TORONTO, July 30 /CNW/ - GPNL today announces the resignation of its
Chairman Mr. Clive Palmer and director Mr. Geoffrey Smith with immediate
effect. As announced earlier today the Company has entered into merger
negotiations with Resource Development International Ltd ("RDI"), an unlisted
company controlled by Mr Palmer. In order to avoid any conflicts of interest
both Mr Palmer, as a significant shareholder of RDI, and Mr Smith, as a full
time employee of Mineralogy, a company controlled by Mr Palmer, have resigned
from GPNL while the Company deliberates on the merger proposal with RDI.
Mr Downie said, "It is in the interests of good corporate governance that
both Mr Palmer and Mr Smith have resigned at a time when merger discussions
with RDI are in progress. The Board is now comprised of a majority of
directors who are not connected to RDI which would not have been the case had
Mr Palmer and Mr Smith remained as Directors of GPNL."
Mr James Henderson, a director of the Company since 2005, will become the
new Chairman and he has the unanimous support of the Board.
"Mr. Palmer is a major shareholder of GPNL and is continuing to work with
China Metallurgical (Group) Corporation ("MCC"), to deliver a fully funded
turnkey construction contract, as announced on 29 July 2008, and to advancing
the Gladstone Nickel Project," Mr Henderson said.
For further information:
For further information: John Downie, Chief Executive Officer, Gladstone
Pacific Nickel, Tel: +61 (0) 7 3231 7100; Fiona Owen, Grant Thornton UK LLP,
Tel: +44 207 383 5100; Simon Rothschild, Bankside Consultants, Tel: +44 207