| Mon 5 Jan 2009, 8:39 | | CZA - Coal of Africa Limited - Extension of BEE agreement |
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CZA
CZA
CZA - Coal of Africa Limited - Extension of BEE agreement
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: CZA
ISIN AU000000CZA6
Share code on the Australian Stock Exchange Limited: CZA
ISIN AU000000CZA6
(`CoAL` or `the Company`)
5 January 2009
EXTENSION OF BEE AGREEMENT
As announced on 13 June 2008, Coal of Africa Limited (`CoAL` or the `Company`)
entered into an agreement with Coal Investments Limited ("CIL") (the
"Agreement") pursuant to which CIL subscribed for shares and was granted an
option which if exercised, would result in African Global Capital I, L.P.
("AGC"), CIL and their affiliates holding in excess of 26% of the shares in the
Company, ensuring full compliance with South African legislative requirements
for black empowered groups ("BEE Groups") to hold at least a 26% equity
interest in mining companies by 2014.
CIL, AGC and their affiliates agreed to use commercially reasonable endeavours
to transfer their holdings in the Company into a BEE Group by 31 December 2008
to ensure that CoAL was fully compliant with BEE requirements. CoAL now advises
that the parties have agreed to extend the date by which CIL, AGC and their
relevant affiliates must use commercially reasonable endeavours to transfer
their holdings in the Company to a BEE Group to 30 April 2009.
Yours sincerely
SIMON J FARRELL
Managing Director
For more information contact:
Simon Farrell, Managing Director
CZA
+61 417 985 383 or +61 8 9322 6776
Simon Edwards/ Chris Sim
Evolution Securities
+44(0) 20 7071 4300
Jos Simson/ Gareth Tredway
Conduit PR
+44(0) 20 7429 6603
About CoAL:
Coal of Africa Limited ("CoAL") is primarily focused on the acquisition,
exploration and development of thermal and metallurgical coal projects. The
Company`s key projects, along with its leading metals processing company NiMag
Group (Pty) Ltd are in South Africa. The Company was incorporated in Western
Australia and listed in 1980. Since 2005, the Company has also listed on both
the AIM and JSE markets, allowing further growth in the Company`s coal assets.
Date: 05/01/2009 08:39:23 Produced by the JSE SENS Department.
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