Coal of Africa Limited Share Options Issued (5821U)

TIDMCZA

RNS Number : 5821U

Coal of Africa Limited

03 December 2013

ANNOUNCEMENT 3 December 2013

ISSUE OF EMPLOYEE SHARE OPTIONS

Coal of Africa Limited ('CoAL' or the 'Company') confirms it has today issued a total of 8,057,928 unlisted share options pursuant and subject to the terms and conditions of the Coal of Africa Limited Employee Share Option Plan approved at the annual general meeting held on 22 November 2013. The unlisted options were issued for nil consideration.

3,932,928 unlisted options were issued to 38 employees of the Company, exercisable at ZAR1.75 (16.9 pence) on or before 30 June 2017. These options vest in two instalments, with two thirds vesting immediately and one third vesting on 1 July 2014. These options were recommended by the Company's Remuneration Committee and approved by the Board.

4,125,000 unlisted options were issued to Mr Michael Meeser, the Chief Financial Officer and Executive Director of the Company, as approved by the shareholders at the recent annual general meeting. 1,375,000 of these options will become exercisable on each of 1 June 2014, 1 June 2015 and 1 June 2016 at an exercise price of ZAR2.0 (19.3 pence). These options expire on 1 June 2018.

An Appendix 3B to confirm the issue of the Options will follow.

AUTHORISED BY:

Tony Bevan

Company Secretary

For more information contact:

 
                                                                +27 11 575 
 David Brown       Executive Chairman    Coal of Africa          4363 
                   Chief Financial                              +27 11 575 
 Michael Meeser     Officer              Coal of Africa          4363 
                                                                +27 11 575 
 Celeste Harris    Investor Relations    Coal of Africa          6857 
                                         Endeavour Corporate    +61 8 9316 
 Tony Bevan        Company Secretary      Services               9100

Company advisors:

 
 Jos Simson/Emily         Financial PR (United                            +44 20 7920 
  Fenton                   Kingdom)               Tavistock                3150 
 Chris Sim/Jeremy                                 Investec Bank           +44 20 7597 
  Ellis                   Nominated Adviser        plc                     5970 
 Charmane Russell/Jane    Financial PR (South     Russell & Associates    +27 11 880 
  Kamau                    Africa)                                         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 /MbeuYashu, including CoAL's Makhado Project (coking and thermal coal).

This information is provided by RNS

The company news service from the London Stock Exchange

END

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