22nd Jan 2008 07:00
Coal of Africa Limited22 January 2008 ANNOUNCEMENT 22 January 2008 COAL OF AFRICA LIMITED RESIGNATION OF DIRECTORS The Company wishes to advise that Nchakha Moloi and Nonkqubela Mazwai havetendered their resignations as Director's effective immediately, following Mr Moloi, Mrs Mazwai and Motjoli Resources (Pty) Ltd, the private company owned and controlled by Mr Moloi and Mrs Mazwai, collectively entering into an agreement to dispose of their shareholdings in Coal of Africa Limited ("CoAL") to Signet Mining Services (Pty) Ltd ("Signet"), a broad based Black Empowerment Company. The disposal of the shares is in two tranches. Tranche 1, comprising 5,282,117CoAL shares representing 1.78% of the issued share capital of the Company, iseffective immediately. Tranche 2, representing the sale of a further 28,528,395 shares, representing9.59% of the issued share capital of the Company, is subject to the fulfillmentof certain conditions and therefore, the Company will advise as and when theseconditions are satisfied and the transaction settles. Managing Director Simon Farrell stated "Signet is a broad based Black EmpoweredEconomic Company with diverse mining interests and this transaction will expandCoAL's Empowerment shareholding. Discussions with Signet have been positive andtheir aim is to increase Signet's shareholding in CoAL in due course." Motjoli Resources (Pty) Ltd will retain 4,250,000 options in CoAL post thecompletion of the above mentioned share sale. The Company will lodge therespective Appendix 3Z's on the ASX - Final Director's Interest Notice underseparate cover. SIMON J FARRELLManaging Director For more information contact:Simon Farrell, Managing Director CZA +61 417 985 383 or +61 8 9322 6776Petronella Gorrie The Event Shop +27 82 827 8815Leesa Peters / Jos Simson Conduit PR +44(0) 20 7429 6606Olly Cairns / Romil Patel Blue Oar Securities Plc +61 8 6430 1631 +44(0) 20 7448 4400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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