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Warrego Energy commences matching rights process in Beach SID in respect of Hancock takeover offer

01 Dec 2022

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Warrego Energy refers to the off-market takeover offer from Hancock Energy to acquire all of the fully paid ordinary shares in Warrego at an offer price of $0.23 per share (Hancock Takeover Offer).

The Warrego Board has assessed the Hancock Takeover Offer and has determined that it is a Superior Proposal compared to the scheme proposal from Beach Energy announced by Warrego on 14 November 2022.

Warrego has today issued a notice to Beach under the matching rights regime in the Beach Scheme Implementation Deed, which gives Beach 5 business days to match the Hancock Takeover Offer, expiring at 5:00pm (Perth time) on Thursday, 8 December 2022. Until Beach has had an opportunity to match the Hancock Takeover Offer, the Warrego Directors maintain their existing recommendation in favour of the Beach scheme proposal.

The Warrego Board advises shareholders to TAKE NO ACTION in relation to the Hancock Takeover Offer until they receive further advice from the Warrego Board.

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Source: Warrego Energy

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