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The offer period begins on the 20 June 2012 and unless withdrawn or extended in accordance with the Corporations Act is open until 5:00pm (Sydney time) on 23 July, 2012.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 Company.
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:
Blair Brewster - Gladstone Pacific Nickel Ltd
Tel:+61(0)7 3231 7100
Email: [email protected]