Shares in the shipbuilder fell during the week after it was announced it had been overlooked for a key Philippines Navy contract despite having a MoU in place on the deal. There are a number of other contract negotiations ongoing which we’re hopeful will end more favourably as Austal looks to replenish its order book. Yesterday, though, Twiggy Forest’s investment vehicle Tattarang announced it had acquired an 8% interest in Austal, including a 4.9% equity swap deal. Tattarang has been involved in a number of takeovers and strategic investments over recent years, including buying the famous R.M. Williams brand in 2020. The end goal may be a takeover, but Tattarang will at the very least keep the Austal team honest.
MM remains bullish and long ASB
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