HDR hardman resources limited

AFR 'Market Wrap' Oct 3

  1. 490 Posts.
    Seems like any takeover of HDR by Woodside is (if at all) at 12 months away. From today's AFR:

    "Woodside Petroleum has spent $7 million to increase its stake in Hardman Resources to 10.9% - the money representing a put option on further exposure to the Mauritania province off the north-west African coast. Its junior partner in the 3 Mauritania licences will sell another 47 million shares at 70 cents each to new investors.

    A selling point is that if the Mauritania drilling success continues, it is a no-brainer that Woodside will take over the rest of Hardman - even if there is, as believed, a standstill agreement between the parties that prevents such a move in the next 12 months.

    The junior is presently capitalised at $312 million, including the new shares.

    One has to wonder why Hardman was allowed to trade this week, given media reports - including a column on the back page of the AFR on Monday - that it was planning to conduct a placement through Macquarie Equities."
 
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