Last checked at 15 Jun 2017 12:36
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
ANNOUNCEMENT 15 June 2017
RESULTS OF GENERAL MEETING
The Directors of Coal of Africa Limited ("CoAL") are pleased to announce that at the CoAL General Meeting held earlier today, all resolutions required to implement the acquisition of 100% of the shares in and claims against Pan African Resources Coal Holdings Proprietary Limited ("PAR Coal") ("the Transaction") and ancillary transactions thereto, put to the meeting were passed unanimously by a show of hands.
In accordance with ASX Listing Rule 3.13.2 and Section 251AA(2) of the Corporations Act 2001, the Company hereby provides the following information on proxy votes received for each resolution:
For | Against | Discretionary | Abstain - Voting Exclusion | Abstain | |
Resolution 1: Approval for issue of Shares to Pan African Resources Plc | 1,553,745,000 | 153,917 | 917,406 | - | 975,100 |
Resolution 2: Approval for issue of Shares to Summer Trees Pte Ltd | 1,553,722,335 | 172,842 | 914,406 | - | 981,840 |
Resolution 3: Approval for issue of Shares to M&G Investment Management Limited | 1,158,603,539 | 164,917 | 914,406 | 395,136,446 | 972,115 |
Resolution 4: Ratification of issue of Shares to M&G Investment Management Limited | 1,158,612,457 | 154,917 | 915,488 | 395,136,446 | 972,115 |
Resolution 5: Ratification of issue of Shares to Yishun Brightrise Investment Pte Limited | 1,130,475,314 | 151,917 | 917,406 | 423,273,864 | 972,922 |
Resolution 6: Approval for issue of Shares to Yishun Brightrise Investment Pte Limited | 1,130,465,314 | 161,917 | 917,406 | 423,273,864 | 972,922 |
The Transaction remains subject to the condition precedent that Uitkomst Colliery Proprietary Limited has entered into a supply of coal agreement on terms acceptable to CoAL. CoAL shareholders will be notified as soon as the outstanding condition precedent to the Transaction has been fulfilled.
Application has been made for 340 245 378 new ordinary shares to be admitted to trading on the AIM market of the London Stock Exchange ("AIM") in respect of the shares to be issued to Yishun Brightrise Investment Pte Limited, M&G Investment Management Limited and Summer Trees Pte Ltd.
Admission to trading on AIM is expected to become effective on or around 16 June 2017. The new ordinary shares will rank pari passu with the Company's existing ordinary shares of nil par value. Application for quotation of the new ordinary shares will also be made to the Australian Securities Exchange and the Main Board of the JSE Limited.
The new ordinary shares for Pan African Resources plc will be issued on satisfaction or waiver of the remaining condition precedent to the Transaction.
Following admission of the new ordinary shares to be issued to Yishun Brightrise Investment Pte Limited, M&G Investment Management Limited and Summer Trees Pte Ltd there will be 2 556 296 905 shares on issue. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Corporations Act and the FCA's Disclosure Guidance and Transparency Rules.
AUTHORISED BY:
Tony Bevan
Company Secretary
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 Van Tonder | Investor Relations | Coal of Africa | +27 10 003 8000 |
Tony Bevan | Company Secretary | Endeavour Corporate Services | +61 08 9316 9100 |
Company advisors:
Jos Simson/Emily Fenton | Financial PR (United Kingdom) | Tavistock | +44 20 7920 3150 |
Matthew Armitt/Ross Allister | Nominated Adviser and Broker | Peel Hunt LLP | +44 20 7418 8900 |
Investec Bank Limited is the nominated JSE Sponsor.
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration and development 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).