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Let people work | By Ian Henschke | Chief Advocate National Seniors Australia

AUSTRALIA is facing a workforce crisis it’s never seen before. Job vacancies are approaching half a million, dragging business and economic growth down and fuelling a cost-of-living crisis. The hardest hit sectors include agriculture, hospitality, mining, tourism, and the caring industries. The Federal Government has raised the yearly permanent migration quota by 35,000 – but workforce shortages are not going to be solved by immigration alone. We need to boost participation and support people with limited income and savings to earn more. We also need to boost tax revenue to pay for health, aged care, and other social services. To fix these economic and socioeconomic challenges we must “let people work”.

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Marketing trip Japan, Saturday February 11th, 2023

Mr. Tad Watroba, Executive Director of Hancock Prospecting presenting “30-year Anniversary book, Celebrating the past, Building for the future” to Mr. Masumi Kakinoki, CEO of Marubeni.

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Hancock scores a win in battle for Warrego

Strike Energy has bowed out in the long-fought takeover battle for Warrego Energy, leaving Hancock Energy in position to take over the Perth Basin-based company. Since early January, Hancock and Strike Energy have been battling for control of Perth Basin-based Warrego, believing it would be a valuable source of inexpensive gas. However, it seems that battle could all be coming to an end, with Strike announcing it has abandoned its plans to pursue Warrego.

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Strike bowled over as Hancock emerges takeover kingpin

STRIKE Energy has folded, accepting Hancock Energy’s competing cash offer for its 26% holding of Warrego Energy and jettisoning its own attempted all paper takeover of its West Erregulla gas field partner. The two have been competing for control of Warrego and its 50% share of the onshore Perth Basin field since November.

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Rinehart takes control of Warrego

Gina Rinehart, the nation’s richest person, has become the controlling shareholder of West Australian junior gas producer Warrego Energy as a months-long takeover battle for the company continues. In a message to Warrego shareholders yesterday, Rinehart’s Hancock Energy said Strike’s scrip offer “likely delivers an inferior outcome to Warrego shareholders in all cases”. The statement said Hancock expected the stock prices of Strike and Warrego to continue to decline below 36 a share and to probably “decline significantly once Hancock’s offer closes”. “Warrego shareholders should not do nothing and retain their Warrego shares because any remaining minority shareholders may face significantly reduced trading liquidity and may have difficulty realising an equivalent cash value for their shares,” it said.

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Rinehart moves to control of Warrego

“Hancock considers any prospect of a new competitor takeover offer for Warrego is negligible, particularly given Hancock has become Warrego’s controlling shareholder,” Hancock said. “Hancock considers current share prices of Strike and Warrego are largely being supported by Hancock’s offer, with their prices rising in step with Hancock’s key announcements over the past two months. Now that Hancock has become Warrego’s controlling shareholder, and Strike has confirmed its scrip offer is its ‘best and final’ offer, Hancock expects Strike’s and Warrego’s share prices to continue to fall below 36c and will likely further decline significantly once Hancock’s offer closes.” Hancock also warned that Warrego shareholders who hung on to their shares might face “significantly reduced trading liquidity and may have difficulty realising an equivalent cash value for their shares’’.

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Hancock closes in on Warrego deal

Hancock’s 26 cents per share offer ticked over the required minimum 40 per cent mark at the weekend to give the group a 45.63 per cent position in Warrego Energy. The company is on track to secure a further 4.92 per cent from acceptances that have not yet ticked over, which would give Hancock a 50 per cent stake in the target and make it Warrego’s biggest shareholder. It also means Hancock’s offer is now unconditional.

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Hancock Energy’s updated $304 million bid for Warrego Energy satisfies minimum condition

Gina Rinehart-owned Hancock Energy said on Monday that its updated A$0.36 per share offer for Australia’s Warrego Energy (WGO) , which valued the oil and gas explorer at A$440 million ($304 million) has received the minimum required 40% approval from Warrego shareholders. As a result, all Warrego shareholders who accepted Hancock’s offer will now receive A$0.36 cash per share, regardless of when they accepted the offer, said Hancock. Warrego, which holds the West Erregulla gas fields in North Perth Basin in Western Australia, has been at the center of M&A battles, attracting offers from players such as Beach Energy (BPT) , Strike Energy (STX) and Hancock Energy. Hancock said that it is now the controlling shareholder of Warrego, holding more than 50% of all Warrego shares.

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Gina Rinehart takes control of Warrego, beating rival Strike Energy

Gina Rinehart’s Hancock has become Warrego’s controlling shareholder, effectively ending a months-long battle with Strike Energy for control of the company. “Now that Hancock has become Warrego’s controlling shareholder, and Strike has confirmed its scrip offer is its “best and final” offer, Hancock expects Strike’s and Warrego’s share prices to continue to fall below 36c and will likely further decline significantly once Hancock’s offer closes .”Hancock said its officer was automatically extended and will remain open for acceptance until 7pm AEDT on February 24.

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