Whitehaven said it would make a further announcement regarding the timing of the proposed special dividend following the Aston scheme meeting and Whitehaven extraordinary general meeting on April 16.

Whitehaven says the merger represents compelling transaction logic and value creation that is expected to deliver synergies with a net present value of between $575 million and $775 million.

An independent expert has concluded that the scheme is in the best interests of Aston shareholders and the independent directors of Aston have unanimously recommended that Aston shareholders vote in favour of the scheme in the absence of a superior proposal.

Whitehaven Coal chairman John Conde this month defended the proposed scrip $491 million acquisition of Nathan Tinkler’s Boardwalk Resources despite the independent expert valuing it at no more than $330 million in the merger documents for the planned merger with Aston Resources.

Boardwalk is an unlisted exploration and development company which owns interests in four coal exploration assets across New South Wales and Queensland as well as a 19.9% interest in Australian Securities Exchange-listed coal company Coalworks.

Its purchase is conditional on the merger between Aston and Whitehaven proceeding and approval by shareholders.

Aston and Boardwalk Resources shareholders will not be eligible to receive the special dividend.