Gladstone Pacific Nickel Limited Signing of New Agreements with Clive Palmer – Notice of EGMadmin
The Board of Gladstone Pacific Nickel Limited announces that GPNL has entered into agreements to acquire 100% of the issued share capital of Egidia Pty Ltd (“Egidia”) and Dasines Pty Ltd (“Dasines”) (the “Acquisitions”), companies owned 100% by Mr Clive Palmer, in consideration for the issue of GPNL Shares representing a minimum of 50% of the issued shares in GPNL on a fully diluted basis. The Acquisitions are subject to the approval by the shareholders of the Company not associated with Mr Clive Palmer and the satisfaction of certain conditions. Mr Palmer currently holds 13.95% of the issued share capital of GPNL.
“The general effect of the Acquisitions is that GPNL will regain 100% ownership of MNPL. Mr Palmer’s interests in MNPL (held through Egidia and Dasines) will be rolled up to a direct interest in GPNL, thus simplifying the capital structure and facilitating the financing and development of the Project” said Mr John Downie, CEO of GPNL.
A shareholders meeting will be held in London at 9.00am (BST) on 14th August 2008 to obtain the approvals necessary to complete these transactions. The Notice of Meeting, Explanatory Memorandum and Independent Experts Report providing full details of the transactions were today mailed to shareholders and are available on the Company’s website www.gladstonepacificnickel.com.au.