TORONTO, July 12, 2012 /CNW/ - Gladstone Pacific Nickel Limited ("GPNL"
or the "Company") announces that it has lodged with the Australian
Securities & Investments Commission ("ASIC") the Company's Target's
Statement , in response to the takeover offer by Fairway Coal Pty Ltd
("Fairway") for all the shares in GPNL that it does not already own
(the "Offer"), which was announced on 11 May 2012.
Shareholders should carefully consider the Target's Statement, including
the recommendations of the Independent Director and the accompanying
Independent Expert's Report, before making a decision regarding
The Target's Statement contains a recommendation to GPNL shareholders by
Dominic Martino, as the only independent director of GPNL. Mr Martino
recommends shareholders REJECT the Offer.
The Target's Statement contains an Independent Expert's report. The
Independent Expert has concluded that the Offer is not fair and not reasonable.
The takeover offer period commenced on 20 June 2012 and unless withdrawn
or extended in accordance with the Corporations Act is open until
5:00pm (Sydney time) on 23 July 2012.
A copy of the Target's Statement is available on the Company's website www.gladstonepacific.com.au and has been despatched to GPNL Shareholders.
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