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Commencement of Legal Action proceedings

28 Sep 2012 10:04

RNS Number : 4330N
Coal of Africa Limited
28 September 2012
 



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).

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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