Whitehaven Coal Limited · ASX:WHC
Whitehaven Coal — Merger or Acquisition (December 2011)
27 slides from Whitehaven Coal's merger presentation, Dec 12, 2011
Slide 1: Creating a leading independent Australian coal company
For personal use only Creating a leading independent December 2011 Australian coal company
Slide 2: Disclaimer and important notice
SUBJECT altaylo Error! Too many picture switches defined. 1/27 Disclaimer and important notice For personal use only This disclaimer and important notice applies to this presentation and any information provided in relation to or in connection with the information contained in it. This presentation
Slide 3: Presenters
SUBJECT altaylo Error! Too many picture switches defined. 2/27 Presenters For personal use only The Hon. Mark Vaile Mr John Conde AO Mr Tony Haggarty Mr Peter Kane Proposed Chairman Proposed Deputy Chairman Proposed Managing Director Proposed Senior Management Deputy Chairman, Aston Chairman, Whiteh
Slide 4: Transaction overview
SUBJECT altaylo Error! Too many picture switches defined. 3/27 Transaction overview For personal use only Whitehaven / Aston merger All-scrip merger of equals between Whitehaven and Aston Aston shareholders to receive 1.89 Whitehaven shares per Aston share Fully-franked special dividend of A$0
Slide 5: Transaction rationale
SUBJECT altaylo Error! Too many picture switches defined. 4/27 Transaction rationale For personal use only Large scale, diversified coal producer 1 Leading ASX listed coal company with substantial reserve and resource base Solid production and profit base from five high quality, low cost produci
Slide 6: Overview of combined portfolio
SUBJECT altaylo Error! Too many picture switches defined. 5/27 Overview of combined portfolio For personal use only Narrabri (70%) GUNNEDAH BASIN TENEMENT HOLDINGS Sienna (100%) Status: Producing To Narrabri (20km) Status: Exploration Ka Resources: 855Mt mil laro i Reserves: 220Mt Narrabri Mine Maul
Slide 7: Creates a leading independent Australian coal company
SUBJECT altaylo Error! Too many picture switches defined. 6/27 Creates a leading independent Australian coal company 12 For personal use only Market capitalisation (A$m) Resources – equity basis (Mt) Reserves – equity basis (Mt) Merged Entity¹ 5,146 New Hope 2,021 New Hope 736 New Hope 4,824 Merged
Slide 8: Large scale, diversified coal producer
SUBJECT altaylo Error! Too many picture switches defined. 7/27 Large scale, diversified coal producer For personal use only Comments Saleable production (Mt, 100% basis)1 Substantial production growth driven by: 25 — Narrabri – expected to commence longwall production in Apr-2012 22 — Maules Creek
Slide 9: Substantial growth pipeline
SUBJECT altaylo Error! Too many picture switches defined. 8/27 Substantial growth pipeline For personal use only Merged Entity is very well positioned to deliver its growth plans — Stable, low risk cashflows from existing open cut operations — Substantial growth in future cashflows from the ramp u
Slide 10: Major global supplier of semi-soft coking and PCI coals
SUBJECT altaylo Error! Too many picture switches defined. 9/27 Major global supplier of semi-soft coking and PCI coals For personal use only Comments Resource and reserve mix (Mt, 100% basis)1 Metallurgical coal expected to grow to up to 60% of saleable production by FY2016 Aston 679Mt — Narrabri
Slide 11: Strategic port and rail infrastructure position
SUBJECT altaylo Error! Too many picture switches defined. 10/27 Strategic port and rail infrastructure position For personal use only Comments Port capacity and export coal sales (Mt, 100% basis)1 PWCS (existing) Longer term capacity gaps Port capacity to meet future NCIG to be secured by accessin
Slide 12: Significant synergies to be unlocked from merger
SUBJECT altaylo Error! Too many picture switches defined. 11/27 Significant synergies to be unlocked from merger For personal use only Ability to optimise production by leveraging larger infrastructure base — Prioritise output of higher margin coals, particularly during periods of port and / or ra
Slide 13: Highly regarded Board and management
SUBJECT altaylo Error! Too many picture switches defined. 12/27 Highly regarded Board and management with an established record of enhancing shareholder value For personal use only Board The Hon. Mark Vaile Mr John Conde AO Mr Tony Haggarty Mr Rick Gazzard Mr Philip Christensen Independent Independe
Slide 14: Path to delivering growth and value
