Coal of Africa Limited UPDATE: RECOMMENDED OFFER FOR UNIVERSAL COAL PLC (6154U)

TIDMCZA

RNS Number : 6154U

Coal of Africa Limited

08 April 2016

ANNOUNCEMENT 8 April 2016

UPDATE: RECOMMENDED OFFER FOR UNIVERSAL COAL PLC

Extension of Offer to 22 April 2016

Coal of Africa Limited (ASX, AIM and JSE: CZA) (CoAL) announces an update on its recommended Offer for Universal Coal plc (Universal), announced on 26 November 2015.

Extension of Offer for Universal Coal plc

CoAL wishes to advise that it has extended the Offer Period of the Offer, such that the Closing Date is now 29 April 2016.

CoAL expects the Offer to proceed according to the revised indicative timetable set out below.

The dates and times set out in the timetable below are indicative only and may change in accordance with the terms and conditions of the Offer, to the extent permitted by law and as described in the Offer Document. In particular, the period during which the Offer is open for acceptance may be further extended by CoAL (where permitted by law).

 
 CDI Acceptance Expiry Time                   7.00pm (Sydney 
                                               time) on 22 April 
                                               2016 
-------------------------------------------  ------------------- 
 Final date for receipt of TTE Instructions   1.00pm (London 
  and Forms of Acceptance                      time) on 29 April 
                                               2016 
-------------------------------------------  ------------------- 
 Closing Date of the Offer (unless the        1.00pm (London 
  Offer Period is extended)                    time) on 29 April 
                                               2016 
-------------------------------------------  ------------------- 
 Expected date by which settlement of         On or around 6 
  consideration will first occur*              May 2016 
-------------------------------------------  ------------------- 
 Readmission of CoAL Shares to trading        On or around 9 
  on AIM*                                      May 2016 
-------------------------------------------  ------------------- 
 Trading of Consideration Shares on AIM,      On or around 9 
  ASX and JSE*                                 May 2016 
-------------------------------------------  -------------------

* CoAL will pay the cash and/or issue the Consideration Shares and/or Loan Notes to which accepting Universal Shareholders are entitled within 14 calendar days of the date on which the Offer becomes or is declared wholly unconditional or, in relation to valid acceptances received after this date but while the Offer remains open for acceptance, within 14 calendar days of that acceptance.

SATISFACTION OF LOAN NOTE CONDITION

CoAL is pleased to advise that it has now received consideration elections for the Loan Note Alternative from Universal Shareholders (including Universal CDI Holders) representing 206,780,797 Universal Shares equating to approximately 40.81% of the total number of Universal Shares in issue. Thus condition (b) as set out in Section 1 of Part A of Appendix VI of the Offer Document has been satisfied.

CoAL further wishes to advise that, as at the date of this announcement, it has received acceptances of the Offer from Universal Shareholders (including Universal CDI Holders) representing 313,765,213 Universal Shares, equating to approximately 61.93% of the total number of Universal Shares on issue.

Authorised by

David Brown

Chief Executive Officer

For more information contact:

 
                    Chief Executive                              +27 10 003 
 David Brown         Officer              Coal of Africa          8000 
                    Chief Financial                              +27 10 003 
 De Wet Schutte      Officer              Coal of Africa          8000 
                                                                 +27 10 003 
 Celeste Riekert    Investor Relations    Coal of Africa          8000 
                                          Endeavour Corporate    +61 08 9316 
 Tony Bevan         Company Secretary      Services               9100

Company advisors:

 
 Matthew Armitt/Ross 
  Allister/ Richard        Nominated Adviser                               +44 20 7418 
  Crichton                  and Broker             Peel Hunt LLP            8900 
 Robert Philpot/Dennis                                                     +27 11 883 
  Tucker                   Corporate Advisor       Qinisele Resources       6358 
 Jos Simson/Emily          Financial PR (United                            +44 20 7920 
  Fenton                    Kingdom)               Tavistock                3150 
 Charmane Russell/Olwen    Financial PR (South     Russell & Associates    +27 11 880 
  Auret                     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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April 08, 2016 04:30 ET (08:30 GMT)

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