re: Ann: OEG: Orpheus Energy Rights Issue, Pr... Here it is in...

re: Ann: OEG: Orpheus Energy Rights Issue, Pr... Here it is in black and white!


COALWORKS Limited
30 November 2010
The Manager
Company Announcements Office
Australian Securities Exchange Limited
Bridge Street
Sydney
Via: e-lodgement
COALWORKS? SPIN-OFF APPROVED
Coalworks Limited (ASX code: CWK) would like to advise that at today?s General Meeting of
Orpheus Energy Limited, the shareholders of Orpheus approved the transaction for the acquisition of
Coalworks? Hodgson Vale and Ashford projects and its wholly owned subsidiary, Orpheus Energy
Group Pty Limited.
This now allows Coalworks to focus on its core projects:
Vickery South in the Gunnedah Basin of NSW
Ferndale in the Hunter Valley of NSW
Oaklands in the South-West of NSW
In addition it is expected that the ASX listing of Orpheus Energy Limited will result in a bonus issue
of Orpheus shares to Coalworks? shareholders as announced by our Chairman, Wayne Mitchell in
his address at the 2010 AGM on 19th November.
Orpheus shareholders have approved the issue of approximately 35 million Orpheus shares to
Coalworks of which 50% is planned to be distributed as a bonus issue to Coalworks? shareholders.
Subject to lodgement of prospectus, the ASX listing of Orpheus Energy Limited is expected in the first
quarter of 2011.
For further information, please contact:
Mr Tony Teng
Company Secretary
Tel: +61 2 9922 1344
Fax: +61 2 9922 4288
Email: [email protected]
www.coalworks.com.au
COALWORKS Limited ABN 51 114 702 831 |
Level 5, 44 Miller Street North Sydney NSW 2060 Australia
ph: +61 2 9922 1344 fax: +61 2 9922 4288 email: [email protected] www.coalworks.com.au