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Warrego contemplating Beach counterproposal offer - The Pick Online Magazine

Written by Staff Writer | Dec 2, 2022 12:16:11 PM

Warrego Energy Limited (ASX: WGO) has received a counterproposal from Beach Energy under which that company has increased the upfront cash consideration portion of their scheme proposal from $0.20 to $0.25.

Accordingly, the consideration under the Beach Counterproposal is $0.25 per share cash consideration plus, if Warrego’s Spanish assets are sold, and such sale completes, within 12 months of implementation of the Scheme, each Warrego Shareholder’s pro-rata share of the proceeds of such sale net of costs and taxes.

The Beach Counterproposal is otherwise on the same terms as the scheme implementation deed between Warrego and Beach announced on 14 November 2022.

The Warrego Board, in consultation with its advisers, will consider the Beach Counterproposal and will update shareholders in due course.

The Warrego Board has continued to advise shareholders to Take No Action in relation to a previous takeover offer from Hancock Energy and the Beach Counterproposal in the meantime.

Hancock Energy (PB) Pty Ltd has previously offeree to acquire all of the fully paid ordinary shares in Warrego at an offer price of $0.23 per share.