Afrimat Limited (JSE:AFT) made a non-binding indicative offer to acquire Universal Coal Plc (ASX:UNV) for approximately AUD 210 million during the third quarter of 2019. Under the terms, Afrimat will acquire the entire issued share capital of Universal Coal at AUD 0.4 per share, via a change of control transaction, the structure of which remains under consideration by Afrimat. The acquisition is subject to completion of a due diligence investigation by Afrimat in respect of Universal Coal, the finalization of financing arrangements and Afrimat board and shareholder approval in respect of the proposed transaction.

The Directors recommend that Universal's shareholders and Universal CDI holders take no action and make no decisions in respect of the offer until the Directors have had an opportunity to further consider the offer.