[miningmx.com] – COAL of Africa (CoAL) said shareholders representing 62.63% of its total issued share capital supported its R1.25bn bid for Universal Coal, a business listed in Australian with operations in South Africa’s Mpumalanga province.
This was disclosed in the company’s publication of offer document today in which the company confirmed each Universal shareholder would receive A$0.20 in cash and one new fully paid ordinary share in CoAL.
CoAL said on December 17 that South Africa’s Competition Commission had approved the proposed transaction which will be by way of reverse takeover. CoAL’s offer beats a previous takeover offer from Universal shareholder, IchorCoal.
