The 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. 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 ("Indicative Proposal") was received from LNG Limited (ASX:LNG). WestSide further advises that LNG Limited's Indicative Proposal involved financial backing from reputable international parties.
WestSide has entered into a confidentiality agreement with LNG Limited and granted due diligence access on a non-exclusive basis.
LNG Limited has only recently begun its due diligence. It should be noted that the due diligence process may take some time and there can be no certainty that a binding offer will be made once LNG Limited has completed its due diligence.
The Board of WestSide is committed to maximising value for shareholders and, if it determines that doing so would be in the best interests of shareholders, the Board may grant other parties due diligence access.
The Board of WestSide continues to assess the Indicative Proposal alongside other strategic options available to the Company. The Board has not formed a view, at this stage, as to the merits of the Indicative Proposal and continues to recommend that shareholders take no action in relation to the Indicative Proposal.
About Liquefied Natural Gas Ltd
Liquefied Natural Gas Limited (ASX:LNG) (OTCMKTS:LNGLY) is an Australian listed company focused on development of mid-scale LNG plants. LNGL's business strategy aims to deliver lower capital and operating costs, faster construction timelines and improved efficiency, relative to larger traditional LNG projects. LNGL's portfolio includes 100% ownership in Magnolia LNG LLC, Bear Head LNG Corporation, Bear Paw Pipeline Corporation Inc., Gladstone LNG Pty Ltd, and LNG Technology Pty Ltd, which owns and develops the patented OSMR(R) LNG liquefaction process.
WestSide Corporation Limited
Liquefied Natural Gas Ltd