CoAL settles another condition in Universal bid
JOHANNESBURG (miningweekly.com) – Triple-listed Coal of Africa Limited (CoAL) has satisfied another condition of its proposed acquisition of ASX-listed Universal Coal after obtaining a green light from Investec Bank.
The coal miner had received written consent from the bank, in its capacity as lender, arranger and facility agent, for the implementation of the offer.
Further, CoAL received elections for the loan note alternative from Universal shareholders, including 186.2-million Universal CDI holders’ shares, representing 36.77% of the total number of Universal shares in issue.
The company was working to resolve a procedural issue that led to a further 20-million shares, or 3.95%, being treated as invalid.
The condition stipulated that CoAL receive valid elections for the loan note alternative for no less than 40% of Universal shares.
The deal remained subject to conditions, including the admission to trading on Aim and each of the subscription agreements having become unconditional in all respects.
The transaction was expected to close on April 15.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation