[miningmx.com] – COAL of Africa (CoAL) said it was granted permission by the Australian listing authorities to vary the conditions of its bid for Universal Coal either by extending the offer or increasing it.
On November 26, CoAL launched a R1.29bn reverse takeover of Australia’s Universal Coal – a development CoAL CEO, David Brown, described as “… a springboard for creating a new coal mining force”.
The offer, comprised of A$0.20c/share in cash and one new CoAL share per Universal share, trumps the A$0.16c/share hostile takeover attempt of Universal’s 29.9% shareholder, IchorCoal, which was made on August 21.
