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CoAL announces resignation of Chief Operating Officer

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World Coal,

Coal of Africa Limited has announced the resignation of Mr Michiel Jakobus Brönn, Chief Operating Officer following the judgement and fine lodged by the Financial Services Board (FSB).

Mr Bronn was fined for inside trading - the contravention of the Section 78 (1) (a) of the Financial Markets Act, 19 of 2012. Mr Bronn purchased 117 000 shares on the Johannesburg Stock Exchange three days before the company announced that it had been awarded mining rights for the Makhado project, which is its most advanced asset.

Mr Brönn will forfeit all share based incentive awards and shall not be entitled to receive any bonus payments for the year ending June 2017.

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South Africa coal news