Coal of Africa offer for Universal Coal lapses

Company News

by Jessica Ellerm

 
Coal of Africa Limited (ASX:CZA) has announced its offer for the entire share capital of Universal Coal has now lapsed.
 
Offer conditions remained unmet at the offer close on Friday, voiding all accepted contracts from shareholders made to date.
 
Coal of Africa had received acceptances representing approximately 95.72 percent of Universal’s issued share capital.
 
Uncertainty around Universal’s Coal Sales Agreement with Eskom was a factor in the offer not being completed, with Coal of Africa’s directors unable to make a working capital statement as a result.
 
Coal of Africa Limited reported a net loss of $19.6 million at 31 December 2015.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?