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Wescoal keen to join Universal Coal acquisition

Coal News - Published on Tue, 30 Oct 2018

Image Source: Mining Review Africa
Universal Coal announced that a consortium of investors led by Ata Resources submitted a conditional, non-binding indicative offer to acquire Universal Coal. On 22 October 2018, Ata Resources, on behalf of the consortium, delivered a binding, conditional commitment to Universal Coal for the Consortium, through a special purpose bidding company, to acquire the entire issued share capital of Universal, for a fully cash settled consideration of AUD0.35 per Universal Coal share, to be effected by means of a scheme of arrangement pursuant to Part 26 of the United Kingdom Companies Act 2006, and to subsequently delist Universal.

Wescoal is in advanced negotiations with Ata Resources to join the Consortium, by way of an equity contribution to BidCo, and has concluded a memorandum of understanding with Ata Resources.

Wescoal’s participation in BidCo will require various approvals, including, but not limited to, shareholder approval. If the above mentioned negotiations are successfully concluded, evidenced by the signing of detailed transaction agreements to this effect, they may have a material effect on the price of Wescoal’s securities.

Accordingly, Wescoal shareholders are advised to exercise caution when dealing in Wescoal’s securities until a further announcement is made.

Source :

Posted By : Rabi Wangkhem on Tue, 30 Oct 2018
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