Record Point is an independent corporate advisory firm specialising in domestic and international advisory services for public and private companies.
“We were highly impressed with the Record Point team’s lead role during the … sale. The team assisted us by providing the high quality deliverables and process management we have come to expect from advisors, but differentiated themselves through their considered insights and genuinely value-additive approach to M&A. First class execution in every respect.”
“Record Point were instrumental in the … sale process, adding value at every step through to the finish line. The ultimate transaction result that was delivered was far beyond our expectations and would not have been achieved without the dedication and diligence that the Record Point team demonstrated throughout the process.”
“What distinguishes [Record Point] is their clarity of communication, agility, candour, integrity, ability to align the interests of stakeholders and the tremendous informal support they provide to the team during a high value and large scale process.”
“Record Point added value to every step of the process providing my Board and me with commercial and pragmatic advice at all times.“
“Record Point was instrumental in assisting my management team and me on Project Mason. They are an exceptionally capable and professional team who were across the detail of all aspects of the deal.”
“We felt we were in safe and experienced hands throughout the sale processes and with Record Point managing the sale processes, we could continue to operate our business through to completion ensuring we hit our forecasts that potential acquirers were relying on.”
“In addition to enhancing the valuation of the offer, [Record Point] added a tremendous amount of value by assisting me and my team through the challenges of juggling running a business and executing a complex transaction…”
The Thai oil refiner and marketer bidding $113 million for Nido Petroleum has hinted the take- over could be the first in a series as it establishes a sizeable upstream business in the Australia and South-East Asia region.
Bangchak Petroleum, Thailand’s second-biggest petrol station operator, also said it was likely to retain Nido’s Perth office and most of the company’s management and operational team, including chief executive Phil Byrne, as a foundation for its upstream ambitions.
But Bangchak ruled out bidding for the Montara oil and Cash-Maple gas fields in the Timor Sea that have been put up for sale by its own biggest shareholder, PTT.
“It definitely is too big for us to swallow,” Bangchak director Chaiwat Kovavisarach said yesterday during a whirlwind first visit to Perth with the company’s president, Vichien Usanachote.
“I don’t think we want to go up for something too big for us.”
“(But) we are looking to invest abroad and for us to be a real energy player we have to be upstream. It is one step at a time.”
“We look at Nido as a platform and believe in its management and they have a balanced (asset) portfolio. If this deal achieves (our goals), then we go for the next step.”
Bangchak is offering 5.5¢ for Nido shares, which yesterday closed at 5.1¢.
The friendly bid has the support of Nido’s board while Bangchak, advised by Sydney boutique Record Point, already owns 19.7 per cent of the target.
Despite the hydrocarbon potential in South-East Asian waters and Perth companies’ prominent positions there, they have struggled to deliver on the promise and in the process lost investor support.
The Nido deal is Bangchak’s first outside of Thailand and comes amid a flurry of corporate activity in Australia’s listed mid-tier oil and gas sector at a time when share prices are weak.
Bangchak’s Nido offer was priced at a 70 per cent premium to the target’s three-month volume-weighted average price.
The Thai group’s emergence as a player with corporate interest will focus further attention on some of Nido’s peers.
Nido’s best asset is a stake in the Otto Energy-run Galoc oil field off the Philippines while Thai entrepreneur Chatchai Yenbamroong, who sold his Nido stake to give Bangchak the takeover platform, is an investor in Tap Oil as well as Tap’s flagship Manora oil project off Thailand.
The West Australian