Tuesday, July 3rd, 2007
The Board of Macarthur Coal was supportive of the increased stake in the company taken up by CITIC Australia Coal Pty Ltd (CITIC).
Chairman Keith De Lacy said Macarthur Coalâ€™s partnership with CITIC had been in place for more than 10 years and was based on a shared long term vision and mutual respect.
He was commenting on the announcement that CITIC had increased its stake from 11.62 % to 19.9% of the issued capital of the company by purchasing 15,683,735 shares from major shareholder, founder and Director Mr Ken Talbot.
Mr De Lacy said the realignment of interests did not affect other shareholders and merely consolidated the underlying independence of the company.
â€œMacarthur Coalâ€™s vision is to be a leading independent coal producer and the stability and support provided by the two major shareholders is pivotal in this objective. We look forward to continuing the long term relationship with our two largest shareholdersâ€ he said.