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The Coal of Africa (CoAL) share price jumped more than 4% on Friday, after it said its board had recommended shareholders approve a 20-to-1 share consolidation as it continues to rationalise its balance sheet. The company is also considering the number of bourses it is listed on.The JSE-and London-listed company said it had a disproportionately large number of shares in issue due to historical equity-based capital raisings, and this was a disincentive for institutional investors to invest in CoAL as their mandates inhibited them from investing in stocks where unit prices were too low.In an update for the quarter to end-September, CoAL said a recommendation to approve a resolution changing the company’s name to MC Mining Limited would also be put to shareholders at the company’s annual general meeting on November 24 2017.CoAL has faced difficulties in re-entering the market, having faced regulatory and community resistance to its flagship Makhado project. Earlier this year it acquire...

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