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Exhibit 10.1

Deed

 

Implementation deed

 

PEAMCoal Pty Ltd

 

Macarthur Coal Limited

 

tony.damian@freehills.com

(FREEHILLS LOGO)

 

 

 

MLC Centre Martin Place Sydney NSW 2000 Australia
GPO Box 4227 Sydney NSW 2001 Australia

Sydney Melbourne Perth Brisbane Singapore

 

Telephone +61 2 9225 5000 Facsimile +61 2 9322 4000
www.freehills.com DX 361 Sydney

Correspondent offices in Hanoi Ho Chi Minh City Jakarta

 


 

(FREEHILLS LOGO)

Contents

Table of contents

 

 

 

 

 

 

 

 

 

The deed

 

 

3

 

 

 

 

 

 

 

 

1

 

Definitions, interpretation and deed components

 

 

4

 

 

 

1.1 Deed components

 

 

4

 

 

 

1.2 Definitions

 

 

4

 

 

 

1.3 Interpretation

 

 

8

 

 

 

1.4 Inclusive expressions

 

 

9

 

 

 

 

 

 

 

 

2

 

Recommendation

 

 

9

 

 

 

 

 

 

 

 

3

 

Public announcements

 

 

10

 

 

 

 

 

 

 

 

4

 

Facilitating the Offer

 

 

10

 

 

 

4.1 Target’s Statement

 

 

10

 

 

 

4.2 Promoting the Takeover Bid

 

 

10

 

 

 

4.3 Bid Conditions

 

 

10

 

 

 

 

 

 

 

 

5

 

Appointment of directors

 

 

11

 

 

 

 

 

 

 

 

6

 

Reimbursement Fee

 

 

11

 

 

 

6.1 Background to Reimbursement Fee

 

 

11

 

 

 

6.2 Reimbursement Fee trigger

 

 

11

 

 

 

6.3 Timing of payment of Reimbursement Fee

 

 

12

 

 

 

6.4 Basis of Reimbursement Fee

 

 

12

 

 

 

6.5 Compliance with law

 

 

12

 

 

 

6.6 Reimbursement Fee payable only once

 

 

12

 

 

 

6.7 Other Claims

 

 

13

 

 

 

 

 

 

 

 

7

 

Exclusivity arrangements

 

 

13

 

 

 

7.1 Prohibition

 

 

13

 

 

 

7.2 Fiduciary exception to no talk and notification provisions

 

 

13

 

 

 

7.3 Provision of information

 

 

14

 

 

 

7.4 Notification of approaches

 

 

14

 

 

 

7.5 Matching right

 

 

14

 

 

 

7.6 Cease discussions

 

 

15

 

 

 

 

 

 

 

 

8

 

Confidentiality

 

 

15

 

 

 

8.1 Permitted disclosure

 

 

15

 

 

 

8.2 Survival of obligations

 

 

15

 

 

 

 

 

 

 

 

9

 

Warranties

 

 

16

 

 

 

9.1 Macarthur Warranties

 

 

16

 

 

 

9.2 PEAMCoal Warranties

 

 

17

 

 

 

9.3 Reliance on representations and warranties

 

 

18

 

 

 

9.4 Notification

 

 

18

 

 

 

 

 

 

 

 

10

 

Termination

 

 

18

 

 

 

10.1 Termination rights

 

 

18

 

Implementation deed            page 1

 


 

(LOGO)

 

 

 

 

 

 

 

 

 

10.2 Effect of termination

 

 

18

 

 

 

10.3 Termination

 

 

18

 

 

 

 

 

 

 

 

11

 

Duties, costs and expenses

 

 

19

 

 

 

11.1 Duties

 

 

19

 

 

 

11.2 Parties to bear own other costs

 

 

19

 

 

 

 

 

 

 

 

12

 

GST

 

 

19

 

 

 

12.1 Interpretation

 

 

19

 

 

 

12.2 GST gross up

 