SUBJECT altaylo Error! Too many picture switches defined. 13/27 Path to delivering growth and value For personal use only 1 Realise synergies from merger 2 Deliver on near term development pipeline: Maules Creek and Vickery 3 Achieve 25Mtpa by FY2016 4 Maximise value from Boardwalk exploration portf
Slide 15: Additional information
For personal use only Additional information
Slide 16: Indicative transaction timetable
SUBJECT altaylo Error! Too many picture switches defined. 15/27 Indicative transaction timetable For personal use only Announcement of merger and Boardwalk acquisition 12 December 2011 Scheme booklet despatched to Aston shareholders Late February 2012 Notice of Meeting despatched to Whitehaven share
Slide 17: Transaction conditions
SUBJECT altaylo Error! Too many picture switches defined. 16/27 Transaction conditions For personal use only Aston Scheme: Customary regulatory and court approvals, including FIRB approval Aston shareholder approval of Scheme (75% of votes cast; 50% of shareholders voting) — Aston's largest shar
Slide 18: Pro forma Merged Entity shareholding structure
SUBJECT altaylo Error! Too many picture switches defined. 17/27 Pro forma Merged Entity shareholding structure For personal use only Current Aston shareholder register Expected Merged Entity register post completion Tinkler Group Tinkler Group 19.6% 50.6% FRC 31.6% Farallon Funds 37.8% AMCI JCP Inve
Slide 19: Summary of Whitehaven assets
SUBJECT altaylo Error! Too many picture switches defined. 18/27 Summary of Whitehaven assets1 For personal use only Asset Narrabri Vickery Tarrawonga Werris Creek Rocglen Sunnyside Ownership 70% 100% 70% / 100%¹ 100% 100% 100% Basin Gunnedah Coal type PCI, TC SS, TC SS, PCI, TC PCI, TC TC TC Mine ty
Slide 20: Summary of Aston's asset
SUBJECT altaylo Error! Too many picture switches defined. 19/27 Summary of Aston's asset For personal use only Key project details Asset location Location & Location: Gunnedah Basin, New South Wales; 16km from the main railway ownership line and 380km from Newcastle port Ownership: Aston (75%1);
Slide 21: Summary of Boardwalk assets
SUBJECT altaylo Error! Too many picture switches defined. 20/27 Summary of Boardwalk assets123 For personal use only Asset Sienna Dingo Monto Ferndale Coalworks³ Ownership 100% 70%¹ 100% 60%² 19.9% Basin Bowen, QLD Bowen, QLD Mulgildie, QLD Sydney, NSW Coal type HC, PCI, TC PCI, TC TC SS, PCI Mine t
Slide 22: Resources and reserves summary
SUBJECT altaylo Error! Too many picture switches defined. 21/27 Resources and reserves summary Figures in Mt12 For personal use only 100% basis Equity basis Asset Ownership Resources Reserves Resources Reserves Narrabri 70% 855 220 598 154 Vickery 100% 460 139 460 139 Tarrawonga 70% / 100%¹ 113 48 9
Slide 23: Whitehaven Statement of Resources
SUBJECT altaylo Error! Too many picture switches defined. 22/27 Whitehaven Statement of Resources Figures in Mt For personal use only WHITEHAVEN COAL LIMITED - COAL RESOURCES Measured Indicated Inferred Total Competent Report Tenement Resource Resource Resource Resources Person Date Bluevale Opencut
Slide 24: Whitehaven Statement of Reserves
SUBJECT altaylo Error! Too many picture switches defined. 23/27 Whitehaven Statement of Reserves Figures in Mt For personal use only WHITEHAVEN COAL LIMITED - COAL RESERVES Recoverable Reserves Marketable Reserves Competent Report Tenement Proved Probable Total Proved Probable Total Person Date Blue
Slide 25: Aston Statement of Resources and Reserves
SUBJECT altaylo Error! Too many picture switches defined. 24/27 Aston Statement of Resources and Reserves Figures in Mt For personal use only ASTON - COAL RESOURCES Measured Indicated Inferred Total Competent Report Tenement Resource Resource Resource Resources Person Date Maules Creek 197 244 237 6
Slide 26: Competent Persons Statements - Whitehaven
SUBJECT altaylo Error! Too many picture switches defined. 25/27 Competent Persons Statements - Whitehaven For personal use only The information in this release that relates to Coal Resources and Reserves is based on and accurately reflects reports prepared by the Competent Person named beside the re
Slide 27: Competent Persons Statements - Aston
SUBJECT altaylo Error! Too many picture switches defined. 26/27 Competent Persons Statements - Aston For personal use only The information in this report that relates to Coal Reserves is based on reserve estimates compiled by Mr Doug Sillar, BE (Mining, Hons) MAusIMM. Mr Siller is a fulltime employe
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