Morningstar - AWE Ltd. A Second AWE Bidder in Mineral Resources. We Still Recommend Shareholders Take no Action Yet

Report

Morningstar

Mark Taylor

EUR 101.80 For Business Accounts Only

A Second AWE Bidder in Mineral Resources. We Still Recommend Shareholders Take no Action Yet

Just one trading day after a formalised AUD 0.73 cash bid from China Energy Reserve and Chemical Group, or CERCG, and now Mineral Resources proposes a competing scrip acquisition. Based on Mineral Resources' preceding AUD 17.86 close, the one-for-22.325 offer values no-moat AWE at AUD 0.80 or a 9.6% premium to CERCGâ€™s offer. AWE shareholders would end up with 13.1% of the combined group. However, based on our AUD 7.00 Mineral Resources fair value estimate, the scrip would value AWE at just AUD 0...

11/12/2017 14 EN

Underlying

AWE Ltd.

AWE is an independent energy company focused on upstream oil and gas opportunities. Co. has a portfolio of production, development and exploration assets in Australia, New Zealand, and Indonesia. As of June 30 2016, Co. had total proved developed and undeveloped reserves of 44.4 million barrels of oil equivalents, which consisted of 151.9 petajoules of sales gas, 73.4 kilotons of liquefied petroleum gas, 0.9 million barrels of condensate, and 17.4 million barrels of oil.

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AU000000AWE9 Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Mark Taylor

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A Second AWE Bidder in Mineral Resources. We Still Recommend Shareholders Take no Action Yet

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Mitsui Trumps Mineral Resourcesâ€™ AUD 0.83 Bid for No-Moat AWE With an AUD 0.95 All-Cash Offer

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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