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Australasian Equities

Sample Report | Old Report | Not Current

Woodside Petroleum (ASX:WPL) Share Analysis and Stock Report

WDS
February 15, 2018 FAT-AUS-860
31.08
Core
medium
B

Entitlement on offer

Woodside Petroleum (ASX:WPL) is offering its shareholders the opportunity to be involved in the ongoing development of the company through a pro rata accelerated renounceable entitlement offer. The shareholder offering comes at a time when the company is acquiring a further interest in the Scarborough gas field in Western Australia. The following figure shows the location of the Scarborough blocks and gas fields:

Woodside Petroleum (ASX:WPL) Wells Map

Source: Woodside Petroleum (ASX:WPL)

The company plans to raise circa A$2.5 billion through a one (1) for nine (9) accelerated renounceable entitlement offer. The funds raised will be used to acquire a further interest in the Scarborough gas field. The company already holds a 25% interest in the Scarborough gas field.

To be eligible to participate in the entitlement offer, Members must own Woodside Petroleum (ASX:WPL) shares on 19 February 2018. Other matters pertaining to eligibility are contained in the Retail Information Booklet. The company will forward this document to eligible shareholders on 22 February 2018.

The issue price has been set at A$27.00 per share.

At the time of writing, the company’s shares were trading at A$31.08. The entitlement offer funding is fully underwritten to ensure the company receives the full amount to be raised. Under the entitlement offer the company plans to issue approximately 92.5 million shares.

The entitlement offer will open for acceptances on 21 February 2018 and close on 7 March 2018. Participating shareholders are required to settle their entitlement on 15 March 2018.  Holding statements reflecting the issue of new shares under the entitlement offer will be forwarded to participating shareholders on or around 16 March 2018. Normal trading of the new shares will commence on the Australian Stock Exchange (ASX) on 19 March 2018. These dates may be subject to change, and if so we will advise members accordingly.

The offer is renounceable, so entitlements can be sold on the ASX under the likely ASX code WPLR. Rights trading on the ASX will commence on 19 February 2018 and will cease trading on 28 February 2018. An entitlement not taken up by a shareholder or sold prior to the offer close date will lapse with no value to the shareholder. We recommend eligible Members take no action to sell their rights.

Eligible institutions participating will be required to settle their entitlement on 15 February 2018.

The entitlement offer is fully underwritten to ensure the company receives the total amount to be raised, to allow the certain funding of the Scarborough acquisition.

Eligible Members are not required to take any action at this time regarding the entitlement offer. We will advise eligible Members of an appropriate course of action for the entitlement offer at a time closer to the close date of 7 March 2018.

This bulletin is for information purposes only, and our current recommendation for Woodside Petroleum (ASX:WPL) as a buy for Members with no exposure to the stock is unchanged.

Disclosure: Woodside Petroleum (ASX:WPL) is held within the Fat Prophets Mining & Resources portfolios.

For Fat Prophets’ current equity research and membership options, visit our Products page.

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About this archived stock report

This is an archived Fat Prophets equity research stock report and share analysis. It does not constitute current investment advice, financial product advice, or a recommendation to buy, sell or hold any financial product. It is provided for historical reference only, and reflects the market conditions, company information, forecasts and opinions available at its original publication date. The information may no longer be current or applicable. Past performance is not a reliable indicator of future performance. This is general information only and does not take into account your objectives, financial situation or needs. Before acting on anything in this report, you should consider its appropriateness to your circumstances and seek advice from a licensed financial adviser.

DISCLAIMER Fat Prophets has made every effort to ensure the reliability of the views and recommendations expressed in the reports published on its websites. Fat Prophets research is based upon information known to us or which was obtained from sources which we believed to be reliable and accurate at time of publication. However, like the markets, we are not perfect. This report is prepared for general information only, and as such, the specific needs, investment objectives or financial situation of any particular user have not been taken into consideration. Individuals should therefore discuss, with their financial planner or advisor, the merits of each recommendation for their own specific circumstances and realise that not all investments will be appropriate for all subscribers. To the extent permitted by law, Fat Prophets and its employees, agents and authorised representatives exclude all liability for any loss or damage (including indirect, special, or consequential loss or damage) arising from the use of, or reliance on, any information within the report whether or not caused by any negligent act or omission. If the law prohibits the exclusion of such liability, Fat Prophets hereby limits its liability, to the extent permitted by law, to the resupply of the said information or the cost of the said resupply.

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