Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCoal of Africa Share News (CZA)

  • There is currently no data for CZA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Coal Of Africa Offer For Universal Coal Lapses, Deal Breaks Down

Fri, 15th Jul 2016 12:26

LONDON (Alliance News) - Coal of Africa Ltd on Friday said its offer for Universal Coal PLC has lapsed and it will now evaluate all opportunities for its future, including making another bid for Universal.

Coal of Africa had been working towards securing acceptances and meeting the conditions for a AUD126.4 million reverse takeover of Universal Coal since agreeing the acquisition in November last year.

On Friday, Coal of Africa said while it had managed to secure acceptances from around 96% of Universal Coal shareholders, and agreement has not yet been finalised with South African utility Eskom over the NCC site Universal runs in South Africa.

Due to the uncertainty in finalising this agreement with Eskom and other working capital issues, Coal of Africa said the conditions for the takeover had not been finalised and therefore the offer has lapsed.

Coal of Africa said it was "disappointed" it could not agree the deal at this time, but continues to consider potential acquisition opportunities. This could include another bid for Universal Coal, which may need to be restructured from the original agreement.

Coal of Africa said it will continue to focus on restructuring its balance sheet, operations and project pipeline in order to better position itself to boost shareholder value.

Shares in Coal of Africa sank 19% to 2.85 pence on the news.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

Copyright 2016 Alliance News Limited. All Rights Reserved.

More News
17 Feb 2017 15:35

Coal of Africa clears loan with equity conversion

(ShareCast News) - Coal of Africa announced on Friday that it received notice from Yishun Brightrise Investment requesting the conversion of a $10m loan to CoAL's ordinary share capital. The AIM-traded firm had entered into a loan agreement with YBI during September 2015, pursuant to which YBI advan

Read more
2 Nov 2016 11:06

South Africa dismisses appeal against Coal of Africa's environment amendment

(ShareCast News) - AIM-listed miner Coal of Africa has announced that the South African government has dismissed an appeal against the environmental authorisation amendment for its Makhado mine in the Limpopo Province. Edna Molewa, the minister of the Department of Environmental Affairs, dismissed t

Read more
28 Oct 2016 14:23

Coal of Africa still looking for cash-generating asset

(ShareCast News) - South-Africa focused Coal of Africa updated the market on the quarter ended 30 September on Friday. The AIM-traded company said there were no lost-time injuries recorded during the quarter, continuing on the perfect record seen in the fourth quarter of the 2016 financial year. It

Read more
29 Jul 2016 10:07

Coal Of Africa Expects Makhado Project Construction To Start In 2017

Read more
4 May 2016 09:55

Coal Of Africa Shares Jump 48% As Its Reaches Agreement On Chapudi

Read more
29 Apr 2016 10:36

Coal Of Africa Progresses Universal Coal Deal, Hengshun Investment

Read more
11 Apr 2016 11:56

Coal Of Africa Replaces Subscription Agreement For USD15 Million Loan (ALLISS)

Read more
8 Apr 2016 11:46

Coal of Africa water use licence suspended at Makhado

(ShareCast News) - Coal of Africa had its Integrated Water Use Licence on the Makhado Project suspended on Friday, following an appeal to the South African Department of Water and Sanitation, submitted by the Vhembe Mineral Resources Forum and other parties. The appeal automatically suspended the li

Read more
8 Apr 2016 08:50

UPDATE: Coal Of Africa Water Licence Suspended, Takeover Deal Advances

Read more
8 Apr 2016 07:17

Coal Of Africa Shares Fall As Makhado Water Use Licence Is Suspended

Read more
14 Mar 2016 07:33

Coal Of Africa First Half Loss Widens On Foreign Exchange Loss

Read more
11 Mar 2016 15:46

Coal of Africa bid for Universal progressing, board says

(ShareCast News) - Coal of Africa's bid for Universal Coal was progressing satisfactorily, its board said on Friday, with the company sticking to its planned timetable for the offer. The AIM-traded firm said it had received the written consent of Investec Bank to the implementation of the offer, sat

Read more
8 Mar 2016 10:42

Coal Of Africa To Dispute Claims It Has Breached Obligations

Read more
25 Feb 2016 16:25

AGM, EGM Calendar - Week Ahead

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.