The statement is the second takeover effort launched by New Hope which is after control of Resource Pacific's sole operation, the Newpac No. 1 Colliery in the Hunter Valley of New South Wales.
"While we have not had time to read the bidder's statement in full, at first sight we have found nothing to alter our view that this scrip bid is unattractive for shareholders," said Resource Pacific managing director Paul Jury.
"In due course, when we have analysed New Hope's assertions, we will provide our shareholders with a detailed evaluation of the bid and a formal recommendation."
New Hope has hit back, however, claiming it has a track record of providing strong shareholder returns and urging Resource Pacific shareholders to support the full-scrip takeover offer.
New Hope chairman Robert Millner said his company lodged the revised bidder's statement with the Australian Securities and Investments Commission yesterday and Resource Pacific shareholders will receive a copy in two weeks.
"In the past three years Resource Pacific has had to go to the market on nine separate occasions to raise further capital, which usually led to the dilution of RSP shareholders' investment," Millner said.
"Resource Pacific has one quality coal asset, but lacks the track record showing that it can turn that coal into money. RSP has had continued difficulties with the longwall development and loading problems at the Port of Newcastle.
"By accepting the New Hope offer, RSP shareholders can continue their exposure to the coal industry, but at the same time reduce their risk exposure from a one-mine strategy to an expanded company with a strong balance sheet and access to port infrastructure, an active exploration program as well as a diverse range of energy projects."
