JOHANNESBURG (miningweekly.com) – Triple-listed Coal of Africa Limited (CoAL) has again extended the closing date for its proposed buyout of ASX-listed Universal Coal to April 29.
This followed on two previous one-month extensions in February and March, the last of which proposed a closing date of April 15.
CoAL in November launched a $91-million offer to buy Universal, with CEO David Brown stating, at the time, that the merger of the two companies would be a springboard to a “new coal mining force”.
In an update to shareholders on Friday, the company said it received consideration elections for the loan note alternative from Universal shareholders, comprising 206-million shares, representing 40.81% of the total number of Universal shares in issue.
Further, the company received acceptances from Universal shareholders, including Universal CDI holders, equating to about 313-million Universal shares and 61.93% of the total number of Universal shares on issue.
Edited by: Creamer Media Reporter
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