Coal of Africa bid for Universal progressing, board says

Coal of Africa's bid for Universal Coal was progressing satisfactorily, its board said on Friday, with the company sticking to its planned timetable for the offer.

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The AIM-traded firm said it had received the written consent of Investec Bank to the implementation of the offer, satisfying a particular condition.

Coal of Africa added it had also received elections for the loan note alternative from Universal shareholders, representing 36.77% of the the total number of shares in issue.

A procedural problem meant an additional acceptance, representing 3.95% of the total shares, was being treated as invalid.

Coal of Africa said the offer would remain open for acceptance until 15 April.