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Woodside Petroleum Ltd

Shell has revised its merger proposal with WPL. The cleverly crafted offer is designed to get the revised merger proposal (RMP) in front of the WPL shareholders to force a vote (extraordinary general meeting will be held at the end of April). Shell is offering $14.80 per share (offer period 11 December to 14 January) and an option at a strike price of $14.80 per share. The option will start trading from January 21 to June 30. Shell has stated it will buy the option at 20¢ in the first week of trading. In addition Shell is also offering to transfer net assets worth up to $7.3b to WPL for the issue of 333.3m new WPL shares. The net value to WPL shareholders is $2.5b of assets plus synergy benefits of $0.5b. The asset transfer will only take place If shareholders vote in favour of the RMP. If shareholders accept the RMP option holders would then convert their options and realise the forecast higher value for WPL. The value to be added from merging the group assets with related synergies is around $3 per share. Post the merger WPL would have a value around $16 per share. The theoretical option value assuming a 50% success rate has been estimated at 85¢ per option.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 31/08/18

1 year TSR5 year TSR
216thWoodside Petroleum35%5%
259thSouth3226%0%
363rdMineral Resources6%12%
397thIluka Resources1%-1%
612thFortescue Metals Group-29%3%
737 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

31/08/18
$22k Bought
31/08/18
$23k Bought
31/08/18
$20k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

1st↑South32$10,519.6m
2nd↓Fortescue Metals Group$9,358.7m
3rd-Woodside Petroleum$5,050.0m
4th-Mineral Resources$1,706.7m
5th↑Iluka Resources$1,079.2m
507 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Woodside Petroleum

1stPeter Coleman$7.555m
18thRobert Edwardes$1.668m
39th​Reinhardt Matisons$1.114m
Ranked by total remuneration from all listed WA companies

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