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October 24, 2007
Wescoal turns the corner
Johannesburg - Coal merchant Wescoal is one of those unlucky companies that hit trouble soon after it listed, driving the share price down from a peak of 130c to only 60c. Shares were placed at 50c before the listing in July 2005.
The range of troubles included the falling through of the proposed acquisition of Anker SA, causing major disruption to Wescoal's coal supplies, the collapse of a BEE deal, and problems at its coal washing operation, which pushed it into barely breakeven in the second half of the financial year to March.
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Posted by StaffWriter at October 24, 2007 12:07 PM