LNG SWOOPS ON WESTSIDE

Written on the 2 March 2012

LNG SWOOPS ON WESTSIDE

A WESTERN Australian liquefied natural gas company has made a $165.1 million takeover bid for a Brisbane ASX-listed coal-seam gas producer.

LNG Limited’s (ASX:LNG) predatory movements were first announced on February 13, but its identity was only revealed today by takeover target WestSide Corporation (ASX:WCL), which is led by CEO Julie Beeby (pictured).

“The (WCL) Board has subsequently determined that based on recent media articles the identity of the potential acquirer can no longer be considered confidential between WestSide, the unrelated party concerned and their respective advisers,” says WCL in a statement to the ASX.

“Accordingly, WestSide now advises that the indicative, conditional, non-binding and confidential proposal to acquire all of the shares in WestSide for cash consideration of $0.65 per WestSide share was received from LNG Limited.”

LNG’s indicative proposal involved financial backing from ‘reputable’ international parties, according to WCL. A confidentiality agreement and due diligence access has been arranged on a non-exclusive basis.

The WCL Board has asked investors to take no action, vowing to maximise value for shareholders and grant other parties due diligence access if in the ‘best interests’ of stockholders.

WCL reported a net loss of $9.3 million with revenue totalling $10 million in the 2011 financial year.

WCL shares today rose 2.2 per cent to 45 cents a unit.


Latest News

1700 BRISBANE APARTMENTS NOW MANAGED BY FORTUNE 500 COMPANY JLL

MULTINATIONAL and Fortune 500 company JLL (NYSE: JLL) has expanded its Australian dominance in the property managemen...

HARVEY NORMAN HITS OUT AT 'FALSE NEWS' OF ASIC INVESTIGATION

RETAIL giant Harvey Norman (ASX: HVN) has vehemently rejected reports its accounts are under investigation by ASIC, s...

RARE GOOD NEWS FOR SLATER AND GORDON AS ASIC CLOSES INVESTIGATION

ASIC has cleared Slater and Gordon of deliberately falsifying its accounts after a three-month investigation.

It s...

Q & A WITH FACEBOOK GURU ANDY MCKEON AS HE JOINS AUSTRALIAN SOFTWARE COMPANY LIVETILES

HE was creative director at Apple under the legendary Steve Jobs, and is now a senior Facebook executive. In his n...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter