JOHANNESBURG (miningweekly.com) – South Africa-focused coal miner Continental Coal on Tuesday announced that as it was unable to restore its securities to trading on the Aim in the short term, and the company’s shares had been suspended for more than six months, its admission to trading on the Aim would be cancelled, effective October 15.
Continental said in light of offers received from third parties interested in acquiring its 74% interest in Continental Coal South Africa, it had deferred finalising the completion of any refinancing of the company through the current rights issue process.
“The board is finalising legal advice with regard to a scenario whereby an accepted offer is announced and shareholders are then offered the opportunity to have their funds returned from the rights issue, remain in a new raising by way of a supplementary prospectus or participate in the new raising,” said the company, noting that given the change in circumstances, some shareholders may want to participate in the new rights issue, as opposed to the previous rights issue.
Continental added that arrangements would be made for all security holders, whose securities were currently traded as depository interests on Aim, to be registered on the company's Australian register of members and for them to be able to trade their securities on the ASX when reinstatement post recapitalisation occurred.