SYDNEY, June 30, 2026, 09:03 AEST
- Ampol closed Monday at A$32.69, gaining 0.40%. The S&P/ASX 200 finished 0.68% higher at 8,823.40.
- The stock is trading 4.6% under the A$34.2786 VWAP set for cash settlement on the EG Australia scrip part.
- Ampol has lined up a new A$400 million delayed-draw subordinated notes facility, or roughly 5.1% of its listed market value.
June 30 isn’t on the 2026 ASX cash-market holiday list. As of the dateline, the market was in pre-open. Regular trading kicks off at 09:59:45 Sydney time and goes until 16:00.
Ampol Limited ASX:ALD started Tuesday, the slated EG Australia deal close, with its stock trading under the price used for the deal’s scrip component. That leaves the company facing stricter cash repayment if it skips issuing shares.
The stock ended up 0.40% at A$32.69 on Monday, trailing the benchmark’s 0.68% gain. Around 1.43 million shares traded, running 35% above the 1.06 million average shown on Google Finance.
| Monday market data | Ampol | S&P/ASX 200 |
|---|---|---|
| Latest level | A$32.69 | 8,823.40 |
| One-day move | up 0.40% | up 0.68% |
| Day range | A$32.33 to A$32.98 | 8,764.20 to 8,823.40 |
| Gap to 52-week high | down 12.0% | off 4.1% |
| Volume vs listed average | 1.43 million, listed average was 1.06 million | — |
The 0.28 point gap isn’t big. More of the difference comes from the EG Australia side. Ampol has a deal to cash settle 9,184,727 shares using a 10-day VWAP at A$34.2786, totaling roughly A$314.8 million. At Monday’s close, those shares were valued at around A$300.2 million.
| Deal measure | Verified input | Investor math |
|---|---|---|
| EG Australia cash part | A$1.115 bln | 14.3% of Monday’s market cap |
| Old scrip piece | 9.18 mln shares at A$34.2786 VWAP | A$314.8 mln in cash |
| Same shares at Monday close | A$32.69 each | A$300.2 mln |
| Mark-to-market difference | — | A$14.6 mln |
| Projected yearly synergies | A$65 mln–A$80 mln | 5.8%–7.2% of total deal |
This isn’t a new price for EG Australia. It’s a mark-to-market difference after Monday’s close. That’s important since Ampol took cash instead of shares, leaving its balance sheet with the entire cost, while current holders aren’t getting hit with a 9.18 million-share dilution.
Ampol’s A$400 million delayed-draw subordinated notes facility on Friday wasn’t flagged as acquisition funding. The company said it plans to use A$250 million to partly refinance subordinated notes due in March 2027 and A$150 million for full refinancing of its sustainability-linked subordinated notes callable in June 2028. CFO Greg Barnes called market conditions “attractive” and said the structure provides “significant flexibility” on when to issue.
| Capital item | Amount | Company-stated role |
|---|---|---|
| New delayed-draw subordinated notes facility | A$400 mln | To refinance callable 2027 and 2028 notes, or for general corporate purposes |
| October 2025 subordinated notes | A$500 mln | Previous subordinated issue |
| December 2025 delayed-draw subordinated notes facility | A$500 mln | Previous delayed-draw facility |
| EG Australia cash consideration | A$1.115 bln | Company expects to close June 30 |
This isn’t a net debt bridge. It’s about the scale of capital-market moves during the deal window, with Ampol securing long-term funding and not tapping equity.
The competition loss shows up in the numbers too. The ACCC gave the green light to the deal on June 3, but only after Ampol agreed to sell 41 retail fuel locations to Dib Group’s Metro Petroleum. ACCC Commissioner Dr Philip Williams said if there were no such conditions, the deal could “reduce competition and reduce choice” for consumers in 39 local areas. Before selling the sites, Ampol and EG Australia controlled 576 Ampol-branded locations, 46 U-GO spots, and 512 EG Australia stores. After the sale, the combined network will run about 1,093 stations. ASX Announcements
Managing Director and CEO Matt Halliday said EG Australia is set to bring “more predictable retail fuel and convenience earnings.” He added the performance at U-GO sites gives Ampol more confidence around the planned synergies. The projected synergies more than cover the A$14.6 million mark-to-market gap, but the final benefit for shareholders depends on when and at what cost they get delivered.
Ampol says it plans to finish the EG Australia deal by June 30, pending some final conditions. The notes offer should wrap up around July 9.
