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Australian court approves Coalspur deal

Australian court approves Coalspur deal

Photo by Bloomberg

11th June 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The Federal Court of Australia has approved the A$15-million takeover of dual-listed Coalspur Mines.

ASX- and TSX-listed Coalspur became the takeover target of coal producer KC Euroholdings in February this year, after shareholders were offered 2.3c a share for their holding in the Canada-focused firm.

The Coalspur board unanimously supported the transaction.

The Court Approval has been lodged with the Australian Securities and Investment Commission, making the takeover legally effective. The scheme would be implemented by June 25.

Coalspur previously told shareholders that the sales agreement was the culmination of a strategic review launched in June last year, which aimed to maximise value for shareholders.

The company had actively canvassed a number of strategic and financial parties with a view to achieving full funding for the proposed Vista coal project, in Alberta, or to achieve a sale, part sale or joint venture agreement.

Edited by Creamer Media Reporter

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