This follows the conversion of 25 million Class B Performance Shares that were issued under the Heads of Agreement to acquire Xceed's interest in the Moabsvelden thermal coal project.
Culbert, who holds the shares through Daleglen Holdings, now holds 37.5 million shares in the company, up from the previous 25 million shares while Belben now holds 12,599,351 shares (from 8,670,056 shares) through SF & PJ Belben and its related entities.
The Performance Shares had converted on a one to one basis into fully paid shares upon a Mining Right being granted in relation to the Moabsvelden project, which occurred on 29 May 2013.
The conversion has also increased substantial shareholder Maberley Holdings Pty Ltd's stake to 10.68% (15 million shares) from 8.66% (10 million shares).
Moabsvelden will be one of the largest new mines located in the vital Witbank coal basin when developed, and importantly its close proximity to Johannesburg is an advantage over other mines - giving it access to industrial/inland market in South Africa.
A plus for Moabsvelden is that it will be entirely open cast, and has a low stripping ratio, with a mine life in excess of 14 years. Production is targeted for mid-2014.
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