Advises Shareholders to Take No Action Regarding Landbridge Offer
Brisbane, April 28, 2014 AEST (ABN Newswire) - Landbridge Energy Australia Pty Ltd (Landbridge), a wholly owned subsidiary of Landbridge Group Co., Ltd delivered a Bidder's Statement to WestSide Corporation Limited (
ASX:WCL) (WBRIF:OTCMKTS) following the close of the market on Thursday 24 April 2014. The Bidder's Statement contains a conditional $0.40 per share cash offer for all the shares in WestSide, compared to $0.36 per share in the previous conditional notice of intention to make a conditional takeover offer.
The Directors of WestSide will carefully consider the Bidder's Statement and will make a recommendation to shareholders in a Target's Statement. In the interim, WestSide continues to recommend that shareholders take no action in respect of any communication from Landbridge.
Separately, WestSide notes the decision by its shareholder Energy Infrastructure Trust (EIT) to sell the majority of its shareholding to Landbridge. WestSide director John Clarke is also managing director of EIT's manager, Infrastructure Capital Group (ICG). Mr Clarke and ICG had put in place a separation of roles surrounding WestSide such that Mr Clarke was not responsible for the management of EIT's investment in WestSide. Accordingly, he was not involved in or aware of EIT's decision to sell its shares in WestSide.
Mr Clarke said: "I played no part in EIT's decision to sell. This was a small investment for them and they sold for portfolio management purposes. I understand and accept that, but as a director of WestSide my fiduciary obligation is to all WestSide shareholders and in that capacity I think shareholders should take no action with respect to Landbridge's offer."
WestSide has appointed Highbury Partnership Pty Limited as its financial adviser and Allens as its legal adviser.
Contact
WestSide Corporation Ltd
Mike Hughes
Managing Director and CEO
TEL: +61-7-3020-0900
WestSide Corporation Ltd
Damian Galvin
Company Secretary
TEL: +61-7-3020-0900
Highbury Partnership
Alan Young
Partner
TEL: +61-2-8188-1152
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