Continental Coal (ASX: CCC) will proceed with a one for 10 share consolidation following shareholder approval at the company’s general meeting on June 29 2011.
The share consolidation is pending finalisation of a number of key transactions expected in August 2011.
Continental Coal continues to move operations forward quickly in South Africa, highlighted by the decision earlier in the month to accelerate payments of an option to acquire the outstanding 35.9% minority interests in Mashala Resources.
Mashala also includes the underlying Ferreira Export Thermal Coal Mine, Delta Processing Operations and Penumbra and De Wittekrans Export Thermal Coal Projects.
Continental said the acquisition will improve operating efficiencies and simplify operating and reporting procedures, along with greater cash flows.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/17986/continental-coal-to-proceed-with-1-for-10-share-consolidation-17986.html
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