Share Name Share Symbol Market Type Share ISIN Share Description
Gladstone Pac LSE:GPN London Ordinary Share AU0000XINAC5 ORD SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 14.50p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Metals 0.4 -1.3 -1.6 - 10.29

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Date Time Title Posts
12/7/201108:02Gladstone P Ni= 10% of world Ni supply capability?260
14/5/200620:13Gladstone Pacific Nikel - A potential monster play in Oz122

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Gladstone Pac Daily Update: Gladstone Pac is listed in the Industrial Metals sector of the London Stock Exchange with ticker GPN. The last closing price for Gladstone Pac was 14.50p.
Gladstone Pac has a 4 week average price of - and a 12 week average price of -.
The 1 year high share price is - while the 1 year low share price is currently -.
There are currently 70,935,699 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Gladstone Pac is £10,285,676.36.
smiler 0: GLADSTONE PACIFIC NICKEL LTD ACN (104 261 887) ('GPNL'' or 'the Company') Resource Development International Limited to acquire Gladstone Pacific Nickel Limited RDI to acquire GPNL by scheme of arrangement for scrip consideration of £2.20 for each GPNL share, based on RDI's IPO share price. The proposed acquisition is conditional on RDI listing on the HKSE or the ASX and raising a minimum of A$1 billion in cash. Details of the timing of the proposed acquisition and the listing of RDI have yet to be determined, however, it is proposed that the acquisition and the listing would be completed by late 2008. If the GPNL scheme is approved, GPNL will become a 100% owned subsidiary of RDI. The assets of GPNL would form part of RDI's asset base. Scheme Implementation Agreement Further to its announcement on 30 July 2008 regarding the receipt of a proposal for a merger, Gladstone Pacific Nickel Limited ('GPNL' or the 'Company') (AIM:GPN) announces that the non-associated Directors of the Board have unanimously approved the entry into a Scheme Implementation Agreement (SIA) with Resource Development International Limited ('RDI'). The SIA signed today, 8 August 2008, provides for GPNL to propose a scheme of arrangement (the GPNL Scheme) under which RDI will acquire all of the shares in GPNL for scrip consideration of £2.20 for each GPNL share based on RDI's IPO share price. The value of GPNL shares on the AIM at market close, 7 August 2008 was £0.70. In addition to GPNL Shareholder and Court approval, the GPNL Scheme will be dependent on certain conditions including: 1. approvals for RDI to list and have its shares quoted on the Hong Kong Stock Exchange ('HKSE') and/or Australian Securities Exchange ('ASX') being obtained on or before 31 March 2009 and a cash raising of at least US$1 billion; and 2. GPNL receiving a satisfactory independent expert's report. RDI may terminate the SIA if GPNL decides to pursue a competing proposal. Either party may terminate the SIA if the GPNL Scheme is not effective before 31 March 2009. It is expected that the GPNL Scheme will satisfy the requirements for scrip for scrip roll-over relief from Australian capital gains tax ('CGT') under Subdivision 124-M. Following the GPNL Scheme, RDI will own 100% of GPNL. The GPNL Scheme participants will include all GPNL shareholders in Australia and any other jurisdiction in which RDI shares may be issued without unduly onerous regulatory requirements. Other foreign shareholders will have their allocation of RDI shares sold as soon as practicable and the proceeds (less brokerage, duty, taxes, expenses and other charges) paid to them. If required by the HKSE and/or the ASX to obtain approval to list, the provision of RDI shares to GPNL Shareholders will be conditional upon them first agreeing to any restrictions on the RDI Shares (and executing any required documents). RDI must use its reasonable endeavours to investigate the possible establishment of a share sale facility by which GPNL Shareholders who would receive less than A$5,000 worth of RDI shares under the GPNL Scheme can elect to sell the RDI shares they receive as soon as practicable after the GPNL Scheme is effected, without brokerage being payable. RDI must also make an offer to GPNL option holders for their GPNL options to be transferred or cancelled in consideration for either RDI options on equivalent terms or a cash amount based on the value of the consideration provided to GPNL shareholders and the terms of the options. RDI RDI is a company which has recently been formed to acquire substantial iron ore, nickel, exploration and energy interests, including rights to extract 20 billion tonnes of iron ore from the Balmoral tenements held by Mineralogy Pty Ltd. RDI has appointed Macquarie Bank and UBS to manage a proposed US$5 billion IPO and listing on the HKSE, which is being planned by RDI for late 2008. RDI is currently controlled by Mr Clive Palmer. Mr Palmer holds 13.95% of the shares in GPNL. Effect on EGM to be held on 14 August 2008 On 22 July 2008, GPNL gave notice of an Extraordinary General Meeting ('EGM') to be held on 14 August 2008. Resolution 3 in the Notice of Meeting sent to shareholders on 22nd July 2008 was referred to in the announcement of the EGM as