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COAL OF AFRICA LIMITED - Update: Recommended Offer for Universal Coal Plc - Signature of Subscription Agreements

Release Date: 31/05/2016 08:00
Code(s): CZA     PDF:  
Wrap Text
Update: Recommended Offer for Universal Coal Plc - Signature of Subscription Agreements

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’)

_________________________________________________________________________________

UPDATE: RECOMMENDED OFFER FOR UNIVERSAL COAL PLC - SIGNATURE OF
SUBSCRIPTION AGREEMENTS

_________________________________________________________________________________

Coal of Africa Limited (ASX, AIM and JSE: CZA) (“CoAL”) provides the following update on CoAL’s
recommended offer for the entire issued and to be issued share capital of Universal Coal Plc (ASX:
UNV) (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”) as supplemented and varied by subsequent notices.

CoAL is pleased to advise that it has now signed the two subscription agreements with Hengshun
Zhongsheng Group Co., Ltd and Summer Trees PTE. Ltd (“the Subscribers”) pursuant to which the
Subscribers will subscribe for 229,885,058 and 114,942,529 CoAL Shares respectively at a price of
US$0.0435 (approximately A$0.059321) per CoAL Share, for total proceeds of US$15 million (“New
Subscription Agreements”)

These New Subscription Agreements will replace the YBI Subscription Agreement, which has been
terminated, which was previously intended to be replaced by a US$15 million loan to be made available
to CoAL by YBI as first noted in the notice of variation dated 8 April 2016.

The New Subscription Agreements are conditional upon:

       a) the Offer having been declared by CoAL to have become unconditional in all respects; and

       b) the directors of CoAL (or a duly authorised committee of CoAL directors) having approved and
          authorised the issue of the CoAL shares to the Subscribers and the Subscribers having
          received a copy of the authorising resolution.

No further shareholder approvals will be required in order to facilitate the issue of CoAL Shares to the
Subscribers, noting that CoAL has been granted an extension until 3 August 2016 to issue the Shares
approved at the General Meeting held on 3 March 2016.




1
    Exchange rate AUD$1.00:USD$0.7335 as published by the Reserve Bank of Australia on 12 May 2016
Enquiries

 CoAL                                                          Telephone: +27 (0)10 003 8000

 David Brown, De Wet Schutte and Celeste Riekert

 Qinisele Resources (Proprietary) Limited (Financial Adviser   Telephone: +27 (0)11 883 6358
 to CoAL)

 Robert Philpot and Dennis Tucker

 Peel Hunt LLP (Nominated Adviser and Broker to CoAL)          Telephone: + 44 (0)20 7418 8900

 Matthew Armitt and Ross Allister

 Investec Bank Limited (JSE Sponsor for CoAL)                  Telephone: +27 (0)11 286 7000

 Robert Smith and Tanya Cesare

 Tavistock (United Kingdom PR Adviser to CoAL)                 Telephone: +44 20 7920 3150

 Jos Simson and Emily Fenton




31 May 2016

Date: 31/05/2016 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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