CERG Formalises a AUD 0.73 Cash Bid for AWE. We Recommend Shareholders Take no Action Just Yet
China Energy Reserve and Chemical Group, or CERCG, has announced an all-cash AUD 0.73 takeover offer for AWE. The price represents a 36.8% premium to the 30-day VWAP of AUD 0.53. We recommend shareholders do nothing at this stage, with the offer still slightly below our unchanged AUD 0.75 fair value estimate.It’s a hackneyed phrase that first offers are rarely the last, and this formal bid comes at only a slight 3% premium to a subsequently withdrawn indicative offer of AUD 0.71 in late Novembe...
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.
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.
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