AIM Schedule 1 - Coal of Africa Limited (0567Q)
February 25 2016 - 2:02AM
UK Regulatory
TIDMCZA
RNS Number : 0567Q
AIM
25 February 2016
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT
PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2
OF THE AIM RULES FOR COMPANIES ("AIM RULES")
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COMPANY NAME:
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Coal of Africa Limited ("CoAL" or the "Company")
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT,
COMPANY TRADING ADDRESS (INCLUDING POSTCODES)
:
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Registered Office:
Suite 8
7 The Esplanade
Mt Pleasant WA 6153
Australia
Trading Address / Principal Place of Business:
South Block
Summercon Office Park
96 Sunset Avenue (Cnr Rockery Lane)
Lonehill
Sandton
South Africa
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COUNTRY OF INCORPORATION:
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Australia
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION
REQUIRED BY AIM RULE 26:
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http://www.coalofafrica.com/investors-and-media/aim-rule26
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF
OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY,
DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION
IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER
UNDER RULE 14, THIS SHOULD BE STATED:
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Coal of Africa:
CoAL is an emerging coal mining, development
and exploration company operating in South Africa.
CoAL is incorporated in Australia and its shares
are traded on ASX, AIM and the JSE.
The transaction:
On 21 December 2015, CoAL announced that it
had lodged an offer document in relation to
its proposed offer to acquire the entire issued
and to be issued share capital of Universal
Coal plc ("Universal"), with the Australian
Securities and Investments Commission (the "Offer").
Under the terms of the Offer, CoAL is offering
to acquire each Universal share for consideration
of, subject to eligibility, A$0.20 in cash and
1 new CoAL share, or a non-converting, secured
loan note with a principal amount of A$0.25
per loan note (the "Acquisition").
The Acquisition, which will result from a successful
completion of the Offer, constitutes a reverse
takeover for CoAL under the AIM Rules for Companies
and is therefore conditional, amongst other
things, on the approval of CoAL shareholders
at a General Meeting to be held at 10:00 a.m.
on 3 March 2016.
Universal Coal:
Universal is incorporated in England and Wales
and is listed on the ASX under the ticker "UNV".
Universal's assets are located in South Africa
and comprise over 2 billion gross tonnes of
in-situ coal, of which over 1 billion gross
tonnes are attributable to Universal, at three
thermal coal projects in the Witbank coalfield
(Kangala, NCC and Brakfontein) and two prospective
coking coal assets in the emerging Soutpansberg
and Tuli coalfields (Berenice/Cygnus and Somerville).
Universal has agreed, subject to regulatory
approvals, to acquire a 50% interest in the
Arnot South prospecting right.
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING
ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES
(i.e. where known, number and type of shares,
nominal value and issue price to which it seeks
admission and the number and type to be held
as treasury shares):
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Up to 2,874,690,671 Ordinary Shares of no par
value
Subscription Price and Provisional Placement
Price of US$0.0435 per share
No restrictions on the transfer of securities
No treasury shares
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
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Gross proceeds of $18 million from the subscription
to be used in relation to the cash consideration
of the Offer.
Market capitalisation of the Company at the
subscription price on admission TBC.
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS
AT ADMISSION:
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76.30%(1)
Note (1): Assuming (i) the Offer is validly
accepted by Universal Shareholders holding 50%
of Universal's total issued share capital, (ii)
that Universal Shareholders holding 40% of Universal's
issued share capital elect to take up the Loan
Note Alternative, being the number required
to satisfy the relevant minimum acceptance Condition
under the Offer, (iii) all other Universal Shareholders
who accept the Offer accept the Cash and Share
Offer, (iv) all Provisional Placement Shares
are issued, and (v) no options over Shares are
exercised between the date of this document
and Admission.
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM
TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED
TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS
AIM SECURITIES) ADMITTED OR TRADED:
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JSE, ASX
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED
DIRECTORS (underlining the first name by which
each is known or including any other name by
which each is known):
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* Bernard Robert Pryor (Chairman and Independent
Non-Executive Director)
* David Hugh Brown (Chief Executive Officer and
Executive Director)
* De Wet Olivier Schutte (Chief Financial Officer and
Executive Director)
* Peter George Cordin (Independent Non-Executive
Director)
* Andrew David Mifflin (Independent Non-Executive
Director)
* Thabo Felix Mosololi (Independent Non-Executive
Director)
* Khomotso Brian Mosehla (Independent Non-Executive
Director)
* Rudolph Henry Torlage (Non-Executive Director)
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS
EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE
CAPITAL, BEFORE AND AFTER ADMISSION (underlining
the first name by which each is known or including
any other name by which each is known):
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Shareholder Before Immediately Immediately
Admission following following
(Shareholding Admission Admission
%) (assuming (assuming
minimum maximum
Offer acceptances)(1) Offer acceptances)(2)
(Shareholding (Shareholding
%) %)
----------------------- --------------- ---------------------- ----------------------
Haohua Energy
International
(Hong Kong) Resource
Co Limited 24.00% 22.03% 20.08%
----------------------- --------------- ---------------------- ----------------------
M&G Investment
Management
Ltd 17.96% 15.84% 14.44%
----------------------- --------------- ---------------------- ----------------------
TMM Holdings (Pty)
Limited 11.16% 8.20% 7.48%
----------------------- --------------- ---------------------- ----------------------
Yishun Brightrise
Investment Pte Ltd. 9.51% 19.99%(3) 18.37%
----------------------- --------------- ---------------------- ----------------------
Investec Limited 7.26% 5.34% 4.87%
----------------------- --------------- ---------------------- ----------------------
ArcelorMittal S.A. 6.55% 4.81% 4.39%
----------------------- --------------- ---------------------- ----------------------
Note (1): Assuming (i) the Offer is validly
accepted by Universal Shareholders holding 50%
of Universal's total issued share capital, (ii)
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