Last checked at 28 Sep 2012 10:04
ANNOUNCEMENT 28 September 2012
Legal action instituted by Coal of Africa
Coal of Africa Limited ("CoAL") confirms that it commenced proceedings in the Federal Court of Australia against former finance director Mr Blair Sergeant. The proceedings involve allegations of breaches of duties on the part of Mr Sergeant during his time with the company as both a director and employee.
As part of these proceedings CoAL has successfully obtained an order from the Federal Court of Australia ("Federal Court") to freeze A$6 million of Mr Sergeant's assets.
These alleged breaches of duties relate to a specific corporate transaction in which Mr Sergeant was involved in 2009 and 2010. As the proceedings are currently before the Federal Court, CoAL cannot disclose further details of these allegations at this time whilst it awaits a formal response to the Federal Court from Mr Sergeant.
Further updates will be made as appropriate.
Approved by
JOHN WALLINGTON
Chief Executive Officer
For more information contact:
John Wallington | Chief Executive Officer | Coal of Africa | +27 11 575 4363 |
Wayne Koonin | Financial Director | Coal of Africa | +27 11 575 4363 |
Shannon Coates | Company Secretary | Coal of Africa | +61 89 322 6776 |
Sakhile Ndlovu | Investor Relations | Coal of Africa | +27 11 575 6858 |
Jos Simson/Emily Fenton | Financial PR (United Kingdom) | Tavistock | +44 20 7920 3150 |
Chris Sim/Neil Elliot | Nominated Adviser | Investec Bank plc | +44 20 7597 5970 |
Robert Smith | JSE Sponsor | Investec Bank Limited | +27 11 286 7000 |
Charmane Russell/Jane Kamau | Financial PR (South Africa) | Russell & Associates | +27 11 880 3924 or +27 82 372 5816 |
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, including CoAL's Makhado Project (coking coal) and the Mooiplaats and Woestalleen Collieries (both thermal coal).