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Mooiplaats Disposal
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
17 December 2014
Mooiplaats Disposal
Coal of Africa (“CoAL” or “the Company”) announced on 6 November 2014 that Blackspear Capital
(“Blackspear”), a wholly owned subsidiary of Blackspear Holdings Proprietary Limited, had agreed
terms with a financial and operational partner to fund Blackspear’s acquisition of the Mooiplaats
Colliery (“Mooiplaats”). However, the due diligence being performed by Blackspear’s partner, which
was expected to be completed by the end of November 2014, has yet to be concluded as reports
from their independent third party consultants are still outstanding. As a result, CoAL has agreed to
extend the date for Blackspear to meet the conditions precedent in the sale and purchase
agreement until 31 January 2015. The transaction is now expected to complete in the first quarter of
2015.
David Brown, Chief Executive Officer commented: “Despite the delay in the completion of the sale
of Mooiplaats, both Blackspear and CoAL are confident that the transaction will complete on the
terms originally reported thereby closing another chapter in turnaround strategy implemented by
management and the Board in 2013. The overall timing of payment of the purchase price is
expected to occur as originally reported with the first payment subject to regulatory approval
consistent with a transaction of this nature and the second payment due by no later than November
2015.”
For more information contact:
David Brown Chief Executive Officer Coal of Africa +27 10 003 8000
Michael Meeser Chief Financial Officer Coal of Africa +27 10 003 8000
Celeste Harris 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
Chris Sim/George Price/Jeremy Ellis Nominated Adviser Investec Bank plc +44 20 7597 5970
Charmane Russell/Jane Kamau 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 , Michael G. Meeser – Chief Financial Officer
Non-executive directors: Peter G. Cordin, Andrew D. Mifflin, Khomotso B. Mosehla , Thabo F. Mosololi, Rudolph H. Torlage
Date: 17/12/2014 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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