follows: 'Shareholder approval is being sought for the introduction of an alternative event to trigger Mr Palmer's entitlement to a 25% interest in Marlborough Nickel Pty Ltd ('MPNL'). This possible future event being the making of an unconditional takeover bid or the completion of a takeover via a scheme of arrangement, by Resource Development International Limited, a Company associated with Mr Palmer and Mr Martino, at a minimum price of £2.20.' The proposed alternative milestone for Mr Palmer's company, Dasines Pty Ltd ('Dasines'), to convert its converting shares in Marlborough Nickel Pty Ltd ('MNPL') to ordinary shares is contained in Resolution 3 of the Notice of Meeting. The milestone, for a scheme of arrangement, has the following conditions: Approval by a meeting of GPNL shareholders and by a court of competent jurisdiction under section 411(6) of the Corporations Act, of a scheme under which RDI will acquire all of the issued Shares in GPNL in which it does not already have a relevant interest in exchange for shares in RDI, at a value equal to or exceeding £2.20 per GPNL share (which will be calculated according to a formula which values the RDI shares at their cash issue price under its intended IPO prospectus, converted to UK pounds sterling at the then prevailing exchange rate); and RDI raises at least US$1 billion in cash and RDI's shares are quoted on the Hong Kong Stock Exchange (or such other recognised stock exchange of a size and liquidity acceptable to GPNL); and The scheme is approved by a court of competent jurisdiction on or before 31 December 2008 or, at the absolute discretion of GPNL, a date no later than 90 days after 31 December 2008. If shareholders approve Resolution 3 and the GPNL Scheme meets all of the above conditions, Mr Palmer would be entitled to convert the convertible shares in MNPL held by Dasines into ordinary shares in MNPL. This would in turn result in the completion of the acquisition of Dasines by GPNL, subject to that transaction being approved by shareholders at the EGM by the approval of resolution 2. Full details of these transactions are contained in the Notice of Meeting and Explanatory Memorandum sent to shareholders. The GPNL shares issued to Mr Palmer would then participate in the GPNL Scheme and be acquired by RDI, if the GPNL Scheme is approved. Shareholders should consider this information when deciding how to vote on Resolution 3 and also refer to the information in section 3 of the Explanatory Memorandum. Shareholders should also note that, even though RDI has made this proposal, there is no certainty that the GPNL Scheme will be approved or that a control transaction will occur. Review of GPNL Scheme GPNL intends to appoint an Independent Expert to advise on whether the GPNL Scheme is in the best interests of all GPNL Shareholders. A copy of the Independent Expert's Report will be included in the GPNL Scheme Booklet which will be sent to shareholders before the meeting to approve the GPNL Scheme. The SIA requires RDI to provide assistance to GPNL to carry out due diligence on RDI which GPNL will now commence. The non-associated directors committee formed to review the SIA, comprising Mr John Downie, Mr Benjamin Hill and Mr James Henderson, have considered the advantages and disadvantages of the RDI proposal. In the absence of a superior proposal and subject to the results of the due diligence and Independent Expert's Report, the committee unanimously recommend that the GPNL shareholders vote in favour of the GPNL Scheme. Reasons for this include: The offer under the GPNL Scheme provides a substantial premium over the market price of GPNL shares. The offer is 3.14 times the AIM closing price of GPNL shares on 7 August 2008. The GPNL Scheme will remove the single asset risk and corporate structure which may have adversely impacted the share price of GPNL and its ability to grow and develop as a company. The GPNL Scheme will provide GPNL shareholders with exposure to a broader portfolio of assets with upside potential from other projects of RDI. Shareholders will maintain their exposure to the Marlborough Nickel Project. RDI will be more likely to offer increased diversity, scale and market liquidity. Next steps GPNL will now appoint an Independent Expert and commence preparation of the Scheme Booklet. GPNL will also conduct due diligence on RDI and include relevant information from that due diligence in the Scheme Booklet. Once approved by the Court, the Scheme Booklet will be dispatched to GPNL shareholders. The GPNL Scheme will then require the approval of GPNL Shareholders and the Court, together with satisfaction of other conditions customary for a transaction of this nature. These conditions are included in the SIA, a summary of which is attached as Annexure A to this announcement. Cancellation of GPNL's listing on AIM Should the implementation of the GPNL Scheme be successful, GPNL will become a 100% owned subsidiary of RDI and it is the intention of the board of RDI that they will cancel the admission of GPNL's securities to AIM on the GPNL Scheme implementation date, expected at this stage to be during December 2008. Further information This announcement is available on GPNL's website Lets Hope GCM GET A MOVE ON KP !!
