Brief: African Energy Resources To Spin-Out Botswana Coal Assets

Alma Metals

22/09/2021 24:36

Sept 22 (Reuters) - African Energy Resources Ltd  AFR.AX :
    * TO SPIN-OUT BOTSWANA COAL ASSETS UNDERTAKING IN-SPECIE
DISTRIBUTION OF SHARES IN SPIN-OUT VEHICLE TO AFR SHAREHOLDERS
    * NEWCO IS A NEW UNLISTED AUSTRALIAN PUBLIC COMPANY THAT
WILL OWN
INTEREST IN COAL ASSETS
    * CO BOARD HAS BEEN CONSIDERING OPTIONS TO ALLOW CO TO
EXPAND ITS
COPPER INTERESTS
    * CO WAS SEEKING FUNDING PARTNERS OR OUTRIGHT BUYERS OF
MMAMANTSWE
AND MMAMABULA WEST COAL PROJECTS
    * ONGOING CAPITAL REQUIREMENTS FOR COAL ASSETS ARE
RELATIVELY LOW
    * AFR RESOLVED TO TRANSFER ITS INTEREST IN COAL ASSETS TO
NEWCO
AND DISTRIBUTE SHARES IN NEWCO TO AFR SHAREHOLDERS

Source text for Eikon:  ID:nASX7GckQx 
Further company coverage:  AFR.AX 

 ((Reuters.Briefs@thomsonreuters.com;))