WestSide also understands that
WestSide's Directors have consistently recommended that Shareholders take no action in relation to Landbridge's offer because, amongst other things, it fails to adequately recognise the full value for Shareholders from the GLNG GSA and other assets owned by the Company. WestSide has worked hard to solicit alternative interest in WestSide, but despite discussions with a number of parties no alternative proposal has been forthcoming to date.
Landbridge's likely effective control of WestSide means that it will be in a position to substantially control the composition of the WestSide Board and senior management and control the strategic direction of WestSide, including the method and source of funding for the development of WestSide's assets.
If Landbridge acquires a majority, but not all of the WestSide Shares, the number of WestSide Shares traded on the ASX in the future could be significantly reduced, thereby potentially lessening the value of the shareholdings of those WestSide Shareholders who do not accept the Offer. WestSide Shares could become illiquid and infrequently traded and, as such, the ASX market price may no longer be a reliable indicator of value.
Having regard to all of these matters, WestSide's Directors have accordingly, and reluctantly, unanimously determined to recommend to remaining Shareholders that they accept Landbridge's Offer (subject to no higher offer being received). The Directors intend to follow that recommendation in respect of the WestSide Shares held by them or entities controlled by them.
Those Shareholders who choose not to accept Landbridge's Offer may enjoy future benefits if WestSide's current plans can be realised, but there are risks to this occurring which shareholders need to consider in making their decision.
WestSide Chairman Mr
WestSide's Managing Director and CEO Mr
WestSide operates the Meridian SeamGas gas fields west of Gladstone in Queensland’s
WestSide holds a 51% interest in the fields with
Elsewhere in the
Additional information is available on WestSide’s website: www.westsidecorporation.com
Mike HughesManaging Director and CEO WestSide Corporation LimitedTel: +61-7-3020-0900 Damian GalvinCompany Secretary WestSide Corporation LimitedTel: +61-7-3020-0900