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Takeover of Universal Coal by CZA

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Vasilis
Contributor
It has been reported that CZA has now received 93% of acceptances from Universal Coal shareholders. The big shareholder Ichor Coal has also accepted. The takeover is now in an advanced state and should be completed by the end of May 2016. Perhaps we will see some Income coming into the company by the end of 2016.
5 REPLIES 5
Not applicable
pardon my ignorance but will CZA be delisted or..? is there info on this on SENS or somewhere? thanks so much guys
Vasilis
Contributor
CZA is in the process of buying/taking over Universal Coal. The proposed completion date is 29 May 2016. Coal's proposed takeover is to get a cash generative company with long term contracts to help with the development of Coal's Makhado mine project. Universal Coal has long term contracts with Eskom. Coal(CZA) will still be trading on the ASX, London and JSE exchanges.
Rovert
Super Contributor
do yourself a favour and dump this dog
Not applicable
Vasilis
Contributor
I will dump this dog if you can give me a valid reason for doing so. I once played DRD and was given the same advice and dumped that dog and go look at it now. I cannot believe that investors like HouHua, yishenbrightrise, Investec, ArcMittal and others would have pumped millions of US dollars into an investment like CZA without doing due diligence. It has to have some future potential. I know it has no trading potential at present but I am sure that if they get Universal Coal the company will be rerated from fledgling to a mid tier company and thus become tradeable again with sharp fluctuations in price.