ALLOT: PRC: Issue of Securities

24 May 2010 8:30 am

PRC 24/05/2010 ALLOT

REL: 0830 HRS Pike River Coal Limited

ALLOT: PRC: Issue of Securities

ISSUE OF SECURITIES Announcement in terms of listing rule 7.12.1

Please be advised of an issue of securities as follows;

(a) Class of Security - Options (unlisted). (b) Number issued - 2,500,000 (c) The nominal value and issue price - (no nominal value). (d) Consideration. The early redemption fee due in accordance with the terms and conditions of the convertible bond facility with Liberty harbour, LLC. (e) Nil paid up. (f) The percentage of the total class of securities issued - 100% (g) The reason for issue - payment of the early redemption fee due in accordance with the terms and conditions of the convertible bond facility with Liberty Harbour, LLC. (h) The specific authority for the issue - Directors' resolution of 21 May 2010. (i) The terms or details of the issue - All shares issued on exercise of the Options will rank, from the date of issue, equally with existing ordinary shares on issue. (j) Total number of listed securities in existence after the issue - 404,781,367 Ordinary Shares; Options (2011) 64,281,875. (k) N/a (l) Date of issue - 21 May 2010. End CA:00195215 For:PRC Type:ALLOT Time:2010-05-24:08:30:49

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