We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.