🕐12.04.12 - 05:27 Uhr

WESTSIDE CORPORATION LIMITED [WCL] - WESSIDES $25.4 MILLION OFFER CLOSES OVERSUBSCRIBED





Fortbridge Media Release

WestSide Corporation Limited [WCL] - WesSides $25.4 million Offer closes oversubscribed

WestSide Corporation Ltd (ASX Code: WCL) is pleased to announce that the Company�s fully-underwritten, 2-for-5 pro rata non-renounceable Entitlement Offer and Top Up Facility (�Offer") at A$0.25 per share, raising $25.4 million, has closed well oversubscribed.
The Offer was oversubscribed with demand exceeding the 101,676,540 shares available under the Offer (the "New Shares") by 19 per cent. WestSide�s Australian and New Zealand-based shareholders took-up, on average, 93 per cent of their Entitlements.
Major shareholders Energy Infrastructure Trust and New Hope Corporation Limited and all Non-executive Directors subscribed for their full Entitlements. Executive Chairman Angus Karoll took-up 96 per cent of his Entitlement.
Mr Karoll said: �We value the very solid support received from both our retail and institutional shareholders to enable WestSide to pursue near-term growth aspirations across the Company�s various operations in Queensland.�
Mr Karoll said work during the year ahead would be directed at maintaining and increasing gas production at Meridian SeamGas to supply existing and future customers and advancing joint venture exploration programs within WestSide�s other Bowen Basin and Galilee Basin tenements.
WestSide received applications totalling $30.0 million in respect of the Offer, including applications for Entitlements of $19.8 million and applications under the Top Up Facility of $10.2 million. As applications under the Top Up Facility have exceeded the shortfall, no New Shares are required to be taken up by the Underwriter, RBS Morgans Corporate Limited.
Given the strong demand for New Shares under the Offer, it has been necessary to scale back applications for Additional Shares under the Top Up Facility.
Under the scale-back policy applied, the number of Additional Shares that each applicant will receive under the Top Up Facility will be capped at approximately 2.7 times their original Entitlement under the Offer.

The New Shares are expected to commence normal trading on the ASX on Wednesday 18 April 2012.








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