Last checked at 28 Jun 2016 07:00
UPDATE: RECOMMENDED OFFER FOR UNIVERSAL COAL PLC
28 June 2016
Coal of Africa Limited (ASX, AIM and JSE: CZA) ("CoAL") and Universal Coal Plc (ASX: UNV) ("Universal") provide the following update on CoAL's recommended offer for the entire issued and to be issued share capital of Universal (the "Offer").
Unless otherwise defined in this announcement, capitalised terms used in this announcement have the meaning given to them in the offer document published by CoAL on 21 December 2015 (the "Offer Document").
Co-Operation Agreement
It was announced on 17 June 2016 that CoAL had extended the Offer Period of the Offer, such that the Closing Date is 15 July 2016. On 7 June 2016 the parties announced that pursuant to a Deed of Variation, CoAL and Universal had agreed to amend the terms of the Co-operation Agreement entered into in connection with the Offer such that the date by which the Effective Date must have occurred be extended until 24 June 2016. While the Co-Operation Agreement and the mutual obligations contained therein have therefore expired, the Offer remains open for acceptance until 15 July 2016.
Board and Shareholder Support
The Universal Independent Directors continue to recommend that Universal Shareholders accept the Offer, as they have done so in respect of their own Universal Shares, subject to statutory and fiduciary exceptions that relate to the discharge of their duties as directors. Universal's two largest shareholders, Coal Development Holdings B.V., and IchorCoal NV have also accepted the Offer.
Status of Acceptances
As at the date of this Notice, CoAL has received acceptances of the Offer from Universal Shareholders (including Universal CDI Holders) representing 479,112,711 Universal Shares, equating to approximately 94.46 % of the total number of Universal Shares on issue. This includes consideration elections for the Loan Note Alternative from Universal Shareholders (including Universal CDI Holders) representing 255,314,984 Universal Shares equating to approximately 50.39% of the total number of Universal Shares in issue.
Enquiries
CoAL | Telephone: +27 (0)10 003 8000 |
David Brown, De Wet Schutte and Celeste Riekert | |
Qinisele Resources (Proprietary) Limited (Financial Adviser to CoAL) | Telephone: +27 (0)11 883 6358 |
Robert Philpot and Dennis Tucker | |
Peel Hunt LLP (Nominated Adviser and Broker to CoAL) | Telephone: + 44 (0)20 7418 8900 |
Matthew Armitt and Ross Allister | |
Investec Bank Limited (JSE Sponsor for CoAL) | Telephone: +27 (0)11 286 7000 |
Robert Smith and Tanya Cesare | |
Tavistock (United Kingdom PR Adviser to CoAL) | Telephone: +44 20 7920 3150 |
Jos Simson and Emily Fenton | |
Universal | Telephone: +27 12 460 0805 |
Tony Weber and Daryl Edwards | |
Tamesis Partners LLP (Financial Adviser to Universal) | Telephone: +44 (0) 207 389 5016 |
Richard Greenfield | |
APP Securities Pty Limited (Financial Adviser to Universal) Nick Dacres-Mannings | Telephone: +61 2 9226 0036
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FCR (PR Adviser to Universal) | Telephone: +61 2 8264 1003 |
Robert Williams
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