TORONTO, June 20, 2012 /CNW/ - Gladstone Pacific Nickel Limited ("GPNL"
or the"Company") announces that it has today received notice from
Fairway Coal Pty Ltd ("Fairway") that Fairway has now sent to each
shareholder of GPNL the offer document and bidders statement in
relation to the takeover offer by Fairway for all the shares in GPNL
that it does not already own which was announced on 7 June 2011.
The offer period begins on the 20 June 2012 and unless withdrawn or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.
The Board recommends that shareholders take no action in relation to the offer until such time as they have received the
Company's response in its Target's Statement to be sent to shareholders
no later than 5 July 2011. A copy of the Bidders Statement is
available on the Company's website.
Fairway is a wholly owned subsidiary of Mr Clive Palmer and owns 84.7%
of the ordinary shares of the Company. Both Fairway and Mr Palmer are
considered related parties.
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
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:
Blair Brewster - Gladstone Pacific Nickel Ltd
Tel:+61(0)7 3231 7100