TORONTO, Sept. 26 /CNW/ - GPNL announces that it has today completed the
acquisition of the entire share capital of Egidia Pty Ltd ("Egidia") from Mr
Clive Palmer and has issued 28,645,233 Ordinary Shares of no par value in the
Company to Mr Clive Palmer as consideration.
The acquisition, pursuant to the Share Sale Agreement with Egidia, was
approved by shareholders at a General Meeting of the Company on 14 August
As announced on 30 January 2008, Egidia holds 33.33% of the share capital
of Marlborough Nickel Pty Ltd ("MNPL"), a subsidiary of GPNL. The effect of
this acquisition is that GPNL regains ownership of 100% of MNPL whilst Mr
Palmer's interest in MNPL is rolled up into GPNL thereby simplifying the
capital structure of the Company and facilitating financing and development of
the Gladstone Nickel Project
Application has been made for the new shares to be admitted to trading on
AIM and this is expected to take place on 2 October 2008.
Upon conclusion of these transactions, Mr Palmer will hold a total of
34,545,233 Ordinary Shares being 48.7% of the Company's ordinary share
capital. The total number of Ordinary Shares in issue is 70,935,699.
For further information:
For further information: John Downie, Chief Executive Officer -
Gladstone Pacific Nickel Ltd, Tel: +61-7-3231-7100; Fiona Owen - Grant
Thornton UK LLP, Tel: +44-207-383-5100; John Prior - Arbuthnot Securities,
Tel: +44-207-012-2000; Simon Rothschild - Bankside Consultants, Tel: