Transit previously announced on 6 May 2011 that the Company had been approached by Monomatapa Coal Limited (MCL), inviting Transit shareholders to participate in a $0.10 seed capital raising for a new coal company being established with a focus on coal investment in Africa, and other locations.
Over the past month MCL has been in the process of preparing a priority offer entitlements prospectus for the capital raising. However, due to unforeseen regulatory complications, MCL?s Board has resolved to cancel the priority offer to Transit Shareholders.
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NOT GOOD !!!
TRH Price at posting:
64.0¢ Sentiment: None Disclosure: Held
