Wescoal grew revenue by a third in the year to end-March, but a 56% increase in its number of shares in issue caused its headline earnings per share (HEPS) to more than halve. The coal miner said in its results statement released on Wednesday morning that it would pay R12m to shareholders as a dividend. The per share value will be announced later. The acquisitive group’s shares in issue are set to increase further on Monday when its acquisition of Keaton Energy is effected. Wescoal will pay R1.20 cash and 0.3 of its shares for every Keaton share. "The strong operational performance in our mining division underpinned by our flagship Elandspruit colliery at steady state and the consistent performance from our trading division has seen group revenue increase by 33% from R1.59bn in 2016 to R2.12bn in 2017," Wescoal CEO Waheed Sulaiman said in the results statement. The group stands to benefit from Eskom’s policy of demanding more than half black economic empowerment (BEE) shareholding i...
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