QNI Offer - GPNL receives Bidder's Statement

 

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:[phone] 
 
 Fiona Owen / Robert Beenstock - Grant Thornton Corporate Finance 
Tel:[phone] 
 
 Richard Johnson - Arbuthnot Securities 
 
Tel: [phone] 
 
Email: [e-mail] 
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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