COAL seam gas developer WestSide Corporation has urged its shareholders to disregard any further communications from potential suitor Landbridge Group as it seeks different options to add value to the company.
China-based Landbridge announced plans in March to make an off-market cash takeover bid of 36 cents per share for the company , 38 per cent more than the 26 cents share price at the time the bid was announced.
WestSide is yet to formally respond to the conditional proposal, but company chairman Robert Neale labelled the offer “manifestly inadequate” in an April announcement.
“The conditionality meant that there was significant risk as to whether an actual offer capable of acceptance would ever be received,” he added.
The company was soon to start its 2014 drilling program, which it said was fully funded from existing cash balances – with the rate of future field expansion and funding requirements fully under its control, he said.
“We are actively exploring a number of options including corporate debt, project finance and lease financing,” he added.