Whitehaven will pass on Coalworks’ 33 per cent stake in Orpheus Energy Limited (ASX:OEG) to Coalworks’ shareholders which increases the $1 per share offer price by another 2.5 cents.
The additional distribution will be free from conditions. Coalworks says “the board believes the higher value achieved and the removal of all conditions by the bidder, represents sufficient value and certainty for Coalworks shareholders to accept the offer.”
Whitehaven earned a 17 per cent share in Coalworks through the takeover of Nathan Tinkler's Aston Resources and his private vehicle, Boardwalk Resources, which also owned a stake in Coalworks.
The agreement will also see Whitehaven earn a 50 per cent interest in Coalworks' Ferndale project in NSW.
Coalworks reported a net profit of $1.4 million for the half year to December 2011.