Ann: Altura Plans to Spin-out its Coal Assets, page-3

I think it is their only choice now that the funding expected from Mt Webber does look too promising!!!

Three problems,

1. They still don't have final forestry approval so it's impossible (v risky) to value assets with out this, presumably this will be resolved before spin out hence the 2015 schedule.
2. As they quote in their release Alturas holding of the Newco will be determined by the above valuation and the subsequent CR. Don't hold your breath on them successfully raising and retaining a meaningful stake. If a raising is successful I suspect it will be in exchange for a significant chunk to the equity so existing holders will not look pretty.
3. Managements excessive remuneration incredibly excessive in my view!! ( make your own appraisal)

I hope things work out as this company had all the right pieces but have not made them work.