 

19

 

 

 

12.3 Reimbursements and indemnifications

 

 

19

 

 

 

12.4 Tax invoice

 

 

20

 

 

 

 

 

 

 

 

13

 

General

 

 

20

 

 

 

13.1 Notices

 

 

20

 

 

 

13.2 Governing law and jurisdiction

 

 

21

 

 

 

13.3 Service of process

 

 

21

 

 

 

13.4 Waivers and variation

 

 

22

 

 

 

13.5 Assignment

 

 

22

 

 

 

13.6 Further assurances

 

 

22

 

 

 

13.7 Approvals and consent

 

 

22

 

 

 

13.8 Remedies cumulative

 

 

22

 

 

 

13.9 Counterparts

 

 

22

 

 

 

13.10 Prohibition and enforceability

 

 

22

 

 

 

13.11 No merger

 

 

23

 

 

 

13.12 Entire agreement

 

 

23

 

 

 

13.13 Contra proferentem excluded

 

 

23

 

 

 

13.14 Attorneys

 

 

23

 

Implementation deed            page 2

 


 

(LOGO)

The deed

Implementation deed

Date►   30 August 2011

Between the parties

 

 

 

PEAMCoal

 

PEAMCoal Pty Ltd

 

 

 

 

 

ACN 152 004 772 of Level 13, BOQ Centre, 259 Queen Street, Brisbane Queensland 4000

 

 

 

( PEAMCoal )

 

 

 

Macarthur

 

Macarthur Coal Limited

 

 

 

 

 

ACN 096 001 955 of 100 Melbourne Street, South Brisbane Queensland 4101

 

 

 

( Macarthur )

 

 

 

Recitals

 

1 PEAMCoal has made a takeover bid for all the fully paid ordinary shares in Macarthur.

 

 

 

2 The Directors are proposing to recommend the takeover bid in the absence of a Superior Proposal.

 

 

 

3 The parties have agreed that the takeover bid will be facilitated on the terms and conditions set out in this deed.

This deed witnesses as follows:

Implementation deed            page 3

 


 

(FREEHILLS LOGO)

1

 

Definitions, interpretation and deed components

 

1.1

 

Deed components

 

 

 

This deed includes any schedule.

 

1.2

 

Definitions

 

 

 

The meanings of the terms used in this deed are set out below, unless the context otherwise appears or requires.

 

 

 

Term

 

Meaning

Agreed Announcements

 

1   an announcement proposed to be released to ASX by Macarthur relating to the Takeover Bid in the form agreed in writing between the parties; and

 

 

 

2   an announcement proposed to be released to ASX by PEAMCoal relating to the Takeover Bid in the form agreed in writing between the parties.

 

 

 

Arcelor

 

ArcelorMittal S.A. of 19 avenue de la Liberté, L-2930 Luxembourg City, Luxembourg.

 

 

 

ASIC

 

the Australian Securities and Investments Commission.

 

 

 

ASX

 

ASX Limited ABN 98 008 624 691 or the stock market operated by it, as the context requires.

 

 

 

Associate

 

has the meaning given in Division 2 of Part 1.2 of the Corporations Act as if section 12(1) of the Corporations Act included a reference to this deed.

 

 

 

Bid Conditions

 

the conditions to the Takeover Bid included in section 11.7 of the Bidder’s Statement.

 

 

 

Bidder’s Statement

 

the replacement bidder’s statement issued by PEAMCoal and dated 15 August 2011.

 

 

 

Business Day

 

a day on which banks are open for business in Brisbane, other than a Saturday, Sunday or public holiday in Brisbane and ASX is open for trading.

