Coal of Africa Limited UPDATE: RECOMMENDED OFFER FOR UNIVERSAL COAL PLC (4460C)

TIDMCZA

RNS Number : 4460C

Coal of Africa Limited

28 June 2016

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)        Telephone: +27 (0)11 
  Limited (Financial Adviser to           883 6358 
  CoAL) 
 Robert Philpot and Dennis Tucker 
 Peel Hunt LLP (Nominated Adviser        Telephone: + 44 (0)20 
  and Broker to CoAL)                     7418 8900 
 Matthew Armitt and Ross Allister 
 Investec Bank Limited (JSE Sponsor      Telephone: +27 (0)11 
  for CoAL)                               286 7000 
 Robert Smith and Tanya Cesare 
 Tavistock (United Kingdom PR            Telephone: +44 20 
  Adviser to CoAL)                        7920 3150 
 Jos Simson and Emily Fenton 
 Universal                               Telephone: +27 12 
                                          460 0805 
 Tony Weber and Daryl Edwards 
 Tamesis Partners LLP                    Telephone: +44 (0) 
  (Financial Adviser to Universal)        207 389 5016 
 Richard Greenfield 
 APP Securities Pty Limited (Financial   Telephone: +61 2 
  Adviser to Universal)                   9226 0036 
  Nick Dacres-Mannings 
 FCR (PR Adviser to Universal)           Telephone: +61 2 
                                          8264 1003 
 Robert Williams

This information is provided by RNS

The company news service from the London Stock Exchange

END

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June 28, 2016 02:01 ET (06:01 GMT)

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