spectoacc: I thought that at first too, but: "* The Proposal places a notional price of 2.20 on each GPNL share. The Proposal provides that the consideration to be offered to GPNL shareholders will consist of RDI shares, with the number of RDI shares to be issued for each GPNL share to be determined by dividing the sum of 2.20 by the UK currency equivalent of the price of an RDI share offered under RDI's disclosure document for its proposed IPO. It is not known at this stage what percentage interest GPNL shareholders would hold in RDI as a result, but it is likely to be a minority interest" So if the IPO isn't at £2.20 (say it's at a quid a share), GPN holders still get a number of shares that make it equiv to £2.20 per GPN share (ie if it's a quid: then 2.2 shares not 1 share)? Unless I'm interpreting it wrongly - which I might be. Plus the IPO has yet to be finalised of course - "late 2008".
spectoacc: SIGNIFICANT PROPOSAL RECEIVED To enter into discussions regarding a merger GPNL has received a proposal to enter into discussions regarding a merger with Resource Development International Ltd ("RDI"), an unlisted company controlled by GPNL's chairman, Clive Palmer (the "Proposal"). Under the Proposal, GPNL shareholders would exchange their shares in GPNL for shares in RDI valued at 2.20 per GPNL share, based on RDI's IPO share price. The Proposal envisages that the merger would be implemented by way of a scheme of arrangement under the Corporations Act which would, amongst other things, require GPNL shareholder approval.
deejay007: Share price looks a bit sick...? anyone close to the comapny know how the agreement is progressing with MCC ? DJ
aerotus: TMC is doing rather well actually. Share price is a lot stabler now and if all goes well, a steady solid climb should ensue. GCM is incredibly high risk / high reward (more high risk than reward lol). But MDX, that will be stock of 2008. Keep an eye on it, it's my biggest holding by a long way :)
smiler 0: Gladstone Pacific Nickel Limited 11 December 2007 GLADSTONE PACIFIC NICKEL LIMITED (ACN 104 261 887) BOARD RESTRUCTURE TO MAKE WAY FOR PROJECT CONSTRUCTION Highlights •Board restructured through the appointment of four new directors and the resignation of four directors. •Mining Entrepreneur Professor Clive Palmer acquires 14.8% of the Company. •Founding Directors sell substantial holdings to Professor Clive Palmer and to Transocean Securities Pty Ltd or its nominees. •Shareholding purchased at approximately £1.65 per Ordinary Share (approximately 45% above the current market price). Gladstone Pacific Nickel Limited ('GPN' or 'the Company') is pleased to announce the restructure of its Board for the next stage of the company's development with the appointment of four new non executive directors and the resignation of four founding directors. This restructure follows the acquisition by Professor Clive Palmer of a 14.8% shareholding in the Company and the acquisition of a 6.1% shareholding in the Company by Transocean Securities Pty Ltd ('Transocean') or its nominees. Professor Palmer and Transocean paid £1.65 per Ordinary share, which is approximately 45% above the Company's closing share price on Friday 7 December 2007. Professor Palmer stated, 'I believe the share price of the company does not reflect the true value of the Company's Project and the potential profits which can be made from its development'. Board restructure The non-executive Chairman Robert Pearce and directors Peter Matheson, Andrew Daley and Peter Watson have resigned from the Board. Professor Clive Palmer, Mr Domenic Martino, Mr Benjamin Hill, and Mr Geoffrey Smith have been appointed in a non-executive capacity to join current Directors James Henderson and Managing Director, John Downie, on the GPN Board. Professor Clive Palmer, aged 53, has also been appointed non-executive Chairman of the Board. He is recognised as one of Australia's' wealthiest citizens. The Australian publication Business Review Weekly ('BRW') ranked Professor Palmer as 32nd in its Rich 200 list in 2007 with a personal wealth of over A$1 billion. He was the fastest new entrant to the BRW Rich 200 for 2007. Professor Palmer, has over 25 years experience in the Australian resource industry, and is Chairman of Mineralogy Pty Ltd. ('Mineralogy'), a private Australian Company that has successfully concluded major transactions with a number of companies including the Chinese Government owned CITIC Pacific Limited (HK Listed), Australasian Resources Limited (ASX Listed) and a Memorandum of Understanding with Fortescue Metals Limited (ASX Listed). Mineralogy holds one of the world's major iron ore deposits in the Pilbara region of Western Australia. CITIC Pacific Limited has commenced the development of a A$4 billion project, funded by Chinese Government owned Banks, to export 24 million tonnes of iron ore annually from Western Australia. The Board believes Professor Palmer's success with major projects will facilitate the fast track development of the Company's major project. Domenic Martino, aged 51, is the Chairman of Australasian Resources Limited ('ARH'), an ASX listed Australian resource company. Under Mr Martino's Chairmanship the market capitalisation of ARH has increased from approximately A$30 million to over A$1 billion today. Mr