Whitehaven Coal Limited (WHC) (Whitehaven) announces that it proposes to acquire all of the shares in Coalworks Limited (CWK) (Coalworks) that it does not already hold through an off-market takeover bid (Offer).
Coalworks shareholders who accept the Offer will receive $1.00 cash for each Coalworks share they hold. Whitehaven believes the Offer provides highly attractive value for Coalworks’ shareholders and is at a substantial premium to the recent and historical trading price of Coalworks shares. The Offer price of $1.00 for each Coalworks share represents:
- a 17.0% premium to $0.855/share, Coalworks’ last closing price on 4 May 2012;
- a 19.0% premium to $0.84/share, Coalworks’ one month volume-weighted average price (VWAP) as at 4 May 2012;
- a 22.1% premium to $0.82/share, Coalworks’ three month VWAP as at 4 May 2012; and
- a 28.2% premium to $0.78/share, the price at which Coalworks conducted its $17.4 million placement in April 2012.
In addition, the Offer represents a 19.6% premium to Coalworks’ closing price on 4 May 2012 after adjusting both the Offer price and Coalworks share price for its net cash of $0.11 per share.