Palmer makes offer for GPNL

GLADSTONE Pacific Nickel Limited (GPNL) may face a friendly takeover before it even begins.

GPNL announced on Friday that it has received a letter from Queensland Nickel Resources (QNR) advising that it will make an unconditional cash offer for all the ordinary shares in GPNL it does not already own.

QNR is a wholly owned subsidiary of Queensland’s richest man Clive Palmer and it owns 50.04 per cent of the ordinary shares of the company.

GPNL is planning to build the refinery at the deepwater port of Gladstone, treating 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 nickel refineries in the world.

Under the terms of the unconditional cash offer, shareholders will receive £0.14 per ordinary share which values the entire issued and paid up capital of the company at £9,930,998.

An independent board committee will be established in order to evaluate the offer from QNR.

Mr Palmer said “the purpose of the takeover of GPNL was to effect the delisting of all remaining GPNL shares from the alternative investment market of the London Stock Exchange and returning the company to a private company status”.

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