Directors of WestSide Corporation Limited (ASX:WCL) have reluctantly advised shareholders to accept a share offer from Landbridge. The Chinese company Landbridge has increased its holding in the gas explorer to 31.04 per cent and it is understood that New Hope Corporation intends to sell its holding in the company to Landbridge.
The sale would give Landbridge a controlling stake in WestSide and in the interest of maintaining liquidity in the company’s shares the Directors unanimously recommended the offer be accepted.
Chairman Rob Neale says it is disappointing that effective control seems likely to pass at this price before any of the benefits from that success can be reaped.
WestSide reported a net loss of more than $5.6 million in the half year ending in March this year.
