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CoAL bails out of Universal offer

ASX-listed Coal of Africa, which eight months ago emerged as a white knight in the takeover scrap for Universal Coal, has allowed its offer to lapse despite receiving more than 95% acceptances from shareholders.

CoAL bails out of Universal offer CoAL bails out of Universal offer CoAL bails out of Universal offer CoAL bails out of Universal offer CoAL bails out of Universal offer

The first coal being loaded for Eskom from Universal's Kangala mine

This is due to a delay in Universal securing a supply agreement with South Africa's state-owned power utility Eskom for coal production from its New Clydesdale Colliery (NCC).

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