Continental Coal Ltd Appoints Special Board Committee
05 November 2013 - 6:00PM
UK Regulatory
TIDMCOOL
5 November 2013
By e-lodgement
CONTINENTAL COAL APPOINTS SPECIAL BOARD COMMITTEE TO REVIEW FUNDING PROPOSALS
Continental Coal Limited (ASX: CCC / AIM : COOL) ("Continental" or "the
Company") the South African thermal coal production, development and
exploration company, is pleased to announce that it has appointed a Special
Board Committee to review various funding proposals received to refinance and/
or restructure the Company's Convertible Debentures, maturing from November
2013 to February 2014.
The Special Committee consists of independent Non-Executive Directors, Ron
Chamberlain (Chairman of the Special Committee), Mike Kilbride and Johan
Bloemsma. The Board of Continental has mandated the Special Committee to review
the various funding proposals received and, together with management, lead the
process to select the appropriate funding mechanism and transaction structure
in order to maximise shareholder value and is in the best interests of the
Company.
During the past few months Management has identified and engaged with potential
funders, and under the oversight of the Special Committee, will progress
negotiations with a short list of selected funders with the objective to obtain
binding, unconditional offers by the end of November 2013 that will be
presented to the Board for approval.
Commenting on the appointment of the Special Board Committee, Continental Chief
Executive Officer, Mr Don Turvey said:
"We are encouraged by the number of funding proposals received and therefore
appointed the Special Board Committee to oversee the final stage of
negotiations to ensure the most appropriate funding alternative is selected.
Ron, Mike and Johan are seasoned professionals when it comes to the review of
strategic transactions and with their experience and oversight we are confident
that the selected funding mechanism will allow for a sustainable future capital
structure that is focussed towards enhancing shareholder value."
For and behalf of the Board
Don Turvey
Chief Executive Officer
For further information please contact:
Investors/ shareholders
Don Turvey
Chief Executive Officer
Lou van Vuuren
Chief Financial Officer
T: +27 11 881 1429
E: admin@conticoal.com
W: www.conticoal.com
Media (Australia)
David Tasker
Professional Public Relations
T: +61 8 9388 0944
Nominated Advisor
Stuart Laing
RFC Ambrian Limited
T: +61 8 9480 2500
Brokers
Jeremy Wrathall / Chris Sim Jonathan Williams
Investec Bank plc RFC Ambrian Ltd
T: +44 20 7597 4000 T : +44 203 440 6817
About Continental Coal Limited
Continental Coal Limited (ASX:CCC/AIM: COOL) is a South African thermal coal
producer with a portfolio of projects located in South Africa's major coal
fields including three operating mines, the Vlakvarkfontein, Ferreira and
Penumbra Coal Mines, producing approx. 2.2Mtpa of thermal coal for the export
and domestic markets. A Feasibility Study was also completed on a proposed
fourth mine, the De Wittekrans Coal Project.
Forward Looking Statement
This communication includes certain statements that may be deemed
"forward-looking statements" and information. All statements in this
communication, other than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation activities
and events or developments that the Company expects to take place in the future
are forward-looking statements and information. Although the Company believes
the expectations expressed in such forward-looking statements and information
are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially
from those in the forward-looking statements and information. Factors that
could cause actual results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration successes,
drilling and development results, production rates and operating costs,
continued availability of capital and financing and general economic, market or
business conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ
materially from those stated.
END
Conti.Coal (LSE:COOL)
Historical Stock Chart
From Jul 2024 to Aug 2024
Conti.Coal (LSE:COOL)
Historical Stock Chart
From Aug 2023 to Aug 2024
Real-Time news about Conti.Coal (London Stock Exchange): 0 recent articles
More Conti.Coal News Articles