Martino brings his successful record at ARH to the Board of the Company. He is active in the Australian resource industry and is or has been a Director of a number of Australian public companies. Mr Martino was Chief Executive Officer of Deloittes Touche Tohmatsu Australia for two years and was a partner with Deloitte Touche Tohmatsu and its predecessor firms from 1981 to 2003. He has a wealth of experience in mergers and acquisitions, initial public offerings and identifying and developing strategic opportunities. Benjamin Hill, aged 32, is a qualified Lawyer having graduated in Law with Honours in 1997. He has been employed by RAB Capital Plc since its IPO in 2004 and works with Philip Richards on the RAB Special Situations (Master) Fund Limited, an absolute return fund that has approximately US$2.2 Billion under management. The Special Situations Fund is GPN's largest Shareholder, holding approximately 41% of the Company. Geoffrey Stephan Smith, aged 52, has 28 years experience as a lawyer and a senior partner in the prominent Queensland legal firm, Bell Legal Group. Mr Smith has extensive experience in commercial litigation, intellectual property and corporate work throughout his long career and has been a registered arbitrator for over ten years. He is also on the board of a number of community organisations in Gold Coast City including the Gold Coast Titans Community Foundation. Mr Smith retired as a principal of his legal practice to take up his appointment as Managing Director Legal in Mineralogy Pty Ltd. Mr Martino stated: 'Gladstone Pacific Nickel Ltd has the potential to become a significant Nickel Producer. The Gladstone Nickel Project has made significant progress on the necessary approvals and has a secure nickel ore supply to ensure it can become a world class producer. I believe with the addition of Clive Palmer and his personal commitment to GPN, the Company is now poised to make the Project a reality.' Transocean Securities Pty Ltd ('Transocean') acted as the Corporate Advisors to Gladstone and introduced Mr Palmer to the company.Transocean an Australian based investment banking group is a company associated with Mr J. G. Henderson a Non Executive Director of Gladstone..
daviddunne82: I think that this is a squeezy stock but the next level that i think will be tested is the 240 - this is double the IPO and fairly logical However, long term i htink that there is a fantastic story here. The fact that there are proven and probable reserves provides a very solid foundation for the company, regardless of the short term share price. The announcement of the DFS will be key, following which i expect the company to arrange some project financing with a couple of big boys securing the rest, or by taking taking a chuck of the equity - aka impala in APP. I think the end result for GPN could be that of APP!
dunnie: Gladstone Pac.Nickel Interim Results RNS Number:7329Z Gladstone Pacific Nickel Limited 14 March 2006 news release For immediate release: 14 March 2006 GLADSTONE PACIFIC NICKEL LIMITED (THE "COMPANY") INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2005 HIGHLIGHTS *Initial drill program completed: resource base at Marlborough increased by 22% to 125 Million dry tonnes of a similar grade *Beneficiation testwork on HPAL feed material indicates an average upgrade of 28% at a 64% mass recovery (ie. 81% of the Ni is recovered into 64% of the mass), thus enhancing autoclave feed grades significantly *Marlborough beneficiation and HPAL testwork increases potential production to over 40,000 tonnes per annum ("tpa") from 2 autoclaves: directors considering upgrading the Pre-feasibility Study to expand the refinery to 4 autoclaves with increased production coming from off-shore ore to a Definitive Feasibility Study. *Preferred pipeline route refined: progress on environmental impact statement *Letter of Intent signed to acquire substantial ore supply from a new mine in New Caledonia, moving to a formal Heads of Agreement in the near future. Company is also in discussions with a major Indonesian mining company to access ore in Indonesia *Definitive Feasibility Study for the >40,000 tpa case is on course for completion in the 3rd quarter 2006 *Heads of Agreement reached on right to mine adjacent mining area for nickel and cobalt and new areas at Marlborough identified Robert Pearce, Executive Chairman of Gladstone, commented: "Very significant progress has been made over the past six months on all fronts: the results from our drilling program have substantially increased the resource base, with further exploration drilling likely to confirm yet more resources in due course. The ore importation program has been initiated and has already met with positive results, whilst the HPAL pilot plant and beneficiation testwork, environmental and engineering studies are very much on course. I believe that this progress has taken much of the risk out of the project." Enquiries to: Robert Pearce Executive Chairman Tel: 00 (44) 7854 141 366 Louis Castro Tel: 00 (44) 20 7190 7000 Insinger de Beaufort Simon Rothschild Bankside Consultants Ltd. Tel: 00 (44) 20 7367 8871 DIRECTORS' REPORT Marlborough Drill Results In 2005, an initial drilling program of 26,726 metres was completed and preliminary geological modelling and re-evaluation