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 own.
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.
For further information:
For more information or comment
Blair Brewster - Gladstone Pacific Nickel Ltd
Tel:+61(0)7 3231 7100
Email: [email protected]