ASX waives listing rules for Universal
PERTH (miningweekly.com) – South African coal miner Universal Coal has been granted a waiver by the ASX in relation to a listing rule that requires a foreign company’s constitution not to include provisions relating to takeovers and substantial shareholding.
Universal was currently the subject of a A$0.16 a share takeover offer by shareholder IchorCoal.
The company had also been approached by an unnamed second party, which had submitted a written, confidential, nonbinding, indicative and conditional proposal concerning a takeover offer to acquire all the shares in Universal for A$0.25 each, along with certain convertible securities.
The coal miner said on Friday that the waiver was sought to avoid doubt as to whether the company’s own articles of association were valid and enforceable.
Universal’s articles included provisions that entitled the Universal board to impose sanctions by way of suspending voting rights when the company’s shares were acquired above a specified threshold and when no follow-up offer was extended to shareholders.
The articles also allowed the Universal board to direct registered shareholders to divest of their interest in shares acquired above the threshold, which was set at 20%, unless the board resolved to increase this threshold to 30%.
The ASX agreed to waive its listing rule subject to a number of conditions, including Universal not increasing its threshold to 30%, the company not exercising sanctions other than in accordance with the ruling of a competent court and the company not enforcing the takeovers provision.
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