Sale of Agricultural Land

RNS Number : 2161J

UK Coal PLC

28 June 2011

 



UK COAL PLC ("UK Coal" or the "Group")

Sale of Agricultural Land

UK Coal announces that it has exchanged contracts to sell approximately 1,760 acres of agricultural land to C.C. Projects (the Church Commissioners). The consideration is £12.6 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 Group's indebtedness and bank facilities.  These land holdings had a book value of £11 million at December 2010 and generated £0.1 million of net rental income in that financial year.

END

Enquiries:

Analysts and investors:

David Brocksom                 Group Finance Director   Tel: [phone]

Media:

Rupert Pittman                    Cardew Group               Tel: [phone]                          

Emma Crawshaw

Alexandra Stoneham                

 

END

 

 

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