Coal of Africa Limited Results of General Meeting (2166I)

TIDMCZA

RNS Number : 2166I

Coal of Africa Limited

15 June 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

ANNOUNCEMENT 15 June 2017

RESULTS OF GENERAL MEETING

The Directors of Coal of Africa Limited ("CoAL") are pleased to announce that at the CoAL General Meeting held earlier today, all resolutions required to implement the acquisition of 100% of the shares in and claims against Pan African Resources Coal Holdings Proprietary Limited ("PAR Coal") ("the Transaction") and ancillary transactions thereto, put to the meeting were passed unanimously by a show of hands.

In accordance with ASX Listing Rule 3.13.2 and Section 251AA(2) of the Corporations Act 2001, the Company hereby provides the following information on proxy votes received for each resolution:

 
                                             For        Against   Discretionary   Abstain - Voting Exclusion   Abstain 
-------------------------------------  --------------  --------  --------------  ---------------------------  -------- 
 Resolution 1: Approval for issue of 
  Shares to Pan African 
  Resources Plc                         1,553,745,000   153,917      917,406                  -                975,100 
-------------------------------------  --------------  --------  --------------  ---------------------------  -------- 
 Resolution 2: Approval for issue of 
  Shares to Summer Trees 
  Pte Ltd                               1,553,722,335   172,842      914,406                  -                981,840 
-------------------------------------  --------------  --------  --------------  ---------------------------  -------- 
 Resolution 3: Approval for issue of 
  Shares to M&G Investment 
  Management Limited                    1,158,603,539   164,917      914,406             395,136,446           972,115 
-------------------------------------  --------------  --------  --------------  ---------------------------  -------- 
 Resolution 4: 
  Ratification of issue of Shares to 
  M&G 
  Investment Management Limited         1,158,612,457   154,917      915,488             395,136,446           972,115 
-------------------------------------  --------------  --------  --------------  ---------------------------  -------- 
 Resolution 5: 
  Ratification of issue of Shares to 
  Yishun 
  Brightrise Investment Pte Limited     1,130,475,314   151,917      917,406             423,273,864           972,922 
-------------------------------------  --------------  --------  --------------  ---------------------------  -------- 
 Resolution 6: 
  Approval for issue of Shares to 
  Yishun 
  Brightrise Investment Pte Limited     1,130,465,314   161,917      917,406             423,273,864           972,922 
-------------------------------------  --------------  --------  --------------  ---------------------------  -------- 
 

The Transaction remains subject to the condition precedent that Uitkomst Colliery Proprietary Limited has entered into a supply of coal agreement on terms acceptable to CoAL. CoAL shareholders will be notified as soon as the outstanding condition precedent to the Transaction has been fulfilled.

Application has been made for 340 245 378 new ordinary shares to be admitted to trading on the AIM market of the London Stock Exchange ("AIM") in respect of the shares to be issued to Yishun Brightrise Investment Pte Limited, M&G Investment Management Limited and Summer Trees Pte Ltd.

Admission to trading on AIM is expected to become effective on or around 16 June 2017. The new ordinary shares will rank pari passu with the Company's existing ordinary shares of nil par value. Application for quotation of the new ordinary shares will also be made to the Australian Securities Exchange and the Main Board of the JSE Limited.

The new ordinary shares for Pan African Resources plc will be issued on satisfaction or waiver of the remaining condition precedent to the Transaction.

Following admission of the new ordinary shares to be issued to Yishun Brightrise Investment Pte Limited, M&G Investment Management Limited and Summer Trees Pte Ltd there will be 2 556 296 905 shares on issue. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Corporations Act and the FCA's Disclosure Guidance and Transparency Rules.

AUTHORISED BY:

Tony Bevan

Company Secretary

For more information contact:

 
                   Chief Executive                              +27 10 003 
 David Brown        Officer              Coal of Africa          8000 
                   Chief Financial                              +27 10 003 
 De Wet Schutte     Officer              Coal of Africa          8000 
 Celeste Van                                                    +27 10 003 
  Tonder           Investor Relations    Coal of Africa          8000 
                                         Endeavour Corporate    [phone] 
 Tony Bevan        Company Secretary      Services               9100 
 

Company advisors:

 
 Jos Simson/Emily       Financial PR                          [phone] 
  Fenton                 (United Kingdom)    Tavistock         3150 
 Matthew Armitt/Ross    Nominated Adviser                     [phone] 
  Allister               and Broker          Peel Hunt LLP     8900 
 
 

Investec Bank Limited is the nominated JSE Sponsor.

About CoAL:

CoAL is an AIM/ASX/JSE listed coal exploration and development 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).

This information is provided by RNS

The company news service from the London Stock Exchange

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June 15, 2017 07:36 ET (11:36 GMT)