Coal of Africa bid for Universal progressing, board says

11th Mar 2016 15:46

(ShareCast News) - Coal of Africa's bid for Universal Coal was progressing satisfactorily, its board said on Friday, with the company sticking to its planned timetable for the offer.The AIM-traded firm said it had received the written consent of Investec Bank to the implementation of the offer, satisfying a particular condition.Coal of Africa added it had also received elections for the loan note alternative from Universal shareholders, representing 36.77% of the the total number of shares in issue.A procedural problem meant an additional acceptance, representing 3.95% of the total shares, was being treated as invalid.Coal of Africa said the offer would remain open for acceptance until 15 April.