Last C$0.06 CAD
Change Today -0.02 / -25.00%
Volume 83.5K
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As of 3:32 PM 04/24/14 All times are local (Market data is delayed by at least 15 minutes).

forbes & manhattan coal corp (FMC) Snapshot

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04/30/13 - C$0.59
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forbes & manhattan coal corp (FMC) Details

Forbes & Manhattan Coal Corp. engages in the acquisition, exploration, development, and operation of operating coal properties in Southern Africa. It holds a 100% interest in the Forbes Coal Properties located in South Africa. The Forbes Coal Properties include Magdelena bituminous mine covering approximately 1,844 hectares, and the Aviemore anthracite mine covering approximately 5,592 hectares in the Klipriver coalfield in the KwaZulu Natal Province of South Africa. The company is headquartered in Toronto, Canada.

969 Employees
Last Reported Date: 05/29/13

forbes & manhattan coal corp (FMC) Top Compensated Officers

Chief Operating Officer
Total Annual Compensation: C$275.0K
Compensation as of Fiscal Year 2013.

forbes & manhattan coal corp (FMC) Key Developments

Forbes & Manhattan Coal Corp. Settles Claims with Riversdale Mining Limited

Forbes & Manhattan Coal Corp. reached a settlement agreement with Riversdale Mining Limited in respect of the dispute between the parties in relation to the previously proposed acquisition by Forbes Coal of 100% of the shares and shareholder claims of Riversdale Holdings Proprietary Limited. The claim by Forbes Coal against RML for the return of the ZAR 45.5 million (CAD 4.7 million) deposit held in escrow, and the claim by RML against FMC for damages in the amount of ZAR 299.5 million ($30.7 million) arising from the proposed acquisition, will be settled by way of the Escrow Funds being shared between the parties as to ZAR 19,400,000 (CAD 2.0 million) to RML and the balance to Forbes Coal. Pursuant to the terms of the settlement agreement, neither party shall have any further claim, right, liability and/or duty of any kind towards the other party in respect of either claim.

Forbes and Manhattan Coal Corp., Special/Extraordinary Shareholders Meeting, Apr 03, 2014

Forbes and Manhattan Coal Corp., Special/Extraordinary Shareholders Meeting, Apr 03, 2014., at 10:00 Eastern Standard Time. Location: 65 Queen Street West, Suite 800. Agenda: To pass an ordinary resolution of disinterested shareholders of the corporation authorizing the payment of an establishment fee in connection with a convertible loan to the corporation from Resource Capital Fund V L.P., the payment of interest on the convertible loan and a refinancing of an existing loan with RCF, and the issuance of common shares in the capital of the corporation to RCF in satisfaction of the conversion of the principal amount of an existing bridge loan with RCF, and the establishment fee, interest, and conversion of the principal amount of the proposed convertible loan and refinancing; to approve the change of the corporation's name to Buffalo Coal Corp., or such other name as may be acceptable to the Ontario Ministry of Government Services and the Toronto Stock Exchange; and to transact such further or other business as may properly come before the meeting or any postponements or adjournments thereof.

Forbes and Manhattan Coal Corp. Announces Management Changes

Forbes & Manhattan Coal Corp. announced the appointment of Mr. Bob Francis to the board of directors of Forbes Coal. The appointment of Mr. Francis follows the resignation of Messrs. Stan Bharti and Stephan Theron who have stepped down as directors of Forbes Coal. Messrs. Bharti and Theron helped found Forbes Coal and have been instrumental in the company's achievements over the years. Mr. Francis is a retired (2007) senior partner of the Toronto office of Deloitte & Touche. The company also reported that Mr. Theron has stepped down from his role as President and Chief Executive Officer of the company but has agreed to continue with Forbes Coal in a consulting capacity. Mr. Craig Wiggill will assume an interim role of Executive Chairman and Chief Executive Officer until the date of shareholder approval of the convertible loan with Resource Capital Fund. Mr. Malcolm Campbell will be appointed as Chief Executive Officer of the company following the date of shareholder approval. Mr. Wiggill has held management, executive and directorship positions with several international mining and marketing companies in the coal sector. As CEO of Coal Americas at Anglo American plc., he was responsible for overseeing all coal activities in North and South America. He was previously Managing Director of Anglo Coal Marketing Ltd. from 2000 to 2004. Mr. John Dreyer will assume the role of lead independent director of the company. The company also announced that Ms. Sarah Williams has been appointed as Chief Financial Officer of the company, replacing Ms. Battiston who is stepping down from her role with Forbes Coal. Ms. Williams is a Chartered Accountant (SA) with eleven years experience in the corporate finance industry. Her expertise is in the resource sector where she played key roles in company listings and IPOs, mergers and acquisitions, restructurings and debt and equity capital raisings. Prior to joining Forbes Coal, Ms. Williams was with Sasfin Bank. Before Sasfin Bank, Ms. Williams held positions with boutique and major finance advisory groups.


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