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TerraCom to issue squeeze notices to Universal hold-outs

23rd April 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed TerraCom will start with the compulsory acquisition of the remaining shares in South Africa-focused coal miner Universal Coal, after securing a majority stake in the takeover target.

TerraCom on Thursday said that its interest in Universal had jumped to over 92% on the back of continued acceptances under the sell-out rights process, under the UK Companies Act, combined with its existing interest in Universal.

TerraCom will now issue squeeze out notices to all remaining Universal security holders who have not yet accepted the offer or exercised their sell-out right.

TerraCom was offering 10c in cash and 0.6026 new TerraCom shares for each Universal share held, valuing the takeover target’s shares at 33.5c each.

Edited by Creamer Media Reporter

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