of the resource has been conducted. Based on the work carried out by our resource and mining consultants (IMC Consultants) the Project resource base has increased from 96 million dry tonnes (Mdt) grading 0.79% Nickel (Ni) and 0.05% Cobalt (Co), as indicated in the Prospectus, to 125 Mdt grading 0.80% Ni and 0.05% Co on a similar cut-off basis. This represents a 22% increase in the total resource from that indicated at the time of listing in March 2005. This increase has been achieved on only the four principal deposits identified in the Prospectus. In addition, other new areas containing lateritic ores have been identified and the directors are confident that these will add to the resource base. Furthermore, a Heads of Agreement has been reached on the right to mine an adjacent area for nickel and cobalt which the directors believe contains an exploration target of approximately 10Mdt of ore at similar grades. Negotiations are progressing on a number of other adjacent mining leases. Metallurgical Testwork Results Beneficiation and High Pressure Acid Leach ("HPAL") piloting testwork has been conducted at the HPAL pilot facility of SGS Lakefield Oretest in Perth, Australia. The beneficiation results are very positive and indicate a mass recovery for HPAL feed of 63.7% with an upgrade of 128% for nickel and 130% for cobalt. In conjunction with the increase in the Marlborough resource base, these results indicate substantial increased metal supply potential from the Marlborough deposits for processing at the Gladstone refinery. The HPAL test work provides the basis for engineering designs. Results are encouraging as follows: * The use of saline process water (rather than fresh water) demonstrates significantly increased reaction kinetics and ultimate metal extractions of 97% nickel and 95% cobalt. * 50 minutes residence time in the HPAL circuit as opposed to 75 minutes which was assumed in the Prospectus. The impact of this reduction allows an increase in design autoclave throughput from 2 to 3 Mdt/y, resulting in a significant positive impact on metal production and Project cash flows. * A significant proportion of Marlborough feed is ideal for the neutralisation of acid and reduces the Project's reliance on limestone for neutralisation purposes, with 55% recovery of nickel and cobalt being achieved in this process. Further investigations are currently underway to improve the economics of the Project by increasing the recoveries in this part of the circuit. Environment and Community Environmental approvals are progressing well with the Initial Advice Statement issued by the Queensland State Government seeking licensing for a four autoclave plant, importation of ore and the use of saline water. The Draft Terms of Reference were issued by the State Government and subsequent public agency and community meetings to review the Draft Terms of Reference have been held. Final Terms of Reference are due to be released before the end of March 2006. Environmental base-line studies have commenced and active engagement of the community is progressing with release of a community newsletter. Public release of the Draft Environmental Impact Statement is expected in late July. The Company continues to enjoy a good working relationship with the Traditional Owners. Engineering, Infrastructure and Land The Aka Kvaerner engineering team has commenced evaluation of metallurgical test results and plant design. Key equipment packages have been identified for early market pricing to avoid delays due to vendor capacity issues. Preliminary plant layout at the Yarwun site is complete for all stages of the Project. Flowsheet changes have been identified, on the basis of metallurgical test work, to improve plant output and operability. The preferred pipeline route has been refined after discussions with relevant landowners and a walk-over has been conducted by flora/fauna/soil specialists. Technical assessment of the beneficiated slurry rheology has been completed and engineering design of the pipeline is progressing. Negotiations are close to completion with the Queensland State Government on corridor access, land acquisition at Yarwun for the refinery site and Aldoga for the residue storage facility. The Central Queensland Port Authority has conducted public meetings on the Environmental Terms of Reference for the Wiggins Island Coal Terminal as part of their overall plan for this facility. As with our Project, the Coordinator-General of Queensland has conferred Significant Project Status on the Terminal as well. Nickel Market Nickel price outlook remains strong off the back of solid growth in stainless steel demand (particularly in China) and continuing low stock availability. Monthly LME forward nickel prices demonstrate this medium term strength, with "27 month forward prices per tonne" increasing from approximately US$11,500 and US$12,500 in January 2004 and January 2005 respectively to approximately US$13,500 in January 2006. Off-shore Ore Supply The Company has recently signed a Letter of Intent to acquire substantial ore supply from a new mine in New Caledonia and is moving to a formal Heads of Agreement in the near future. GPNL is also in discussions with a major Indonesian mining company to access ore in Indonesia. An international tender for