TIDMCZA
RNS Number : 9611T
Coal of Africa Limited
14 December 2011
Wednesday 14 December 2011
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR
PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN
THE UNITED STATES, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH
SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL
COAL OF AFRICA LIMITED
(incorporated and registered in Western Australia with ACN 008
905 388)
("CoAL" or the "Company")
RESULTS OF GENERAL MEETING AND COMPLETION OF PLACING
On 3 November 2011, CoAL announced that 130,000,000 new ordinary
shares ("Ordinary Shares") in the Company (the "Placing Shares")
had been successfully placed at a placing price of GBP0.51
(equivalent of ZAR6.50/A$0.874) per share (the "Placement"). The
Placement comprises two tranches:
-- Tranche 1 of the Placement comprised 79,676,037 Shares which
were issued on 8 November 2011 and commenced trading on the AIM
market of the London Stock Exchange plc ("AIM") on 8 November 2011,
the Main Board of JSE Limited ("JSE") on 9 November 2011, and the
Australian Securities Exchange ("ASX") on 9 November 2011; and
-- Tranche 2 of the Placement constitutes the remaining
50,323,963 Shares ("Conditional Placing Shares"), the issue of
which was subject to approval of the Company's shareholders.
The Company is pleased to announce that at its General Meeting
held earlier today the shareholder resolutions relating to the
Placement were duly passed. The results of the General Meeting are
set out in detail below.
Accordingly, the Company will proceed with the issue and
allotment of the Conditional Placing Shares. The Company has
applied for the Conditional Placing Shares to be admitted to
trading on AIM on 15 December 2011 and on the JSE on 19 December
2011. Application will also be made to the ASX for the quotation of
the Conditional Placing Shares.
The total gross proceeds under the Placement will amount to
approximately US$106 million (equivalent of GBP66.3 million/A$102
million/ZAR845 million). Receipt by the Company of the remaining
Placement proceeds of the issue of the Conditional Placing Shares
will satisfy the key outstanding condition precedent in respect of
the new US$40 million working capital facility entered into between
the Company and JPMorgan Chase Bank, N.A. ("New Bank Facility").
The Company expects to be able to draw down on the New Bank
Facility shortly, following satisfaction of the remaining
conditions precedent.
Results of General Meeting
In accordance with Listing Rule 3.13.2 and Section 251AA(2) of
the Corporations Act, the Company announces the following outcome
of the resolutions put to the General Meeting of shareholders held
earlier today:
Resolution 1: Ratification of Issue of Shares - Placement
Tranche 1
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: 292,373,572 99.66 47.78
---------------- ------------ ---------- --------------------
Against: 175,607 0.06 0.03
---------------- ------------ ---------- --------------------
Abstain: 612,345 0.21 0.10
---------------- ------------ ---------- --------------------
Discretionary: 204,750 0.07 0.03
---------------- ------------ ---------- --------------------
TOTAL: 293,366,274 100.00 47.94
---------------- ------------ ---------- --------------------
Resolution 2: Proposed Issue of Shares - Placement Tranche 2
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: 292,384,433 99.67 47.78
---------------- ------------ ---------- --------------------
Against: 177,757 0.06 0.03
---------------- ------------ ---------- --------------------
Abstain: 601,484 0.21 0.10
---------------- ------------ ---------- --------------------
Discretionary: 202,600 0.07 0.03
---------------- ------------ ---------- --------------------
TOTAL: 293,366,274 100.00 47.94
---------------- ------------ ---------- --------------------
Contacts
CoAL
Tel: +27 (0) 11 575 4363
John Wallington
Wayne Koonin
J.P. Morgan Cazenove
Tel: +44 (0) 20 7325 1000
Verne Grinstead
Chris Nicholls
Neil Passmore
Mirabaud
Tel +44 207 878 3362
Peter Krens
Rory Scott
Evolution
Tel: +44 (0) 20 7071 4300
Chris Sim
Mark Wellesley-Wood
Jeremy Ellis
Macquarie First South Capital (Pty) Limited
Tel: +27 (0) 11 583 2000
Melanie de Nysschen
Annerie Britz
Yvette Labuschagne
Tavistock (United Kingdom)
Tel: +44 (0) 20 7920 3150
Jos Simson
Emily Fenton
Russell & Associates (South Africa)
Tel: +27 (0) 11 880 3924
Tel: +27 (0) 82 372 5816
Charmane Russell
James Duncan
This Announcement has been issued by and is the sole
responsibility of the Company. No representation or warranty,
express or implied, is or will be made as to, or in relation to,
and no responsibility or liability is or will be accepted by J.P.
