Aston’s market capitalisation decreased by $465 million (21.6%) as the company announced plans for a scheme of arrangement with Whitehaven Coal and Tinkler’s private Boardwalk Resources that would create a $5.1 billion independent coal company.

“The market reacted negatively to a board shake-up during the month, which saw founder and major shareholder Nathan Tinkler replace Mark Vaile as non-executive chairman,” Deloitte said.

“A number of other roles also changed with the resignation of a number of senior Aston executives, including the [chief executive officer] and [chief financial officer].

“Aston’s share price fell 18.6% in two days following the announcement.

“Also during November, Nathan Tinkler’s Hunter Ports unveiled a plan for a $2.5 billion coal terminal in Newcastle, which will ensure port capacity for Aston, which has had difficulty securing port capacity at Newcastle’s existing terminals.”

In afternoon trade yesterday, Aston’s shares dropped a further 1.33% to $9.67.

The market capitalisation of Linc Energy decreased $314 million, or 29.8%, during November.

In November, Linc was awarded a coal exploration licence in Poland, where it plans to drill and conduct a prefeasibility study on underground coal gasification opportunities.

Linc ended the month at number 15, down from number 12, on the index.

Bandanna Energy also had a tough November with its market capitalisation declining by $150 million.