sourcing ore on the Solomon Islands is expected in the next three months. Capital and Operating Cost Outlook As you will see from the significant progress outlined above, we are now expecting nickel production, from the Marlborough deposits alone, to exceed 40,000 tonnes per annum. As has happened with all other major projects worldwide labour shortages and material cost increases are impacting our Project's capital cost estimates. In addition, the increase in production capacity of the HPAL circuit is necessitating larger equipment sizing to handle the additional metal scheduled for production. Although final cost estimates are still being developed, we believe that our capital cost per annual pound of nickel production will still be more competitive than other new nickel projects. The increased production of the Project, coupled with the improved outlook on medium and longer-term nickel prices, should more than compensate for the additional capital expenditure. For similar reasons, our projected cash operating costs per pound of nickel will also rise. We believe only a marginal increase will occur due to the benefit of significant additional output. Project Schedule The Definitive Feasibility Study (DFS) is still scheduled for completion in the 3rd quarter of 2006. Due to continued strong medium to long-term demand for nickel, our increased production capability, acceleration of the Wiggins Island Coal Terminal and early success of sourcing off-shore ore, we are seriously considering starting the DFS for the next stage of Project development (4 autoclaves) in the next few months. As outlined in the Prospectus, the Company intends to invite one or more of major resource or industry related companies to acquire the Company outright or to joint venture into it as a major participant and operator. Discussions with interested parties will begin when the DFS is nearing completion, if not before. Financial Position The Consolidated Group incurred an after tax loss of A$47,162 for the half year ending 31st December 2005, after receiving interest of A$663,718. Capitalised and deferred exploration and evaluation costs for the period amounted to A$6,101,239 and as at 31st December 2005 the Group held total cash reserves of A$20,571,424 (#8,716,705 at the exchange rate of #1: A$2.36 on 31.12.05). Project Team The Project has progressed significantly in the last nine months as a consequence of the recruitment of an experienced and competent owner's team. The team has significant experience in the minerals industry with particularly strong credentials in the nickel sector, and is complemented by major consulting companies with extensive nickel and resource industry backgrounds. This combination provides a solid platform for the growth of the Company. Share Option Plan The Board has today approved the grant of 180,000 share options to certain employees and consultants in accordance with the Senior Manager Share Option Plan. These options are exercisable between 1st January 2007 and 31st December 2007 (or otherwise as required by the Plan rules) at 110% of the past thirty days' average weighted share price. Post Balance Date Event Since the end of the financial period the group has divested a strategic interest in Weda Bay Minerals Inc., a company listed on the Toronto Stock Exchange, with proceeds of A$5,694,017. International Accounting Standards This is the first general purpose half year report to be prepared in accordance with Australian Equivalents to International Financial Reporting Standards (AIFRS). AASB 1 "First Time Adoption of Australian Equivalents to International Financial Reporting Standards" has been applied in preparing these financial statements. The Company's financial statements until 30th June 2005 have been prepared in accordance with Australian Generally Accepted Accounting Principals (AGAAP) which differs in certain respects from International Financial Reporting Standards (IFRS). A reconciliation and description of the effect of transition from AGAAP to AIFRS has been provided in the notes. Audit Opinion The general purpose half year report has not been audited for the period ending 31st December 2005. Statement of Financial Performance ---------------------- -------- -------------- -------------- For the six months ending the 31ST Notes Consolidated Consolidated DECEMBER 2005 Dec 2005 Dec 2004 $A $A -------- -------------- -------------- REVENUES FROM ORDINARY ACTIVITIES 663,718 41,795 -------------- -------------- Borrowing costs expense - (320,247) Foreign Exchange Loss (4,772) - Directors' fees (146,965) - Professional fees (39,752) (9,082) Travel & accommodation (100,789) (51,240) Wages & on costs (91,864) (25,475) Communication costs (26,983) (5,766) Public relations & ongoing listing fees (119,228) (23,957) Tenement administration costs - (9,579) Other (157,907) (5,166) Depreciation (22,620) - -------------- -------------- EXPENSES FROM ORDINARY ACTIVITIES (710,880) (450,512) -------------- -------------- LOSS FROM ORDINARY ACTIVITIES BEFORE INCOME TAX EXPENSE (47,162) (408,717) -------------- -------------- INCOME TAX (EXPENSE) / BENEFIT RELATING - - TO ORDINARY ACTIVITIES -------------- -------------- LOSS FROM ORDINARY ACTIVITIES AFTER INCOME TAX EXPENSE (47,162) (408,717) ============== ============== Basic