Landbridge Group Co., Ltd (Landbridge), a company based in Shandong Province, China, has announced Monday that it conditionally intends to make an unsolicited off market takeover bid for all of the shares in Australia's WestSide Corporation Limited for cash consideration of $0.325 (AUD 0.36) per share (Intended Bid).
The Board of WestSide is currently reviewing the terms of the Intended Bid, and the conditions to a bid being made. However, as there is no guarantee that any formal offer will eventuate, shareholders are advised to take no action at this time.
The Intended Bid is highly conditional and subject to, amongst other things, the approval of various third parties (including Chinese and Australian government regulatory approvals) and Landbridge undertaking due diligence.
WestSide will make further announcements in due course.
About WestSide Corporation Ltd.
WestSide Corporation Limited is an ASX-listed company (ASX code: WCL) with gas production and significant uncontracted gas reserves and exploration interests in Queensland.
WestSide operates the Meridian SeamGas CSG (coal seam gas) fields west of Gladstone in Queensland’s Bowen Basin. The Meridian gas fields comprise a range of CSG assets including a petroleum lease, gas rights in mining leases and gas compression and pipeline infrastructure connected to Queensland’s commercial gas network. WestSide holds a 51 percent interest in the fields with Mitsui E&P Australia Pty Ltd holding the remaining 49 percent.
Elsewhere in the Bowen Basin, WestSide is currently operating an exploration and appraisal program at the ATP 769P (Paranui) and ATP 688P (Tilbrook and Mount Saint Martin) sites. WestSide holds a 25.5 percent interest in the tenements with Mitsui E&P Australia Pty Ltd, which has a 24.5 percent interest in each, and QGC, which holds the other 50 percent in each case. WestSide also has a 51 percent operating interest in two Galilee Basin (Queensland) tenements (ATP 974P and ATP 978P) covering an area of over 5,127 square miles (13,280 square kilometers), with Mitsui E&P Australia Pty Ltd holding the remaining 49 percent in each.
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