Key Developments: Coalfield Resources PLC (UKCLF.PK)
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10 May 2013
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Latest Key Developments (Source: Significant Developments)
UK COAL PLC Announces Completion Of Restructuring And Change Of Name To Coalfield Resources plc
UK COAL PLC announced that restructuring of the business has today been completed. The process began on March 14, 2012 and has involved a wide range of parties including customers, Pension Funds, banks, shareholders, the Coal Authority, the Pensions Regulator and the Department for Energy and Climate Change. UK Coal will be renamed Coalfield Resources plc later today. The Company's operations have been restructured into two separate businesses comprising the Mining Division (under UK Coal Mine Holdings Limited ("Mine Holdings")) and the Property Division (under Harworth Estates Property Group Limited ("Harworth Estates")). Control of the Mining Division has passed to a newly established Employee Benefit Trust ("EBT") which holds shares representing 67 per cent of the voting, and 10 per cent of the economic rights in Mine Holdings for the benefit of current and future employees of the Mining Division. The Company retains 90% of the economic, and 33% of the voting, rights in Mine Holdings, but the Company's and EBT's shareholding both rank behind the debt to the Pension Funds. Full Article
UK COAL PLC Announces No Interim Dividend
UK COAL PLC announced that no interim dividend has been proposed for the six months ended June 2012. Full Article
UK COAL PLC's Harworth Power Limited Enters Into Conditional Contract To Sell Entire Issued Share Capital Of Harworth Power (Generation) Limited To Red Rose Infrastructure Limited
UK COAL PLC announced that its wholly owned subsidiary, Harworth Power Limited (Harworth Power), entered into a conditional contract to sell the entire issued share capital of Harworth Power (Generation) Limited (Harworth Power (Generation)) for a total cash consideration of GBP20.3 million (the Disposal), to Red Rose Infrastructure Limited (the Buyer). Upon completion of the Disposal, GBP20 million is payable by the Buyer in cash with the remaining GBP0.3 million of the consideration being deferred. The balance will be paid on completion and is dependent upon future rights to gas extraction. The proceeds will therefore be used to reduce borrowings and improve the working capital position of the Company. Full Article
UK COAL PLC Announces No Dividend
UK COAL PLC announced that no dividends have been paid or proposed in relation to 2010. No interim dividend is proposed for the six months ended June 2011. Full Article
UK COAL PLC Announces Sale Of Agricultural Land
UK COAL PLC announced that it has exchanged contracts to sell approximately 1,760 acres of agricultural land to C.C. Projects (the Church Commissioners). The consideration is GBP12.6 million payable in cash on completion. In the event that the land is developed in the medium to longer term, further consideration may become payable. The proceeds will be used to reduce the Company's indebtedness and bank facilities. Full Article
UK COAL PLC Proposes Joint Venture With Peel Group
UK COAL PLC announced a proposed Joint Venture with members of the Peel Group, UK Coal's beneficial shareholder, to develop waste facilities on 11 properties within the Group's Harworth Estate portfolio. A new SPV will be incorporated for each site which will be owned equally by Peel and a member of the Group. Each SPV's operations will be funded by entities within the Peel Group. A Call Option (which is specific to each site) is exercisable by each SPV upon the receipt of planning permission to build waste related infrastructure. Each SPV will pay a member of the Group a fee of GBP10,000 upon entering into the Call Option with a further GBP10,000 payable on the first anniversary thereof. Proceeds received by the members of the Group are intended to be used to contribute towards the Group's working capital. In the event of an exercise of the Call Option by the SPV, the SPV will pay a member of the Group a pre-agreed base value for each site using funds provided by entities within the Peel Group and the aggregate base value for all 11 sites is equal to GBP14.7 million. Full Article
UK Coal debt deal keeps mines open
LONDON, Dec 10 - UK Coal, Britain's biggest remaining coal miner, said it had avoided an imminent debt default and the closure of operations after completing a major debt restructuring deal with shareholders.
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