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Forbes still awaiting TSX approval for proposed name change

3rd July 2014

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – The proposed name change of Southern Africa-focused coal producer Forbes & Manhattan Coal to Buffalo Coal Corp has been delayed.

The dual-listed company, which owns the Magdalena and Aviemore mines in South Africa, reported on Thursday that it was still awaiting approval for the name change from the TSX.

The coal miner had previously expected the name change to be effective July 7.

It would inform shareholders of the new effective date once it received TSX approval.

Shareholders voted in favour of the name change during Forbes’ annual general meeting on June 27.

“The overwhelming support received from the shareholders at the meeting was gratifying and is also one of the last steps of the significant restructuring process that was started in September and is now essentially complete,” Forbes chairperson Craig Wiggill said at the time.

The coal producer, which had been facing financial difficulties, had first announced plans to change its name in January, when it also decided to close its office in Toronto, Canada.

Wiggill added that the restructuring would result in meaningful cost reductions and would refocus the company around its existing operating asset base.

Forbes had also restructured its management team, which was now entirely based in South Africa.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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