Felix (ASX:FLX) To Demerge South Australian Coal and List It on ASX
Sydney, Sep 30, 2009 AEST (ABN Newswire) - Felix Resources Ltd. (ASX:FLX) said Wednesday it plans to demerge South Australian Coal Ltd (SAC), which owns the Lake Phillipson deposit with a thermal coal resource of about 515 million metric tons, from Felix through an in specie distribution of shares in SAC.
Shareholders in Felix will be issued with shares in the unlisted SAC on a one-for-one basis. The directors of Felix have assessed the value of SAC for the purposes of the SAC dividend to be A$20 million or 10.17 cents per Felix share.
The payment of both the SAC dividend and the cash dividend on October 30 is not conditional on implementation of the proposed scheme of arrangement with Yanzhou Coal Mining Co. Ltd (SHA:600188).
On completion of the demerger, Felix will not hold any shares in SAC, which will seek to list on the ASX in early to mid 2010.
Felix Resources independent expert, Deloitte, today said the A$3.54 billion bid by the Chinese state-owned company is fair and reasonable as the fair market value of Felix could be in the range of A$3.3 billion to A$3.7 billion.
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Yanzhou Coal Mining Company Limited
Felix Resources Limited