JOHANESBURG - Junior coal producer Coal of Africa (CoAL) yesterday said its shares on the JSE had been suspended until today.
CoAL said the shares had been suspended with immediate effect due to the divergent treatment of changes to CoAL’s international securities identification number (Isin) arising from the share consolidation and name change resolutions approved by shareholders at the company’s annual general meeting held on Friday. CoAL will be rebranded and will be known as MC Mining Limited.
“CoAL and its advisers have worked closely with the Australian Stock Exchange, AIM Market of the London Stock Exchange and JSE listing authorities to avoid any suspensions. However, due to Isin administrative challenges, a temporary suspension is unavoidable.” Last month, the company said its board had recommended shareholders approve a 20-to-1 share consolidation as it continued to rationalise its balance sheet.