IchorCoal N.V., a major shareholder in ASX-listed coal junior Universal Coal, has increased its holding of ordinary shares in the company from 18.51% to 29.99%.

Universal Coal owns and operates the Kangala colliery near Delmas and is in the processing of re-starting the mothballed NCC colliery which it acquired from Exxaro.

Following conversion of the preferred shares, Ichor’s holding in the company remains below the 30% threshold.

Ichor's shareholding has been increased through its conversion of 71 220 000 non-cumulative convertible preferred shares into ordinary shares at a ratio of 1:1. Ichor subscribed and paid for the preferred shares on 16 October 2014 at a price per share of A$0.18, following shareholder approval on 6 October 2014.

Ichor's preferred shares carried a non-cumulative preference dividend of 2%, which will now cease. The ordinary shares resulting from the conversion rank pari passu with the other ordinary shares of the company. An equal number of Chess Depository Interests have been issued by Chess Depository Nominees to reflect the number of ordinary shares resulting from the conversion.

The total share capital of the company as at 14 August 2015 is 505 685 447 ordinary shares.

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