The transaction included WPG’s flagship Peculiar Knob project, as well as the Buzzard, Hawks Nest, Mt Brady and Windy Valley tenements, leaving the group with its subsidiaries Spencer Gulf Ports and Southern Coal Holdings.

The company will now proceed to distribute the amount of $1.05 per share to its shareholders, including a return of capital of 42c per share approved by shareholders on Monday.

WPG’s post-distribution cash on hand will be around $87 million but the company will incur a tax liability of $71 million, which it will be required to pay by April next year.

Shares in WPG were up 0.78% or 1c in morning trade to $1.29.