TORONTO, June 7, 2012 /CNW/ - Gladstone Pacific Nickel Limited ("GPNL"
or the "Company") announces today that it has received a Bidder's
Statement incorporating a cash offer from Fairway Coal Pty Ltd
("Fairway ") for all the ordinary shares in GPNL it does not already
Fairway is a wholly owned subsidiary of Mr Clive Palmer and owns
approximately 85% of the ordinary shares of the Company.
Fairway is offering $A0.05 cash per ordinary share which values the
entire issued and paid up capital of the Company at $A3,546,785. The
Bidder's Statement as supplied by Fairway sets out the terms of the
offer and other information about Fairway and its intentions for the
Company. The Company has been advised that the Bidder's Statement, as
provided, has been lodged with the Australian Securities and
Investments Commission in Australia in accordance with the Corporations
Act 2001 (Cth). The final version of the Bidder's Statement will be
sent to shareholders by Fairway no earlier than 19 June 2012 and no
later than 3 July 2012.
The Board recommends that shareholders take no action in relation to the offer until such time as they have received the
Bidder's Statement and the Company's response in its Target's
Statement. The Target's Statement must be prepared in accordance with
the Corporations Act 2001 (Cth) and be made available to shareholders
within 15 days after the Bidder's Statement is sent to shareholders.
The Company does not accept any responsibility for the information
supplied by Fairway
Gladstone Pacific Nickel Limited is an Australian mining development
company presently undertaking an Integrated Definitive Feasibility
Study for the Gladstone Nickel Project. The Company's vision is to
build a major long-life nickel cobalt refinery at the deepwater Port of
Gladstone, in Central Queensland, Australia, treating abundant high
grade nickel laterite ores from New Caledonia and other south-west
Pacific islands, underpinned by beneficiated ores from its own
Marlborough deposits. The Project has the potential to be one of the
largest of its type in the world producing some 126,000 tpa nickel (8 -
10% of global nickel demand) and 10,400 tpa of cobalt metal from its
first two stages.
SOURCE Gladstone Pacific Nickel Ltd.
For further information:
For more information or comment
Blair Brewster - Gladstone Pacific Nickel Ltd
Tel:+61(0)7 3231 7100