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.


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