After initially rejecting the offer from Landbridge as unconditional, WestSide informed that one the largest shareholder, New Hope Corporation Limited, sold its shares to Landbridge, thus giving the company notable influence over WestSide in the future .
According to the Landbridge’s announcement, it now had a relevant interest in 49% of WestSide’s shares.
“This puts Landbridge in a position to substantially determine the composition of the WestSide Board and senior management and the strategic direction of the Company, including the method and source of funding for the development of its assets ,” stands in WestSide chairman’s letter to shareholders, who also advised other shareholders to accept Landbridge’s offer.
Landbidge’s increased holding also puts the company in a good position to reap rewards of recent developments and, amongst other, WesSide’s gas sale agreement with GLNG.
[mappress] LNG World News Staff, July 14, 2014