Rio Tinto announcement regarding Coal and Allied
Port Waratah notes the announcement by Rio Tinto tonight that it has reached an agreement to sell its interest in Coal and Allied Industries Ltd to Yancoal Australia Ltd.
The announcement indicated that the transaction remains subject to regulatory and shareholder approvals and is expected to complete in the third quarter of 2017.
Through its shareholding in Port Waratah, Coal and Allied has the right to appoint three Directors and nominate one of these Directors as the Chair of the Board. It also has the right to nominate a person to fill the role of Chief Executive Officer. As we currently understand the proposed transaction these rights will remain with Coal and Allied as it transitions to new ownership.
Employees of Port Waratah are employed by Port Waratah Coal Services Limited and are unlikely to be affected by the proposed transaction. While the transaction progresses, Port Waratah continues to operate as usual to deliver the services our customers expect and to do so safely.
Enquiries: Jeff Townsend