| Tue 22 Jan 2008, 9:29 | | CZA - Coal of Africa Limited - Resignation of directors |
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CZA
CZA
CZA - Coal of Africa Limited - Resignation of directors
Coal of Africa Limited
(previously, "GVM Metals Limited")
(Incorporated and registered in Australia)
(Registration number ABN 008 905 388)
Share code on the JSE Limited: GVM
ISIN AU000000CZA6
Share code on the Australian Stock Exchange Limited: CZA
ISIN AU000000CZA6
RESIGNATION OF DIRECTORS
The Company wishes to advise that Nchakha Moloi and Nonkqubela Mazwai have each
tendered their resignations as Director effective immediately, following Mr
Moloi, Mrs Mazwai and Motjoli Resources (Pty) Ltd, the private company owned and
controlled by Mr Moloi and Mrs Mazwai, collectively entering into an agreement
to dispose of their shareholdings in Coal of Africa Limited ("CoAL") to Signet
Mining Services (Pty) Ltd ("Signet"), a broad based Black Empowerment Company.
The disposal of the shares is in two tranches. Tranche 1, comprising 5,282,117
CoAL shares representing 1.78% of the issued share capital of the Company, is
effective immediately.
Tranche 2, which is in the form of an option allowing Signet to acquire a
further 28,528,395 shares, representing 9.59% of the issued share capital of the
Company, is subject to the fulfillment of certain conditions and therefore, the
Company will advise as and when these conditions are satisfied and the
transaction settles.
Managing Director Simon Farrell stated "Signet is a broad based Black Empowered
Economic Company with diverse mining interests and this transaction will expand
CoAL`s Empowerment shareholding. Discussions with Signet have been positive and
their aim is to increase Signet`s shareholding in CoAL in due course."
The Company will lodge the respective Appendix 3Z`s - Final Director`s Interest
Notice for both Mr Moloi and Mrs Mazwai under separate cover, copies of which
can be found on the company`s website.
SIMON J FARRELL
Managing Director
For more information contact:
Simon Farrell, Managing Director CZA +61 417 985 383 or
+61 8 9322 6776
Petronella Gorrie The Event Shop +27 82 827 8815
Leesa Peters / Jos Simson Conduit PR +44(0) 20 7429 6606
Olly Cairns / Romil Patel Blue Oar Securities Plc
+61 8 6430 1631 +44(0) 20 7448 4400
22 January 2008
South African sponsor to CoAL
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 22/01/2008 09:29:13 Produced by the JSE SENS Department.
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