29th Oct 2009 12:40
Thursday 29 October 2009
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MAY CONSTITUTE A VIOLATION OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
COAL OF AFRICA LIMITED("CoAL" or the "Company") Results of Placing
CoAL is pleased to announce the successful completion of the equity placing announced earlier today (the "Placing").
A total of 59,867,731 new ordinary shares of no par value in CoAL (the "Placing Shares") have been placed by J.P. Morgan Cazenove as Sole Global Co-ordinator and Sole Bookrunner and together with Evolution Securities as Joint Lead Manager and Mirabaud Securities as Co-Lead Manager. Each Placing Share was priced at 95 pence (ZAR12.2018/A$1.7269 based on the prevailing exchange rates at pricing of ZAR12.8440/GBP and A$1.8178/GBP), raising gross proceeds of approximately £56.9 million.
The Placing Shares being issued represent approximately 14.52% of CoAL's issued ordinary share capital prior to the Placing. The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of CoAL, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
The Company intends to use the net proceeds of the Placing to fund the ZAR650m acquisition of the entire issued share capital of NuCoal Mining (Pty) Limited (the "Acquisition") with the remainder being used for some or all of the following: to increase logistics capacity (including the first instalment of capital required to effect wagon acquisitions from Transnet Freight Rail), to accelerate capex at the Vele and Makhado projects, to pursue other smaller, opportunistic bolt on acquisitions of coal projects, and for general working capital requirements.
In the event that the Acquisition does not complete, CoAL envisages using those proceeds earmarked for the Acquisition to accelerate expansion of logistic facilities at the Matola Terminal and Maputo port, for alternative acquisitions and for general working capital purposes.
Settlement and payment for the Placing Shares issued pursuant to the Placing and:
admission to AIM is expected to occur on 3 November 2009 with settlement in CREST on a T+3 basis;
quotation on the ASX is expected to occur on 5 November 2009 in CHESS with settlement on a T+3 basis; and
listing on the JSE is expected to occur on 5 November 2009 in Strate with settlement on a T+5 basis.
The Placing is conditional, inter alia, on Admission to AIM becoming effective.
Contacts
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CoAL Simon Farrell Blair Sergeant |
Tel: +61 (0) 417 985 383 Tel: +27 (0) 11 785 4518 |
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J.P. Morgan Cazenove Verne Grinstead Neil Passmore |
Tel: +44 (0) 20 7588 2828 |
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Evolution Securities Simon Edwards Chris Sim |
Tel: +44 (0) 20 7071 4300 |
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Macquarie First South Advisers Melanie de Nysschen |
Tel: +27 (0) 11 583 2000 |
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Azure Capital Geoff Ward Ryan Rockwood |
Tel: +61 (0) 8 6263 0888 |
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Conduit PR Jos Simson Leesa Peters |
Tel: +44 (0) 20 7429 6603 |
IMPORTANT NOTICE:
THE INFORMATION IN THIS PRESS RELEASE IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
This announcement has been issued by and is the sole responsibility of the Company. No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by J.P. Morgan Cazenove Limited, Evolution Securities Limited or Mirabaud Securities LLP or by any of their respective affiliates or agents as to or in relation to, the accuracy or completeness of this announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefore is expressly disclaimed.
J.P. Morgan Cazenove is acting as Global Co-ordinator and Sole Bookrunner , Evolution Securities Limited is acting as joint lead manager and Mirabaud Securities LLP is acting as co-lead manager in connection with the Placing. J.P. Morgan Cazenove Limited, Evolution Securities Limited and Mirabaud Securities LLP, which are authorised and regulated by the Financial Services Authority are acting for the Company in connection with the Placing and no-one else and none of J.P. Morgan Cazenove Limited, Evolution Securities Limited nor Mirabaud Securities LLP will be responsible to anyone other than the Company for providing the protections afforded to clients of J.P. Morgan Cazenove Limited, Evolution Securities Limited and Mirabaud Securities LLP respectively nor for providing advice in relation to the Placing or any other matter referred to herein.
The distribution of this announcement and the Placing of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company, J.P. Morgan Cazenove Limited, Evolution Securities Limited or Mirabaud Securities LLP that would permit an offering of such shares or possession or distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by the Company, J.P. Morgan Cazenove Limited, Evolution Securities Limited and Mirabaud Securities LLP to inform themselves about, and to observe, such restrictions.
The information in this press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would require preparation of a further prospectus or other offer documentation, or be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
No public offer of securities of the Company is being made in Australia, the United Kingdom, the United States, the Republic of South Africa or elsewhere. The information in this press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act"). The securities mentioned herein may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act. There will be no public offer of securities in the United States.
The information in this press release may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.
Related Shares:
MCM.L