Diversified miner Anglo American announced that, on May 26, the High Court of Justice in England and Wales sanctioned the scheme of arrangement and confirmed the reduction of share premium required to effect the demerger of its South Africa thermal coal operations, pursuant to the UK Companies Act.
As a result, the demerger is on track to become effective on June 4, in accordance with the company’s timetable.
On April 8, Anglo announced it would demerge its South Africa thermal coal operations.
Anglo American Coal South Africa CEO and World Coal Association chairperson July Ndlovu had been named as CEO-designate of Thungela Resources, the demerged entity and new holding company.
Anglo said in a release in April that the separation would be implemented through the transfer of Anglo’s South African thermal coal operations to the new Thungela Resources, the demerger of the Thungela shares to Anglo shareholders and the primary listing of Thungela’s shares on the JSE and standard listing on the LSE.