Webjet (WJL AU): Helloworld Steps Up As Weiss/BGH Seek Board Spill
In Webjet (WJL AU): Undisclosed Buyer Buying, rumours surfaced earlier this year of an undisclosed buyer with ~5%. On the 12th May, Helloworld (HLO AU) emerged with a 5.015% stake.
On the same day, Gary Weiss/BGH, collectively holding 10.76%, launched a A$0.80/share NBIO, which was subsequently rejected. Undeterred, Weiss/BGH has called for an EGM (21st November) to spill the board.
Helloworld has now tabled a A$0.90/share non-binding Offer, by way of Scheme. The 1H26 dividend of A$0.002/share will be added. Helloworld currently holds 17.27%. Weiss/BGH hold 17.75%.
Webjet Group (WJL AU) is illiquid. Look away now if this is not your bag.
The Trade:
I’d buy Webjet at or below Helloworld’s NBIO price.
Two large shareholders jostling for control - that’s worth getting involved.
Ultimately, I’d expect BGH/Weiss to emerge as the controlling shareholder.
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