.73 a share offer, and CERCG was unwilling to raise its bid without having access to AWE's books.
"The response from our shareholder base to the Mineral Resources transaction has been overwhelmingly positive. We have a policy of not

https://www.shortman.com.au/stock?q=awe


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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
cooderman
post Posted: Dec 21 2017, 11:41 AM
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In Reply To: nipper's post @ Dec 17 2017, 08:08 PM

QUOTE
Scaleback ..... first $500 then severe haircut, for all!


You got that right Nipper. 1000 shares plus 9.32% of remaining shares. All up for me 3703. Not quite the 20k I hoped for.

 
 


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