Last checked at 25 Jan 2013 11:00
ANNOUNCEMENT 25 January 2013
RESULTS OF GENERAL MEETING
Shareholders vote in favour of US$100 million investment by HEI
Coal of Africa Limited (the "Company" or "CoAL") is pleased to announce that at the General Meeting of Shareholders held earlier today to approve the US$100 million investment in the Company by Haohua Energy International (Hong Kong) Resource Co. Limited ("HEI"), a wholly owned subsidiary of the Beijing Haohua Energy Resource Co. Limited ("BHE"), all resolutions were passed. Accordingly, the Company will proceed with the issue of the Conditional Placement Shares of US$80 million at 25 pence.
David Brown, Chairman of CoAL, said: "This investment by HEI will form the basis for a strategic partnership between CoAL and BHE that will facilitate the development of CoAL's assets. This is a significant step in stabilising the financial structure of the Company and enables management to unlock the value in the coking assets in the Limpopo Province of South Africa. Furthermore, the exchange of financial, technical and operational expertise that can be realised from this partnership is significant and company-transforming."
The results of the General Meeting are set out in detail below.
Results of General Meeting
In accordance with Listing Rule 3.13.2 and Section 251AA(2) of the Corporations Act, the Company advises the following outcome of the resolutions put to the General Meeting of shareholders held earlier today:
Resolution 1: Approval of issue of Shares - Initial Placement
The resolution was withdrawn as the Initial Placement Shares have been issued prior to the meeting.
Resolution 2: Ratification of issue of Shares - Initial Placement
The resolution was carried unanimously on a show of hands, and the total number of proxy votes in respect of validly appointed proxies was as follows:
Number | % of Vote | % of Issued Capital | |
For: | 376,895,033 | 99.88 | 44.32 |
Against: | 158,116 | 0.04 | 0.02 |
Abstain: | 173,079 | 0.05 | 0.02 |
Discretionary: | 126,027 | 0.03 | 0.01 |
TOTAL: | 377,352,285 | 100.00 | 44.37 |
Resolution 3: Proposed issue of Shares - Conditional Placement
The resolution was carried unanimously on a show of hands, and the total number of proxy votes in respect of validly appointed proxies was as follows:
Number | % of Vote | % of Issued Capital | |
For: | 376,897,033 | 99.88 | 44.32 |
Against: | 156,116 | 0.04 | 0.02 |
Abstain: | 173,079 | 0.05 | 0.02 |
Discretionary: | 126,057 | 0.03 | 0.01 |
TOTAL: | 377,352,285 | 100 | 44.37 |
For more information contact:
David Brown | Chairman | Coal of Africa | +27 11 575 4363 |
John Wallington | Chief Executive Officer | Coal of Africa | +27 11 575 4363 |
Sakhile Ndlovu | Investor Relations | Coal of Africa | +27 11 575 6858 |
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 |
Chris Sim/Neil Elliot | Nominated Adviser | Investec Bank plc | +44 20 7597 5970 |
Charmane Russell/James Duncan | 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, including CoAL's Makhado Project (coking coal) and the Mooiplaats and Woestalleen Collieries (both thermal coal). Vele Colliery commenced extraction of ROM material in December 2011 and had produced 254 760 m³ of ROM tonnes of thermal coal by the end of first quarter FY 2013.