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Ichor Coal sells 30% stake in Universal Coal

Coal News - Published on Mon, 06 May 2019

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AFR reported that South African firm Ichor Coal has sold a 30% stake in local takeover target Universal Coal. The stake was picked up US fund Brasidas Investment Management, according to a substantial notice lodged on Friday. Sources said the buyer isn't expected to seek to acquire the company.

It comes as Universal Coal is under takeover offer at 40¢ a share.

The company fended off a takeover approach from a consortium of investors led by Ata Resources, a private entity incorporated in South Africa, last year then earlier this month received a bid from SA construction minerals and mining group Afrimat.

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Posted By : Nishith Sharma on Mon, 06 May 2019
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