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.