As expected, Flannery will become White’s chief executive officer while the former Felix chairman will serve as White’s chairman.
Hans Mende of private resources company AMCI will join White’s board as a non-executive director and fellow former Felix board member John Kinghorn will also serve White in this role.
The new board of White follows the company’s mainly scrip-based takeover of Felix spinoff company South Australian Coal.
White said the deal was funded through a $75 million capital raising from interests associated with Flannery, Duncan and Kinghorn.
“Through AMCI Capital LP, Hans Mende has also agreed to invest a further $19.3 million in the company as part of the recent subscription rights issue,” White said.
The new board aims to transform White, known for its patented coal upgrading technology, into a mid-tier coal producer.
“The calibre of these new appointments, combined with our unique coal upgrading technology, substantial cash reserves and stand-alone coal assets, provides an outstanding position for future growth,” Duncan said.
SAC’s Lake Phillipson coal deposit in South Australia holds 515 million tonnes of sub-bituminous coal resources.
Coal from the resource in EL3386 could be transported to the Adelaide-Darwin rail line and exported through ports at Darwin, Adelaide and Whyalla.
Flannery is the managing director of Yanzhou subsidiary Yancoal Australia, and pocketed more than $500 million from the takeover of Felix.
White shares are unchanged at $3.80 this morning.