| Thu 29 Oct 2009, 14:58 | | CZA - Coal of Africa Limited - Announcement |
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CZA
CZA
CZA - Coal of Africa Limited - Announcement
Coal of Africa Limited
(previously, "GVM Metals Limited")
(Incorporated and registered in Australia)
(Registration number ABN 008 905 388)
JSE/ASX/AIM Share code: CZA
ISIN AU000000CZA6
("CoAL" or the "Company")
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION,
RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
CANADA, OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MAY CONSTITUTE A
VIOLATION OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
COAL ANNOUNCES RESULTS OF PLACING
CoAL is pleased to announce the successful completion of the equity placing
announced earlier today (the "Placing").
A total of 59,867,731 new ordinary shares of no par value in CoAL (the "Placing
Shares") have been placed by J.P. Morgan Cazenove as Sole Global Co-ordinator
and Sole Bookrunner and together with Evolution Securities as Joint Lead Manager
and Mirabaud Securities as Co-Lead Manager. Each Placing Share was priced at 95
pence (ZAR12.2018/A$1.7269 based on the prevailing exchange rates at pricing of
ZAR12.8440/GBP and A$1.8178/GBP), raising gross proceeds of approximately
GBP56.9 million.
The Placing Shares being issued represent approximately 14.52% of CoAL`s issued
ordinary share capital prior to the Placing. The Placing Shares will, when
issued, be credited as fully paid and will rank pari passu in all respects with
the existing ordinary shares of CoAL, including the right to receive all
dividends and other distributions declared, made or paid after the date of
issue.
The Company intends to use the net proceeds of the Placing to fund the ZAR650m
acquisition of the entire issued share capital of NuCoal Mining (Pty) Limited
(the "Acquisition") with the remainder being used for some or all of the
following: to increase logistics capacity (including the first instalment of
capital required to effect wagon acquisitions from Transnet Freight Rail), to
accelerate capex at the Vele and Makhado projects, to pursue other smaller,
opportunistic bolt on acquisitions of coal projects, and for general working
capital requirements.
In the event that the Acquisition does not complete, CoAL envisages using those
proceeds earmarked for the Acquisition to accelerate expansion of logistic
facilities at the Matola Terminal and Maputo port, for alternative acquisitions
and for general working capital purposes.
Settlement and payment for the Placing Shares issued pursuant to the Placing
and:
- admission to AIM is expected to occur on 3 November 2009 with settlement in
CREST on a T+3 basis;
- quotation on the ASX is expected to occur on 5 November 2009 in CHESS with
settlement on a T+3 basis; and
- listing on the JSE is expected to occur on 5 November 2009 in Strate with
settlement on a T+5 basis.
The Placing is conditional, inter alia, on Admission to AIM becoming effective.
Contacts
CoAL
Simon Farrell Tel: +61 (0) 417 985 383
Blair Sergeant Tel: +27 (0) 11 785 4518
J.P. Morgan Cazenove Tel: +44 (0) 20 7588 2828
Verne Grinstead
Neil Passmore
Evolution Securities Tel: +44 (0) 20 7071 4300
Simon Edwards
Chris Sim
Macquarie First South Advisers Tel: +27 (0) 11 583 2000
Melanie de Nysschen
Azure Capital Tel: +61 (0) 8 6263 0888
Geoff Ward
Ryan Rockwood
Conduit PR Tel: +44 (0) 20 7429 6603
Jos Simson
Leesa Peters
IMPORTANT NOTICE:
THE INFORMATION IN THIS PRESS RELEASE IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA,
JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION.
This announcement has been issued by and is the sole responsibility of the
Company. No representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by J.P. Morgan Cazenove Limited, Evolution Securities Limited or
Mirabaud Securities LLP or by any of their respective affiliates or agents as to
or in relation to, the accuracy or completeness of this announcement or any
other written or oral information made available to or publicly available to any
interested party or its advisers, and any liability therefore is expressly
disclaimed.
J.P. Morgan Cazenove is acting as Global Co-ordinator and Sole Bookrunner,
Evolution Securities Limited is acting as joint lead manager and Mirabaud
Securities LLP is acting as co-lead manager in connection with the Placing. J.P.
Morgan Cazenove Limited, Evolution Securities Limited and Mirabaud Securities
LLP, which are authorised and regulated by the Financial Services Authority are
acting for the Company in connection with the Placing and no-one else and none
of J.P. Morgan Cazenove Limited, Evolution Securities Limited nor Mirabaud
Securities LLP will be responsible to anyone other than the Company for
providing the protections afforded to clients of J.P. Morgan Cazenove Limited,
Evolution Securities Limited and Mirabaud Securities LLP respectively nor for
providing advice in relation to the Placing or any other matter referred to
herein.
The distribution of this announcement and the Placing of the Placing Shares in
certain jurisdictions may be restricted by law. No action has been taken by the
Company, J.P. Morgan Cazenove Limited, Evolution Securities Limited or Mirabaud
Securities LLP that would permit an offering of such shares or possession or
distribution of this announcement or any other offering or publicity material
relating to such shares in any jurisdiction where action for that purpose is
required. Persons into whose possession this announcement comes are required by
the Company, J.P. Morgan Cazenove Limited, Evolution Securities Limited and
Mirabaud Securities LLP to inform themselves about, and to observe, such
restrictions.
The information in this press release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of, the
securities referred to herein in any jurisdiction in which such offer,
solicitation or sale would require preparation of a further prospectus or other
offer documentation, or be unlawful prior to registration, exemption from
registration or qualification under the securities laws of any such
jurisdiction.
No public offer of securities of the Company is being made in Australia, the
United Kingdom, the United States, the Republic of South Africa or elsewhere.
The information in this press release does not constitute or form a part of any
offer or solicitation to purchase or subscribe for securities in the United
States. The securities mentioned herein have not been, and will not be,
registered under the United States Securities Act of 1933 (the "Securities
Act"). The securities mentioned herein may not be offered or sold in the United
States except pursuant to an exemption from the registration requirements of the
Securities Act. There will be no public offer of securities in the United
States.
The information in this press release may not be forwarded or distributed to any
other person and may not be reproduced in any manner whatsoever. Any forwarding,
distribution, reproduction, or disclosure of this information in whole or in
part is unauthorised. Failure to comply with this directive may result in a
violation of the Securities Act or the applicable laws of other jurisdictions.
29 October 2009
Sponsor
Macquarie First South Advisers (Pty) Limited
Date: 29/10/2009 14:58:00 Produced by the JSE SENS Department.
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