Implementation deed            page 4

 


 

(LOGO)

1      <Definitions, interpretation and deed components

 

 

 

Term

 

Meaning

Claim

 

any claim, demand, legal proceeding or cause of action including any claim, demand, legal proceeding or cause of action:

 

 

 

1 based in contract (including breach of any warranty);

 

 

 

2 based in tort (including misrepresentation or negligence);

 

 

 

3 under common law or equity; or

 

 

 

4   under statute (including the Competition and Consumer Act 2010 (Cth), or like provisions in any state or territory legislation),

 

 

 

in any way relating to this deed or the transaction contemplated by it.

 

 

 

Competing Proposal

 

any proposal, agreement, arrangement or transaction, which, if entered into or completed, would mean a Third Party (either alone or together with any Associate) may:

 

 

 

1   directly or indirectly acquire a Relevant Interest in, or have the right to acquire, a legal, beneficial or economic interest in, or control of, 10% or more of the Shares or of the share capital of any Subsidiary of Macarthur;

 

 

 

2   acquire Control of Macarthur or a Subsidiary of Macarthur;

 

 

 

3   otherwise acquire (whether directly or indirectly) or become the holder of, or otherwise acquire, have a right to acquire or have an economic interest in all or a material part of Macarthur’s business or assets or the business or assets of any Subsidiary of Macarthur;

 

 

 

4   otherwise acquire (whether directly or indirectly) or merge with Macarthur or a Subsidiary of Macarthur; or

 

 

 

5   enter into any agreement, arrangement or understanding requiring Macarthur or any of the Directors to change, withdraw or modify the Directors’ recommendation of the Takeover Bid,

 

 

 

whether by way of takeover bid, scheme of arrangement, securityholder approved acquisition, capital reduction or buy back, sale or purchase of shares, securities or assets, global assignment of assets and liabilities, incorporated or unincorporated joint venture, dual-listed company (or other synthetic merger), or other transaction or arrangement.

 

 

 

Confidentiality
Agreement

 

the confidentiality agreement dated 14 July 2011 between Peabody, Arcelor and Macarthur.

 

 

 

Control

 

has the meaning given in section 50AA of the Corporations Act.

 

 

 

Corporations Act

 

the Corporations Act 2001 (Cth).

Implementation deed            page 5

 


 

(LOGO)

1      <Definitions, interpretation and deed components

 

 

 

Term

 

Meaning

Director

 

a director of Macarthur other than any director who is on leave of absence.

 

 

 

Duty

 

any stamp, transaction or registration duty or similar charge imposed by any Governmental Agency and includes any interest, fine, penalty, charge or other amount imposed in respect of any of them, but excludes any Tax.

 

 

 

Encumbrance

 

an interest or power:

 

 

 

1   reserved in or over an interest in any asset, including any retention of title; or

 

 

 

2   created or otherwise arising in or over any interest in any asset under a bill of sale, mortgage, charge, lien, pledge, trust or power,

 

 

 

by way of security for the payment of a debt, any other monetary obligation or the performance of any other obligation, and includes, any agreement to grant or create any of the above.

 

 

 

Exclusivity Period

 

the period from and including the date of this deed to the earlier of:

 

 

 

1 the termination of this deed in accordance with its terms;

 

 

 

2 the end of the Offer Period; or

 

 

 

3 the date which is 6 months after the date of this deed.

 

 

 

Governmental Agency

 

any government or any governmental, semi governmental, statutory or judicial entity, regulatory body, agency or authority, whether in Australia, or elsewhere, including any self regulatory organisation established under statute or otherwise discharging substantially public or regulatory functions.

 

 

 

GST

 

goods and services tax or similar value added tax levied or imposed in Australia under the GST Law or otherwise on a supply.

 

 

 

GST Law

 

the A New Tax System (Goods and Services Tax) Act 1999 (Cth).

 

 

 

Macarthur Board

 

the board of directors of Macarthur, other than any director who is on leave of absence.

 

 

 

Macarthur Group

 

Macarthur and each of its Subsidiaries.

 

 

 

Offer

 

Each offer to acquire Shares dated 18 August 2011 and made pursuant to the Takeover Bid, the terms of which are contained in the Bidder’s Statement, as are proposed to be increased in accordance with the Agreed Announcements.

