WestSide Corporation Limited [WCL] - Indicative Proposal - Due Diligence
Update
4 June 2012
Indicative Proposal - Due Diligence
Update
WestSide Corporation Limited (“WestSide”) (ASX Code: WCL) advises
that due diligence investigations are continuing in relation to the indicative
and conditional acquisition proposal received from Liquefied Natural Gas Limited
(“LNG Limited”) (ASX Code: LNG) in February 2012.
On 13 February 2012,
WestSide announced that a Potential Acquirer (later identified as LNG Limited)
had been granted due diligence access on a non-exclusive basis to progress its
acquisition proposal.
Parties associated with LNG Limited continue to be
active in their due diligence investigations. It remains uncertain whether the
due diligence review will result in the submission of a binding acquisition
proposal to the WestSide Board.
The Board remains committed to
considering a full range of options to maximise value for shareholders while
management remains focused on increasing reserves and
production.
WestSide does not intend to provide ongoing market updates,
but will keep the market informed of any material developments in accordance
with its disclosure obligations.
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