earnings/ (loss) per share ($ per share) 8 (0.001570) (0.04489) Diluted earnings/ (loss) per share ($ per share) 8 (0.001570) (0.04489) Statement of Financial Position AS AT 31ST DECEMBER 2005 NOTES Consolidated Consolidated Consolidated Dec 2005 June 2005 Dec 2004 $A $A $A ------- ------------ ------------ ------------ CURRENT ASSETS Cash assets 20,571,424 27,193,193 1,199,911 Receivables 371,618 182,010 37,923 Other current assets 250,426 54,851 302,118 Other financial assets 3,203,282 1,075,268 - ------------ ------------ ------------ TOTAL CURRENT ASSETS 24,396,750 28,505,322 1,539,952 ------------ ------------ ------------ NON-CURRENT ASSETS Equipment 84,529 89,471 20,664 Deferred evaluation & exploration costs 16,081,156 9,979,917 8,748,154 Receivables - 100,063 - ------------ ------------ ------------ TOTAL NON-CURRENT ASSETS 16,165,685 10,169,451 8,768,818 ------------ ------------ ------------ TOTAL ASSETS 40,562,435 38,674,773 10,308,770 ------------ ------------ ------------ CURRENT LIABILITIES Payables 1,522,394 1,362,312 622,126 Interest bearing liabilities - - 2,484,473 Provisions 19,876 7,937 4,770 ------------ ------------ ------------ TOTAL CURRENT LIABILITIES 1,542,270 1,370,249 3,111,369 ------------ ------------ ------------ NON-CURRENT LIABILITIES Payables 897,489 912,343 979,267 Provisions 6,261 5,000 3,129 ------------ ------------ ------------ TOTAL NON-CURRENT LIABILITIES 903,750 917,343 982,396 ------------ ------------ ------------ TOTAL LIABILITIES 2,446,020 2,287,592 4,093,765 ------------ ------------ ------------ NET ASSETS / (LIABILITIES) 38,116,415 36,387,181 6,215,005 ============ ============ ============ EQUITY Contributed equity 2 39,350,738 37,574,342 7,188,268 Contributed equity Accumulated losses 3 (1,234,323) (1,187,161) (973,263) ------------ ------------ ------------ TOTAL EQUITY / (DEFICIENCY) 38,116,415 36,387,181 6,215,005 ============ ============ ============ Statement of Cash Flows ------------------------- ------- ------------- ------------- For the six months ending the 31ST Notes Consolidated Consolidated DECEMBER 2005 Dec 2005 Dec 2004 $A $A ------- ------------- ------------- CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers - - Payments to suppliers and employees (865,867) (983,024) Payments for exploration and evaluation (5,941,159) (327,282) Interest received 549,569 2,068 ------------- ------------- NET CASH FLOWS USED IN OPERATING ACTIVITIES 4 (6,257,457) (1,308,238) ------------- ------------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equipment (17,677) (20,664) Purchase of investments (370,310) - Sale of investments 23,675 - ------------- ------------- NET CASH FLOWS USED FROM INVESTING ACTIVITIES (364,312) (20,664) ------------- ------------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of ordinary shares - 7,213,957 Cost of raising funds - (26,789) (Repayment) / proceeds of borrowings - (4,717,921) ------------- ------------- NET CASH FLOWS FROM FINANCING ACTIVITIES - 2,469,247 ------------- ------------- NET (DECREASE)/INCREASE IN CASH HELD (6,621,769) 1,140,345 Opening cash brought forward 27,193,193 59,566 ------------- ------------- CLOSING CASH CARRIED FORWARD 20,571,424 1,199,911 ============= ============= 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation of the half year financial report It is recommended that this financial report be read in conjunction with the annual report for the year ended 30th June 2005. The half year report does not include full disclosures of the type normally included in an annual financial report. (b) Basis of accounting The financial statements are general purpose financial statements, which have been prepared in accordance with Accounting Standards, AASB 134 "Interim Financial Reporting". In preparing the half year financial report, management has amended previous AGAAP financial statements to comply with AIFRS. The half year financial report has been prepared on an historical cost basis, except for "available for sale" financial assets that have been measured at fair value. For the purpose of preparing the half year financial report, the half year has been treated as a discrete reporting period. (c) Changes in accounting policies The company has moved from Australian Accounting Standards (AGAAP) to Australian Equivalents of International Reporting Standards (AIFRS) in the half year ended 31st December 2005. ------------- ------------- Consolidated Consolidated Dec 2005 Dec 2004 $A $A ------------- ------------- 2. CONTRIBUTED EQUITY (a) (i) Issued and paid up capital 37,287,644 7,188,268 30,042,293 ordinary shares fully paid as at 31st December 2005 Total issued and paid up Capital 37,287,644 7,188,268 (a) (ii) Other Reserves Income recognised direct to equity 2,063,094 Total Other Reserves 2,063,094 ------------- ------------- TOTAL CONTRIBUTED EQUITY 39,350,738 7,188,268 ============= ============= (b) Options Number of Options Issued & Exercised during the year - Issued & still outstanding at period end @ #1.20 300,423 Issued & still outstanding at period end @ A$2.32 150,000 Issued & still outstanding at period end @ A$2.45 100,000 Issued & still outstanding at period end @ A$2.86 700,000 ------------- Total issued and still outstanding at 31st December 2005 1,250,423 ============= (c) Movements