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WESTSIDE CORPORATION LIMITED [WCL] - INDICATIVE TAKEOVER PROPOSAL UPDATE





Fortbridge Media Release

WestSide Corporation Limited [WCL] - Indicative Takeover Proposal Update

15 October 2012

Indicative Takeover Proposal Update

WestSide Corporation Limited (ASX Code: WCL) advises that due diligence investigations are continuing in connection with a potential change of control transaction involving WestSide.
On 13 February 2012, WestSide announced that a potential acquirer, later identified as Liquefied Natural Gas Limited (ASX Code: LNG), had been granted due diligence access on a non-exclusive basis to progress its indicative acquisition proposal.
WestSide has had discussions with LNG and its associated parties, and other parties which were invited by WestSide�s advisors (Moelis & Company) to consider potential change of control transactions involving WestSide. Some of these parties were also invited to undertake due diligence investigations, which have included access to an electronic data-room, technical reviews and discussions with the WestSide management team.
Executive Chairman Mr Angus Karoll said today: �Discussions with interested parties and the due diligence process have developed into a lengthier process than the Board initially envisaged. However, the Board had decided to explore all potential transactions with a view to maximising shareholder value and been reluctant to set deadlines which might have hindered the Board�s ability to fully explore any potential options. We are now seeking firm proposals prior to the Company�s AGM on 22 November 2012.�
WestSide advises that uncertainty remains as to whether any binding proposal will materialise.








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