Gloucester Coal Limited : Update on Scheme of Arrangement and Second Court Hearing
06/13/2012| 10:18am US/Eastern
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MARKET RELEASE 13 June2012
ABN 66 008 881 712
Level 7, 167 Macquarie Street
Sydney NSW 2000 Australia
Telephone: +612 9220 9900
Facsimile: +612
9220 9999 www.gloucestercoal.com.au
Update on Gloucester and Yancoal Australia Scheme of
Arrangement and Second Court hearing
Further to our announcement on 7 June, 2012 we are pleased to
announce that all conditions of the Scheme of Arrangement for
the proposed merger of Gloucester and Yancoal Australia
Limited ("Scheme") have now either been satisfied
or waived pursuant to the terms of the Merger Proposal Deed
dated 22 December 2011 (as amended). The Second Court Hearing
to obtain orders approving the Scheme will now take place at
4.15pm this afternoon.
At the Gloucester Shareholders' meeting on 4 June 2012,
the Chairman foreshadowed possible changes in relation to the
debt facilities of Yancoal noting the board's view that
the possible outcome would be a better overall result for the
merged group. Since the meeting, Yancoal has received term
sheets from its financiers that provide for approximately
USD166,666,670 maturing on each of December 2012, 2013 and
2014 (a total of approximately USD 500 million) out of total
drawings of USD3.04 billion not being extended. The term
sheets also provide for all of the balance owing under the
2012, 2013 and 2014 tranches to be extended to 2017, 2018 and
2019 respectively, not just the 2012 and 2013 tranches which
are required to be extended under the terms of the Merger
Proposal. The Gloucester directors remain of the view that
this is a better overall result for the merged group.
An announcement on the outcome of the Second Court Hearing
will be released following its completion.
For Further Information
Media contact Investor contact
Sue Cato Marie Festa
+61 419 282 319 +61 405 494 705
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