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Microsoft Word - ASX Announcement - 15 March 2016

15 March 2016‌‌‌

The Manager Companies ASX Limited‌‌‌‌

20 Bridge Street

Sydney NSW 2000 Dear Madam,‌‌

Cockatoo Coal Limited ACN 112 682 158‌

Baralaba Coal Pty Ltd ACN 009 805 029

Wonbindi Coal Pty Ltd ACN 114 668 941‌

Cockatiel Coal Pty Ltd ACN 096 909 634

(All Administrators Appointed) (together the Companies) Deed of Company Arrangement (DOCA) executed‌

Further to the Administrators' Report to Creditors dated 22 February 2016 and the ASX Announcements dated 22 February 2016 and 1 March 2016, the Administrators provide the following update.‌‌

The deed of company arrangement with Liberty Metal & Mining Holdings, LLC ("the DOCA") was executed on 15 March 2016. A copy of the executed DOCA is attached.‌‌

As outlined in the Administrators' Report to Creditors and the ASX Announcement dated 22 February 2016, there are a number of conditions that must be satisfied before the DOCA can be effectuated.‌

Stephen Longley‌

Administrator

-ends‌‌

ME_128648876_1 (W2007)‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌‌

Deed

Execution Version

Deed of Company Arrangement

Stephen Longley, Grant Sparks and Martin Ford in their capacity as joint and several administrators of the Deed Companies (Administrators) Cockatoo Coal Limited (Administrators Appointed) Cockatiel Coal Pty Limited (Administrators Appointed) Baralaba Coal Pty Limited (Administrators Appointed) Wonbindi Coal Pty Limited (Administrators Appointed) Liberty Metal & Mining Holdings, LLC (LMM)

ANZ Tower 161 Castlereagh Street Sydney NSW 2000 Australia GPO Box 4227 Sydney NSW 2001 Australia

T +61 2 9225 5000 F +61 2 9322 4000

herbertsmithfreehills.com DX 361 Sydney

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Table of contents

1. Definitions and interpretation 3

2. Definitions 3

3. Interpretation 12

4. Inconsistency with Act or Regulations 13

5. Other inconsistencies 13

6. Business Days 13

7. Bar to Claims 13

8. Exclusion of Prescribed Provisions 14

9. Required Provisions 14

10. Operation 14

11. Commencement Date 14

12. Interim Effect 14

13. Execution by all Parties 14

14. Conditions Precedent 14

15. Conditions Precedent 14

16. Obligation to satisfy Conditions Precedent 15

17. Consequence of non-satisfaction of the Conditions Precedent 15

18. The Officers and Members 15

19. Effect of the Deed on Officers of the Deed Companies 15

20. Effect of this Deed on Members 16

21. Moratorium and Release 16

22. Binding Effect 16

23. No Limitation 16

24. Moratorium 16

25. Release Upon Completion 17

26. Execution of all necessary documents 17

27. Bar to Claims 17

28. Conversion of Claims 17

29. Deed Creditors 17

30. Subordinated Creditors 17

31. Take or Pay and Services Agreements 17

32. Secured Creditors 18

33. Owners of Property in the possession of a Deed Company 18

34. Payment of Employee Priority Claims 18

35. Payment of Employee Priority Claims 18

36. Where there are insufficient funds to pay Employee Priority Claims 19

37. Raising of the Deed Funding Amount 19

38. Implementation 19

39. Implementation steps 19

40. Drawdown of the New Debt Facility 19

    
    

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41. Payments under the DOCA 20

42. Issue of new shares to JFE and LMM 20

43. Variation of the Option Agreement 20

44. Administrators' release 20

45. Release of Security 20

46. Implementation steps to be simultaneous 21

47. Trust Creditors' Available Assets 21

48. Consistency with the Corporations Act 21

49. Deed Administrators' Appointment 21

50. Appointment 21

51. Acceptance of Appointment 21

52. Deed Administrators are agents 22

53. Management 22

54. Joint and several 22

55. Deed Administrators' resignation 22

56. Committee of Inspection 22

57. Powers of the Deed Administrators 23

58. General Powers 23

59. Additional Powers 23

60. Solicitors and Consultants 24

61. No Personal Liability 24

62. Reporting 25

63. Deed Administrators' remuneration and indemnity 25

64. Remuneration 25

65. Indemnity 25

66. Continuing Indemnity 26

67. Indemnity not to be affected or prejudiced 26

68. Deed Administrators' lien 26

69. Priority 26

70. Application of the Corporations Act and Regulations to Creditors'

    Meetings 26

71. Termination of the Deed 27

72. Termination on effectuation of Deed 27

73. Termination on failure of Deed 27

74. Notice of Effectuation of Deed 27

75. Effect of Termination 27

76. Severance 27

77. Consequences of Termination of the Deed for non-performance 27

78. Survival of clauses 28

79. General 28

80. Variation 28

81. Assignment 28

82. Power of Attorney 28

83. Further Assurances 28

84. Governing Law 28

85. Waiver 28




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