Acacia Coal Limited cancelled the acquisition of Coalvent Limited from its founders.
As a part of the agreement, Coalvent's Hugh Callaghan, Robert Scott, Peet Snyders and Filippo Faralla will join Acacia with Hugh Callaghan to serve as the Managing Director and Robert Scott to serve as the Finance Director and Acacia will appoint an in-country management team on agreed terms. In March 2017, Hugh Callaghan and Robert Scott were appointed as Directors of Acacia and Peet Snyders as Chief Operating Officer and Filippo Faralla as General Manager of Strategy & Marketing. The transaction is subject to the completion of due diligence, Acacia's shareholders approvals, s11 Ministerial consent, regulatory approvals and completion of the capital raising. Nicholas Read and Paul Armstrong of Read Corporate acted as public relations' advisors to Acacia Coal Limited.
Acacia Coal Limited (ASX:AJC) cancelled the acquisition of Coalvent Limited from its founders on December 13, 2017. As a part of the termination, Acacia has entered into an Exit Deed with Coalvent and the other related vendors and its associated parties whereby they have agreed to unwind Acacia's option to acquire a 74% interest in the RAC Project. In addition, Hugh Callaghan and Rob Scott who are directors of Coalvent, have also agreed to resign from their position as directors of Acacia. Argonaut Limited acted as financial advisor to Acacia Coal Limited.