COAL OF AFRICA LIMITED - Grant of performance rights to executive directors

Grant of performance rights to executive directors

 Coal of Africa Limited
 (Incorporated and registered in Australia)
 Registration number ABN 008 905 388
 ISIN AU000000CZA6
 JSE/ASX/AIM share code: CZA
 ("CoAL or the "Company" or the "Group")




ANNOUNCEMENT                                                                              13 DECEMBER 2016

                    GRANT OF PERFORMANCE RIGHTS TO EXECUTIVE DIRECTORS

Coal of Africa Limited ("CoAL" or the "Company") confirms the following awards to executive directors
following the shareholder approval received at the Annual General Meeting of Shareholders (“AGM”) on 25
November 2016.

Following the approval of shareholders David Brown, Chief Executive Officer and De Wet Schutte, Chief
Financial Officer, will be granted a total of 11,254,933 Performance Rights and 7,983,715 Performance Rights
respectively under the Company’s Performance Rights Plan, being direct beneficial in nature. The
performance rights were granted off-market.


As detailed in the notice of meeting for the AGM, the annual Performance Rights issued have been
determined by dividing the resultant remuneration factor of ZAR 5,032,912 and ZAR 2,835,000 (for Mr Brown
and Mr Schutte respectively) by the volume weighted average price of the Shares of the Company over the 5
trading days prior to the date of grant of the Performance Rights to determine the annual allocation. The value
of the forfeited options were calculated by using a Black Scholes model and the resultant value as determined
by BDO was then similarly divided by the volume weighted average price of the Shares of the Company over
the 5 trading days prior to the date of grant. This amounted to a further value of ZAR 1,441,725 and ZAR
1,757,800 (for Mr Brown and Mr Schutte respectively).

The Performance Rights are granted as conditional awards over ordinary shares of no par value for no
consideration. The awards will ordinarily vest three years after the grant date subject to the vesting conditions.

Current Shares and Performance Rights Held by Executive Directors:
In addition to the above Performance Rights Mr Brown holds 825,000 ordinary shares in the Company which
represents 0.04% of the Company’s issued share capital. He also holds 9,714,021 Performance Rights issued
in 2015 which will vest on 1 December 2018 subject to the vesting conditions. Mr Brown no longer holds any
share options in the company.
Mr Schutte does not currently hold any shares or share options in the Company. In addition to the above
Performance Rights, Mr Schutte holds 5,449,944 Performance Rights issued in 2015 which will vest on 1
December 2018 subject to the vesting conditions.

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

Company advisors:
Jos Simson/Emily Fenton                                        Financial PR (United Kingdom)                        Tavistock                     +44 20 7920 3150
Matthew Armitt/Ross Allister                                   Nominated Adviser and Broker                         Peel Hunt LLP                 +44 20 7418 8900

Charmane Russell/Olwen Auret                                   Financial PR (South Africa)                          Russell & Associates          +27 11 880 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).

AU: Coal of Africa Limited, Suite 8, 7 The Esplanade, Mount Pleasant, Perth WA 6153, Australia, Tel: +61 8 9316 9100, Fax: +61 8 9316 5475
ZA: South Block, Summercon Office Park, Cnr Rockery Lane and Sunset Avenue, Lonehill, 2191, Tel: +27 10 003 8000 Fax: +27 11 388 8333 Email: adminza@coalofafrica.com

Bernard R. Pryor – Chairman, David H. Brown – Chief Executive Officer, De Wet O Schutte
Non-executive directors: Peter G. Cordin, Andrew D Mifflin, Khomotso B. Mosehla ,Thabo F Mosololi, Rudolph H. Torlage, Shangren Ding

Date: 13/12/2016 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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