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Macarthur Coal Board Urges Shareholders To Take No Action In Regard To Proposal From New Hope Corp. - Quick Facts

Macarthur Coal Ltd. (MACDF.PK,MCC.AX) Board advised that its shareholders should TAKE NO ACTION in regard to a proposal from New Hope Corporation Limited (NHC.AX,NHPEF.PK) under which New Hope would acquire all of the shares in Macarthur for scrip consideration of 2.7 New Hope shares for every 1 fully paid ordinary share in Macarthur under a scheme of arrangement.

The Board of Macarthur unanimously determined not to recommend the New Hope Proposal to shareholders, as the Board has formed the view that the scrip ratio of 2.7 New Hope shares for every Macarthur Share does not represent an adequate premium for control of the company, and the proposal consists of a scrip offer with no cash alternative and requires the approval of 75% of votes cast at a scheme meeting.

The Board has recommended that shareholders vote in favour of the resolution at the Macarthur Shareholders' Meeting scheduled for 12 April 2010 to approve the issue of Macarthur shares to Noble Group Ltd. (NOBGF.PK) under the Gloucester Coal Ltd. (GCL.AX) and Middlemount transactions.

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