COMMENCED

February 2017

OPENING PURCHASE PRICE PER SHARE

~$0.65

In March 2018 Sandon Capital published an investment thesis calling for:

(1) WTP’s significant surplus cash (in excess of A$35m) to be returned to its shareholders through a share buyback given the current WTP share price relative to its net tangible asset value.

(2) WTP to investigate merging the civil and mining construction business with another mining contractor by way of a scrip-based deal that would allow WTP shareholders to retain exposure to the mining services upcycle.

That same month, after the publication of the investment thesis, WTP announced that the Board would conduct a comprehensive review of the company’s civil and mining business, including exploring sale options for the business and/or its assets, either in part or whole. In late March, Belgium construction giant, BESIX, announced its intention to acquire a two-thirds majority stake in WTP by way of a proportional takeover offer for 1 in every 2 shares owned by shareholders other than BESIX.

In May 2018, Sandon Capital released a presentation urging shareholders to vote AGAINST the BESIX/Watpac Scheme of Arrangement.  Sandon Capital believed BESIX was taking advantage of WTP’s current poor performance and weak share price and, as existing shareholders with Board representation already, BESIX had a poor track record of improving WTP’s fortunes.

Following Sandon Capital’s high profile, public campaign, shareholders voted against the scheme, a rare instance that a Board approved Scheme of Arrangement was voted down by shareholders.

In October 2018, BESIX returned with a full takeover offer as opposed to the proportional offer previously.  The Board recommended this takeover to shareholders.

Whilst Sandon Capital believed that the offer still undervalued the company, it did not want to be a minority shareholder where the majority shareholder had different motivations. In November 2018 Sandon Capital accepted the takeover offer.