Forbes Coal prepares for corporate changes
JOHANNESBURG (miningweekly.com) – As its focus narrows on South Africa, TSX- and JSE-listed Forbes & Manhattan Coal has prepared for a major shake-up as it rebrands, shuffles management and shuts the doors of its Toronto offices.
The South Africa-focused coal producer, which would embark on a rebranding strategy, including a name change, last month secured a $19-million loan facility, comprising a bridge loan of $4-million and a convertible loan of up to $15-million to fund the closure of its offices in Canada, for working capital and to improve capital for the company’s KwaZulu-Natal operations.
The significant funding package, sourced from Resource Capital Fund (RCF), would see current COO Malcolm Campbell take over as CEO from Stephan Theron, who would step down on completion of the transaction mid-year. Theron, who would also resign his directorship in the company, would remain a special adviser to the company.
VP for finance Sarah Williams would succeed outgoing CFO Deborah Battiston, while chairperson Craig Wiggill would assume an interim role as executive chairperson.
Further, Stan Bharti would resign his directorship and corporate secretary Neil Said would step down.
The bridge loan, which would mature on June 30, was expected to close on January 31, while the convertible loan, set to mature in June 2017, would close on April 30.
Forbes Coal was also negotiating the possible restructure of its debt facilities with one of its lenders and, subject to approval, planned to amend the terms and conditions of a previous $6-million RCF convertible loan to the same as the new one.
The deal was subject to several approvals, including that of Forbes Coal's senior lender, the TSX and the South African Reserve Bank, as well as the successful closure of the Toronto office, besides others.
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