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  • 2 months later...

Received an indicative, non-binding conditional proposal from Ata Resources Pty Ltd at $0.35 per share. 27.5% shareholder AMED has already flagged intentions to vote in favour. 29% holder Ichor Coal yet to decide and will need shareholder approval to vote in favour and tender their shares into the offer. The scheme needs 75% of the register to vote in favour and a 50% headcount majority.


Bid values the company at ~3.2x FY18 EV/EBITDA. The company is in late stages to acquire the NBC project (and Brakfontein development ready subject to signing a CSA with Eskom) to push production volumes out from 4.7Mt to 7Mt by end of CY19, which doesn't seem reflected in the bid price. Management have a pretty good track record of executing, so not entirely convinced $0.35 per share is enough to get it over the line.


Indicative, Non-Binding Proposal to Acquire 100% of Universal Coal by way of Scheme of Arrangement

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  • 1 month later...

Ata Resources it was


By way of update to the Initial Announcement, Universal advises that it has received a binding, conditional

commitment to make an offer (the Binding Commitment) from Ata Resources on behalf of the Consortium

under which, the Consortium, through a special purpose bidding company (BidCo), proposes to acquire the

entire issued, and to be issued, share capital of Universal (each a Universal Share), for a cash consideration

of AUD0.35 per Universal Share, to be effected by means of a scheme of arrangement pursuant to Part 26 of

the United Kingdom Companies Act 2006 (the UK Companies Act) (the Scheme) and subsequently delist

Universal from the ASX (the Proposed Transaction).


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JSE listed producer Wescoal has emerged as a possible inclusion to the Ata consortium with an equity injection:




I think the IER will come back with a valuation around the 45-50c range and Ata will need to bump up the consideration to gain board approval (on the back of IER declaring it's not fair nor reasonable).Will having Wescoal on board provide the flexibilty to bump the bid?

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