Rio Tinto Limited (“Rio Tinto”) (ASX: RIO) and Mitsubishi Development Pty Ltd (“Mitsubishi Development”) note the announcement by Coal & Allied Industries Limited (“Coal & Allied”) (ASX: CNA) today that Coal & Allied shareholders have approved the Scheme of Arrangement, under which Rio Tinto and Mitsubishi Development, via Hunter Valley Resources Pty Ltd (“Hunter Valley Resources”) - a jointly owned bid vehicle - will acquire all of the shares in Coal & Allied that they do not currently own.
Subject to Court approval of the Scheme of Arrangement (such approval to be sought on 30 November 2011), Coal & Allied shareholders will receive a total cash amount of A$125.00 for each of their Coal & Allied shares, as follows:
- A$117.00 cash for each share held as at the Scheme Record Date (scheduled to be 7.00pm Australian Eastern Standard Time (AEST) on 12 December 2011) – this represents the amount of the cash consideration payable by Hunter Valley Resources under the Scheme; and
- A$8.00 cash for each share held as at the Special Dividend Record Date (scheduled to be 7.00pm AEST on 8 December 2011) – this represents the amount of the fully franked special dividend which Coal & Allied announced today.
It is expected that payments of these cash amounts will be made on or about 16 December 2011. A table of key dates is below.
Rio Tinto Energy chief executive Doug Ritchie said "This is an excellent outcome for Rio Tinto and is consistent with our strategy of investing in and operating, long-life, cost-competitive mines and businesses with strong growth potential.
“Rio Tinto and Mitsubishi Development have been long-term shareholders in Coal & Allied and it will be business as usual for our employees, contractors and suppliers. Rio Tinto Coal Australia will continue to manage Coal & Allied, pursuing the existing operational strategy and planned development projects.”
Mitsubishi Development Chief Executive Officer Kirk Yamanaka said "Mitsubishi Development is a committed, long term investor in Coal & Allied and the Australian resources industry. We are particularly pleased to extend our relationship with Rio Tinto who is a reputable partner for Mitsubishi Development in many of our Australian resources investments. In its involvement in the Coal & Allied business, Mitsubishi will continue to have high regard for all of Coal & Allied's key stakeholders including its local communities and its employees."
Key dates
See key dates in PDF in the link above.
About Rio Tinto
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borax, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America.
About Mitsubishi Development
Mitsubishi Development is a wholly owned subsidiary of Japan's largest general trading company, Mitsubishi Corporation, which is listed on the Tokyo, Osaka, Nagoya and London Stock Exchanges. It was established in 1968 and now has offices in Sydney, Brisbane and Perth.
Mitsubishi Development is engaged in resource equity management with a focus on iron ore, metallurgical coal, thermal coal and uranium investments in Australia. Mitsubishi Development also provides specialist resources services to Mitsubishi Corporation's Metals Group in respect of its global resources business development activities and investment portfolio. 
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