Gladstone Pacific Nickel Limited - Application by shareholder Robash Pty Ltd dismissed with costs
04.11.2011 | CNW
TORONTO, Nov. 4, 2011 - Justice Ball of the Supreme Court of New South Wales has today delivered judgment dismissing an application against the company by a minority shareholder, Robash Pty Limited ('Robash')Robash's application sought leave to commence proceedings in the name of the company against its director and majority shareholder Clive Palmer. Robash alleged that Clive Palmer breached his duties as a director of Gladstone Pacific Nickel Limited by acquiring certain interests from BHP Billiton, including the Yabulu nickel refinery, in circumstances where the company was negotiating to acquire those interests itself.
Robash's application was rejected by the Supreme Court. In a 44 page judgment, Justice Ball stated that he did not consider there was a serious question to be tried that Clive Palmer had breached his duties as alleged. His Honour also considered that the proceeding that Robash proposed to bring would not be in the best interests of the company as it would expose the company to the risk of a substantial costs order and may disrupt its abilty to raise additional capital.
The company will take steps to recover the costs it has incurred in opposing this application from Robash.
Gladstone Pacific Nickel Limited is an Australian mining development company presently undertaking an Integrated Definitive Feasibility Study for the Gladstone Nickel Project. The Company's vision is to build a major long-life nickel cobalt refinery at the deepwater Port of Gladstone, in Central Queensland, Australia, treating abundant high grade nickel laterite ores from New Caledonia and other south-west Pacific islands, underpinned by beneficiated ores from its own Marlborough deposits. The Project has the potential to be one of the largest of its type in the world producing some 126,000 tpa nickel (8 - 10% of global nickel demand) and 10,400 tpa of cobalt metal from its first two stages.
For further information:
Blair Brewster
Gladstone Pacific Nickel Ltd
Tel:+61(0)7 3231 7100
Email: info@gladstonepacific.com.au
