PERTH (miningweekly.com) – The shareholders of ASX-, Aim- and JSE-listed Coal of Africa Limited (CoAL) will meet on June 15 to vote on the acquisition of the Uitkomst colliery from South Africa’s Pan African Resources Coal holdings.
The two companies in April signed a R275-million deal that would see CoAL acquire Pan African’s 91% interest in the 50 000 t/m colliery, in KwaZulu-Natal.
The transaction, which received approval from the South African Competition Commission last week, remains subject to a number of conditions precedent, including shareholder approval.
“Approval by the Competition Commission represents an important milestone in the process of securing completion of the transaction,” said CoAL CEO David Brown.
“We continue to make positive progress and work towards satisfaction of the outstanding conditions as soon as possible and will provide an update on expected timing of completion following CoAL’s upcoming general meeting.”