Implementation deed            page 6

 


 

(LOGO)

1      <Definitions, interpretation and deed components

 

 

 

Term

 

Meaning

Offer Period

 

the period during which the Offer is open for acceptance.

 

 

 

Peabody

 

Peabody Energy Corporation of 701 Market Street, St Louis, Missouri, United States of America.

 

 

 

Public Authority

 

any government or any governmental, semi-governmental, statutory or judicial entity, agency or authority, whether in Australia, or elsewhere, including any self-regulatory organisation established under statute or otherwise discharging substantially public or regulatory functions, and ASX or any other stock exchange.

 

 

 

Reimbursement Fee

 

the amount of $48,300,000 (exclusive of GST, if any).

 

 

 

Related Body Corporate

 

has the meaning given in section 50 of the Corporations Act.

 

 

 

Related Person

 

1  a Related Body Corporate of Macarthur;

 

 

 

2  an adviser or consultant of Macarthur or an adviser or consultant of a Related Body Corporate of Macarthur; or

 

 

 

3  a director, officer or employee of Macarthur or any entity referred to in paragraph 1 or 2 of this definition.

 

 

 

Relevant Interest

 

has the meaning given in sections 608 and 609 of the Corporations Act.

 

 

 

Share

 

a fully paid ordinary share in the capital of Macarthur.

 

 

 

Shareholder

 

a holder of Shares.

 

 

 

Subsidiary

 

has the meaning given in section 9 of the Corporations Act.

 

 

 

Superior Proposal

 

a bona fide Competing Proposal of the kind referred to in any of paragraphs 2, 3 or 4 of the definition of Competing Proposal (and not resulting from a breach by Macarthur of any of its obligations under clause 7 (it being understood that any actions by the Related Persons of Macarthur in breach of clause 7 shall be deemed to be a breach by Macarthur for the purposes hereof)) which the Macarthur Board, acting in good faith, and after receiving written legal advice from its legal advisers and written advice from its financial advisers, determines:

Implementation deed            page 7

 


 

(LOGO)

1      <Definitions, interpretation and deed components

 

 

 

Term

 

Meaning

 

 

1   is reasonably capable of being valued and completed taking into account all aspects of the Competing Proposal, including any timing considerations and any conditions precedent; and

 

 

 

2   would, if completed substantially in accordance with its terms, be more favourable to Shareholders (as a whole) than the Takeover Bid (as such Takeover Bid has been amended or varied following a previous application of the matching right set out in clause 7.5), taking into account all terms and conditions of the Competing Proposal.

 

 

 

Takeover Bid

 

the off-market takeover bid made by PEAMCoal for the Shares.

 

 

 

Target’s Statement

 

the target’s statement to be prepared by Macarthur in relation to the Takeover Bid.

 

 

 

Tax

 

any tax, levy, charge, impost, fee, deduction, goods and services tax, compulsory loan or withholding, that is assessed, levied, imposed or collected by any Governmental Agency and includes any interest, fine, penalty, charge, fee or any other amount imposed on, or in respect of any of the above but excludes Duty.

 

 

 

Third Party

 

a party other than Macarthur, and any Subsidiary of Macarthur, Peabody and PEAMCoal, and any Subsidiary of Peabody.

 

 

 

Unacceptable
Circumstances

 

has the meaning set out in section 657A of the Corporations Act.

 

 

 

1.3

 

Interpretation

 

 

 

In this deed headings and words in bold are inserted for convenience and do not affect the interpretation of this deed and unless the contrary intention appears:

 

(a)

 

a reference to this deed or another instrument includes any variation or replacement of any of them;

 

 

(b)

 

a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them;

 

 

(c)

 

the singular includes the plural and vice versa;

 

 

(d)

 

the word ‘person’ includes a firm, a body corporate, an unincorporated association or an authority;

 

 

(e)

 

a reference to


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