in GPNL shares on issue $A Number of Shares Issued as at 30th June 2005 37,287,644 30,042,293 ------------- ------------- Issued as at 31st December 2005 37,287,644 30,042,293 ============= ============= ------------- ------------- Consolidated Consolidated Dec 2005 Dec 2004 $A $A ------------- ------------- 3. ACCUMULATED LOSSES Balance at the beginning of the year (1,187,161) (564,546) Net loss (47,162) (408,717) ------------- ------------- Balance at end of the period (1,234,323) (973,263) ============= ============= ------------- ------------- Consolidated Consolidated Dec 2005 Dec 2004 $A $A ------------- ------------- 4. CASH FLOW INFORMATION Reconciliation of the operating profit / (loss) after tax to the net cash flows from operations Operating loss after tax (47,162) (408,717) Non-cash items Provision for employee entitlements 13,198 (1,283) Depreciation 22,620 - Gain on Sale of Investment (4,980) - Foreign Exchange Gain - (39,727) Changes in assets and liabilities (Increase)/decrease in receivables (89,545) 107,428 (Increase)/decrease in prepayments (195,575) (301,083) (Increase)/decrease in deferred evaluation costs (6,101,240) (554,676) Increase/(decrease) in payables 145,227 (110,180) ------------- ------------- Net cash flow from (used in) operating activities (6,257,457) (1,308,238) ============= ============= Reconciliation of cash Cash balance comprises: - cash at bank & on short term deposit 20,571,424 1,199,911 ------------- ------------- Closing cash balance 20,571,424 1,199,911 ============= ============= 5. RELATED PARTY DISCLOSURES Director related entity transactions During the period ended, there were various transactions between GPNL and director related entities. Apart from their non-executive directors fee of $16,500 each, P.J. Watson's legal firm, Watson Law, has been paid the sum of $68,075 for legal advice, and Investor Resources Ltd (a related company of A.E. Daley) has been paid the amount of $16,920 for general advice. All amounts were based on normal commercial terms. 6. PROVISIONS Restoration and rehabilitation All of the GPNL Group's exploration and mining areas are subject to restoration and rehabilitation requirements in accordance with the conditions of the licences issued by the relevant authorities. No amount has been provided for in the accounts to meet future restoration and rehabilitation obligations as the amount is not material. The appropriate Queensland Government Departments hold bank guarantees to cover GPNL's current obligations. 7. IMPACT OF ADOPTING AASB EQUIVALENTS TO AIFRS STANDARDS The company has moved form Australian Accounting Standards (AGAAP) to Australian Equivalents of International Financial reporting (AIFRS) in the half year ended 31st December 2005. Set out below are the key areas where accounting policies have changed on adoption of AIFRS and the quantitative impact of the changes on total equity and net profit / (loss): a) Reconciliation of Equity as presented under AGAAP to that under AIFRS Consolidated Consolidated Consolidated June 05 Dec 04 1st July 04 $A $A $A Total Equity under AGAAP 37,287,644 7,188,268 1,100 Changes in Valuation of Asset * 286,698 Total Equity under AIFRS 37,574,342 7,188,268 1,100 * Financial Assets that are classified as "available for sale" under AASB 139 "Financial Instruments: Recognition and Measurement" are carried at fair value. They were carried at cost under AGAAP. b)Reconciliation of Profit after tax as presented under AGAAP to that under AIFRS. Consolidated Consolidated June 05 Dec 04 $A $A Total profit / (loss) after tax under AGAAP (622,614) (408,717) Total profit / (loss) after tax under AIFRS (622,614) (408,717) -------------- ------------- Consolidated Consolidated Dec 2005 Dec 2004 ($A) $A -------------- ------------- 8. EARNINGS PER SHARE The following reflects the income and share data used in the calculation of basic and diluted earnings per share Net gain / (loss) (47,162) (408,717) -------------- ------------- Earnings used in calculation of diluted earnings per share (47,162) (408,717) ============== ============= Weighted average number of ordinary shares on issue used in the calculation of basic and diluted EPS 30,042,293 9,104,110 -------------- ------------- Basic and diluted earnings / (loss) $ per share (0.00157) (0.04489) ============== ============= 9. EVENTS AFTER BALANCE DATE During January 2006 and February 2006, the company sold 2,500,000 shares in Weda Bay Minerals Inc., a company listed on the Toronto Stock Exchange. The profit on the sale of this investment will be $4,553,049. The financial effect of this event has not been recognised as at 31st December 2005. This information is provided by RNS The company news service from the London Stock Exchange END IR VXLFFQXBBBBZ By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions :: Contact Us :: Affiliate Scheme Copyright©1999-2006 ADVFN PLC. Copyright and limited reproduction :: Privacy Policy :: Investment Warning :: Advertise with us :: Data accreditations :: Investor Relations 38 site:2 gb 11059e7630032a advfnpgsiwiga stocks :: 14/03/2006 08:07:55 :: 22.8886 (22.8225 ~99.7) :: 0.0599 ~0.3 - 1 - 0 - 1 - 0 :: 0.0000 ~0.0 - 0 - 0 Stock Message Boards : 2001 | 2002 | 2003 | 2004
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