QNI Offer - GPNL receives Bidder's Statement
September 06 2010 - 8:40AM
UK Regulatory
TIDMGPN
RNS Number : 2170S
Gladstone Pacific Nickel Limited
06 September 2010
6 September 2010
GLADSTONE PACIFIC NICKEL LIMITED
(ACN 104 261 887)
QNI Takeover Offer - GPNL receives Bidder's Statement
Gladstone Pacific Nickel Limited ("GPNL" or the "Company") announces today that
it has received a Bidder's Statement incorporating the cash offer from QNI
Resources Pty Ltd ("QNI") for all the ordinary shares in GPNL it does not
already own which was announced on 12 August 2010.
QNI is a wholly owned subsidiary of Mr Clive Palmer and owns 50.04% of the
ordinary shares of the Company. Both QNI and Mr Palmer are considered related
parties in accordance with the AIM rules for Companies.
QNI is offering GBP0.14 cash per ordinary share which values the entire issued
and paid up capital of the Company at GBP9,930,998. The Bidder's Statement as
supplied by QNI sets out the terms of the offer and other information about QNI
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 ("ASIC") in accordance with the
Corporations Act 2001 (Cth). The final version of the Bidder's Statement, which
will include open dates for acceptance of the offer, will be sent to
shareholders by QNI no earlier than 20 September 2010 and no later than 4
October 2010.
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 Bidder's Statement, as lodged with ASIC, which includes a letter from QNI's
Chairman Mr Palmer, is now available on the Company's website for the
information of shareholders.
The Company does not accept any responsibility for the information supplied by
QNI or Mr Palmer.
ENDS
For more information or comment
Julien McInally - Gladstone Pacific Nickel Ltd
Tel:+61(0)7 3231 7100
Fiona Owen / Robert Beenstock - Grant Thornton Corporate Finance
Tel:+44 20 7383 5100
Richard Johnson - Arbuthnot Securities
Tel: +44 20 7012 2000
Email: info@gladstonepacific.com.au
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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