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Gladstone Pacific Nickel Gets Unconditional Queensland Nickel Offer
Aug 13, 2010 10:15CST
Source:SMM

LONDON, Aug. 13 -- Gladstone Pacific Nickel Limited (GPN.LN) said Thursday it has received a letter from Queensland Nickel Resources Pty Ltd advising that it will make an unconditional cash offer for all the ordinary shares in GPNL it does not already own.

MAIN FACTS:

-The Board recommends that shareholders take no action in relation to the offer until such time as a bidder's statement and a target statement have been prepared in accordance with Corporations Act 2001 and have been sent to shareholders.

-Under the terms of the unconditional cash offer, shareholders will receive GBP0.14 per ordinary share which values the entire issued and paid up capital of the Company at GBP9,930,998.

-QNR is a wholly owned subsidiary of Clive Palmer and it owns 50.04% of the ordinary shares of the Company.

-QNR and Clive Palmer are considered related parties in accordance with the AIM rules.

-Shares at 1006 GMT up/down xxx pence, or xxx%, at xxx pence.

 

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