.
Following its approval of its merger with Yancoal Australia, Gloucester Coal Limited (ASX:GCL) will reportedly pay about $95.4 million in special dividends to shareholders later this month.
According to media reports, the board of Gloucester has increased the special dividend to $0.47 from $0.44 cents.
Under the deal, Yancoal will control 78 per cent of the new entity, with Gloucester holding the remaining 22 per cent and its shareholders receiving a cash payment of $3.15. The investment by the Chinese state-owned company is the largest in the histrory of Australia's coal industry. Shares in Gloucester closed 1.25per cent up yesterday at $7.29.
Gloucester Coal booked a net loss of $36.9 million in the first half of its 2012 financial year.
