Despite the discrepancy, independent directors of Whitehaven are still recommending the takeover of Boardwalk, which is conditional on the friendly $5.1 million merger going ahead. The Whitehaven-Aston merger would create synergies of between $510 million to $680 million, they said.

PwC valued Boardwalk Resources at between $200 million and $330 million whereas the valuation implied by the scrip takeover deal is $490 million.

The Aston scheme booklet relating to the merger has been registered with ASIC and will be sent to Aston shareholders this week.

The scheme booklet contains the independent expert report prepared by PwC, which concludes that the scheme is in the best interests of Aston shareholders.

All of the Aston directors, including the independent directors, have unanimously recommended that Aston shareholders vote in favour of the scheme, in the absence of a superior proposal.

The merger of the three companies – under the chairmanship of Tony Vaile – would create a coal company with saleable production of 6 million tonnes per annum of coal in FY2012. This is expected to increase to 25Mtpa by FY2016 and lead to a commanding position in the growing Gunnedah Basin of New South Wales.

The combined group would have JORC compliant resources of 2451Mt and JORC compliant recoverable reserves of 842Mt.

Last week Boardwalk paid the second instalment of $5 million to Norton Gold Fields for coal assets bought from the gold mining company in December 2010 for $30 million.

Boardwalk owed half the purchase price for the Siena and Electra coal assets in Queensland, with the final instalment of $10 million due at the end of 2012.