Universal Coal report Afrimat have withdrawn their offer

Company News

by Rachael Jones

Universal Coal plc (ASX:UNV) report that Afrimat have withdrawn their nonbinding indicative offer to purchase the entire issued share capital of Universal.

Afrimat says that despite the company's ability to prove robust cashflows they have decided not to proceed given the size and complexity of the transaction.

Universal say they are on track to deliver the group’s earnings before interest, tax, depreciation and amortisation guidance for FY2019 of $93 million.

Shares in Universal Coal plc (ASX:UNV) are trading 6.56 per cent lower at $0.29.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.