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 Fairway's Offer.
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The takeover offer period commenced on 20 June 2012 and unless withdrawn or extended in accordance with the Corporations Act is open until 5:00pm (Sydney time) on 23 July 2012.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.
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For more information or comment
Blair Brewster - Gladstone Pacific Nickel Ltd
Tel:+61(0)7 3231 7100