Coal of Africa (CoAL) has extended its offer period for Universal Coal for a fifth time. The closing date has now been set at 24 June 2016.
The extension will allow CoAL to finalise two new subscription agreements that will provide US$15 million in financing for the takeover.
The new subscription agreements with Hengshun Shongsheng Group and Summer Trees PTE replace US$15 million in funding – initially a loan and then via a subscription agreement – with YBI. Full terms of the subscription agreements will be disclosed when the agreements are signed.
Universal shareholders representing 93.23% of Universal’s shares on issue have now accepted CoAL’s offer.
Edited by Jonathan Rowland.