In today’s briefing:
- WHSP’s Non-Binding Indicative Offer for Perpetual Turned Down
- Boss Energy Placement – Heavy Dilution and Doesn’t Appear Well Flagged
- Empire Energy Group Ltd – A Gas Plant with Intrinsic Growth Opportunity
WHSP’s Non-Binding Indicative Offer for Perpetual Turned Down
- On 21 November, Washington H. Soul Pattinson and Co. Ltd (SOL AU) submitted a non-binding, indicative offer to acquire Perpetual Ltd (PPT AU) at ~A$27/share.
- A few hours ago, that offer was rejected by Perpetual Ltd (PPT AU)‘s Board citing a material undervaluation, conditional on demerger of the Asset Management business and execution risk.
- If the deal goes through, there will be small passive buying in Washington H. Soul Pattinson and Co. Ltd (SOL AU). No major index changes expected.
Boss Energy Placement – Heavy Dilution and Doesn’t Appear Well Flagged
- Boss Energy (BOE AU) is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and replenish working capital.
- The deal will be a large one to digest, at 19.7 days of three month ADV and 14% dilution.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Empire Energy Group Ltd – A Gas Plant with Intrinsic Growth Opportunity
- Empire Energy Group Limited (ASX:EEG) is an oil and gas producer/developer, with onshore Northern Territory (NT) and US oil/gas production assets.
- EEG has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.
- The investment case is building further with the acquisition of the Rosalind Park Gas Plant to provide an immediate, low-capital and operating-cost processing option with nameplate capacity above the Carpentaria Stage I development model.
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