Coalspur March 2015 Interim Financial Statements and MD&A
The following Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with the Condensed Interim Consolidated Financial Statements for the three months ended March 31, 2015 (the “Financial Statements”), which are unaudited, together with the audited 2014 Financial Statements for the year ended December 31, 2014, and the 2014 MD&A for the year ended December 31, 2014. The effective date of this report is May 14, 2015.
This discussion is current at the date of this MD&A. The Financial Statements and the financial information contained in this MD&A were prepared in accordance with Australian equivalents to International Financial Reporting Standards (“AIFRS”). These Financial Statements also comply with International Financial Reporting Standards (“IFRS”) as adopted by the International Accounting Standards Board (“IASB”). All figures are expressed in Canadian dollars (“$”) unless otherwise indicated.
Unless the context otherwise requires, references in this MD&A to the ‘Company’ or ‘Coalspur’ are references to Coalspur Mines Limited and its subsidiaries.
Additional information relating to the Company and its business, including the Company’s Annual Information Form (“AIF”), is available under the Company’s profile on SEDAR at www.sedar.com.
During Q1 2015 the Company worked to advance and conclude the strategic review process that was announced by Coalspur on June 23, 2014.
On February 24, 2015 Coalspur announced that it had concluded its strategic review process and entered into a definitive agreement (“Scheme Implementation Agreement”) for the proposed acquisition of Coalspur by KC Euroholdings S.à r.l. (“KCE”) by way of an Australian scheme of arrangement (“Scheme”). It is proposed that, under the Scheme, KCE will acquire all of the outstanding shares of the Company in consideration for a cash payment of A$0.023 per Coalspur share (the “Consideration”), subject to the fulfilment of the conditions in the Scheme Implementation Agreement, some of which are described below.
If all conditions precedent to the Scheme are satisfied or waived (where applicable), all Coalspur shares will be transferred to KCE with effect from the Scheme implementation date and without the need for any further act by the Coalspur shareholders (other than acts required to be performed by Coalspur, its Directors or officers, as attorney or agent for the Coalspur shareholders). From the Scheme implementation date, Coalspur will become a wholly‐owned Subsidiary of KCE and Coalspur shares are expected to be delisted from the ASX and TSX shortly after the implementation date.
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