11th Apr 2016 07:00
ANNOUNCEMENT 11 April 2016
UPDATE: RECOMMENDED OFFER FOR UNIVERSAL COAL PLC
Coal of Africa Limited (ASX, AIM and JSE: CZA) (CoAL) announces that further to the extension to the recommended Offer for Universal Coal plc (Universal), announced on 8 April 2016 and the notice of variation which is available on the Company's website, it is now intended that, before completion of the Offer, the Yishun Brightrise Subscription Agreement will be replaced with a $15 million loan agreement. It is intended that Yishun Brightrise will make available a US$15 million loan available to CoAL ("the Loan Agreement"). It is intended that the loan will be repayable after the Loan Notes. The rationale for extending the Offer Period is to allow the CoAL and Yishun Brightrise sufficient time to finalise the formal Loan Agreement. Full details of the terms of the final Loan Agreement will be disclosed if, and when, the formal Loan Agreement is signed.
Capitalised terms referred to in this announcement shall have the meaning ascribed to them in the Admission Document published on 1 February 2016 unless the context otherwise requires.
Authorised by
David Brown
Chief Executive Officer
For more information contact:
David Brown | Chief Executive Officer | Coal of Africa | +27 10 003 8000 |
De Wet Schutte | Chief Financial Officer | Coal of Africa | +27 10 003 8000 |
Celeste Riekert | Investor Relations | Coal of Africa | +27 10 003 8000 |
Tony Bevan | Company Secretary | Endeavour Corporate Services | +61 08 9316 9100 |
Company advisors:
Matthew Armitt/Ross Allister/ Richard Crichton | Nominated Adviser and Broker | Peel Hunt LLP
| +44 20 7418 8900 |
Robert Philpot/Dennis Tucker | Corporate Advisor | Qinisele Resources | +27 11 883 6358 |
Jos Simson/Emily Fenton | Financial PR (United Kingdom) | Tavistock | +44 20 7920 3150 |
Charmane Russell/Olwen Auret | Financial PR (South Africa) | Russell & Associates | +27 11 880 3924 or +27 82 372 5816 |
Investec Bank Limited is the nominated JSE Sponsor
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. CoAL's key projects include the Vele Colliery (coking and thermal coal), the Greater Soutpansberg Project /MbeuYashu, including CoAL's Makhado Project (coking and thermal coal).
Related Shares:
MCM.L