Keaton receives offer for KZN assets
UP FOR GRABS? Keaton’s KwaZulu-Natal assets include the operating Vaalkrantz colliery, as well as the Koudelager, Balgray and Mooiklip coal project
MANDI GLAD Keaton will decide whether to accept the offer as soon as the necessary due diligence requirements have been completed
Shareholders of coal producer Keaton have been advised to exercise caution when dealing in company shares until a further announcement is made because it received an offer from an unnamed party last month to buy the entire issued share capital of Leeuw Mining & Exploration and Amalahle Exploration, collectively called Keaton’s KwaZulu-Natal assets.
The company notes that the proposed transaction, if successfully concluded, might affect the price at which Keaton securities trade on the JSE.
The company’s KwaZulu-Natal assets consist of the operating Vaalkrantz colliery, as well as the Koudelager, Balgray and Mooiklip coal projects.
However, Keaton CEO Mandi Glad tells Mining Weekly that the Braakfontein coal project, which is held by the Leeuw Braakfontein colliery, is excluded from the proposed transaction, as the offer is only for the KwaZulu-Natal anthracite assets and Braakfontein is a thermal coal project.
“The standard considerations when receiving an offer of this nature will be taken into account. “These include, but are not limited to, the quality of the offer, the quality of buyer, and the impact such a transaction would have on the greater Keaton Energy Holdings group and buyer’s ability to provide funding.”
Glad concludes that the company will decide whether to accept the offer as soon as the necessary due diligence requirements have been completed.
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