Morgan Cazenove, Mirabaud, Evolution or Macquarie (as defined
below) or by any of their respective affiliates or agents as to or
in relation to, the accuracy or completeness of this Announcement
or any other written or oral information made available to or
publicly available to any interested party or its advisers, and any
liability therefore is expressly disclaimed.
J.P. Morgan Cazenove is acting as Global Co-ordinator and
Bookrunner, Mirabaud is acting as Joint Lead Manager, and Evolution
is acting as Co-Lead Manager in connection with the Placing.
Macquarie is acting as the JSE Transaction Sponsor to the Company.
Each of J.P. Morgan Cazenove, Evolution and Mirabaud, each of which
is authorised and regulated by the Financial Services Authority,
and of Macquarie which is authorised by the Financial Services
Board are acting for the Company in connection with the Placing and
no-one else and none of J.P. Morgan Cazenove, Mirabaud, Evolution
nor Macquarie will be responsible to anyone other than the Company
for providing the protections afforded to the respective clients of
J.P. Morgan Cazenove, Mirabaud, Evolution and Macquarie nor for
providing advice in relation to the Placing or any other matter
referred to herein.
The distribution of this Announcement and the Placing of the
Placing Shares in certain jurisdictions may be restricted by law.
No action has been taken by the Company, J.P. Morgan Cazenove,
Mirabaud, Evolution or Macquarie that would permit an offering of
such shares or possession or distribution of this Announcement or
any other offering or publicity material relating to such shares in
any jurisdiction where action for that purpose is required. Persons
into whose possession this announcement comes are required by the
Company, J.P. Morgan Cazenove, Mirabaud, Evolution and Macquarie to
inform themselves about, and to observe, such restrictions.
Macquarie First South Capital (Proprietary) Limited
("Macquarie") is acting as JSE Transaction Sponsor to the Company.
Macquarie is not an authorised deposit-taking institution for the
purposes of the Banking Act 1959 (Commonwealth of Australia), and
its obligations do not represent deposits or other liabilities of
Macquarie Bank Limited ABN 46 008 583 542 ("MBL"). MBL does not
guarantee or otherwise provide assurance in respect of the
obligations of Macquarie.
The information in this Announcement shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of, the securities referred to herein in any
jurisdiction in which such offer, solicitation or sale would
require preparation of further prospectuses or other offer
documentation, or be unlawful prior to registration, exemption from
registration or qualification under the securities laws of any such
jurisdiction.
No public offer of securities of the Company is being made in
Australia, the United Kingdom, the United States, the Republic of
South Africa or elsewhere. The information in this Announcement
does not constitute or form a part of any offer or solicitation to
purchase or subscribe for securities in the United States. The
securities mentioned herein have not been, and will not be,
registered under the United States Securities Act of 1933 (the
"Securities Act") nor the security laws of any state or other
jurisdiction of the United States. The securities mentioned herein
may not be offered or sold in the United States except pursuant to
Regulation S under the Securities Act or another exemption from, or
transaction not subject to, the registration requirements of the
Securities Act. There will be no public offer of securities in the
United States.
The information in this Announcement may not be forwarded or
distributed to any other person and may not be reproduced in any
manner whatsoever. Any forwarding, distribution, reproduction, or
disclosure of this information in whole or in part is unauthorised.
Failure to comply with this directive may result in a violation of
the Securities Act or the applicable laws of other
jurisdictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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