Statement re Hargreaves Servi

RNS Number : 3688N

UK Coal PLC

10 June 2010

 



10 June 2010

UK COAL PLC

Statement regarding Hargreaves Services plc

UK COAL plc ("UK COAL" or "The Group") announces that, further to the announcement of 9 March 2010 and the subsequent announcement of 26 April 2010, it has received confirmation from Hargreaves Services plc ('Hargreaves Services') that it no longer wishes to proceed with a merger proposal with UK COAL.  Accordingly, UK COAL is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers.

UK COAL confirms that it has completed transitioning the production profile of its deep mining business.  The new seams at Kellingley and Thoresby are in full production and Daw Mill has completed the ramp-up on its new panel.  Current rates of production from each of these mines are in line with expectations and the Group continues to expect to achieve 2010 production of around 7.6 million tonnes in an improving pricing environment.

The Group's property business also continues to perform in line with expectations.  In addition, the programmes announced on 26 April 2010 to pursue the disposal of a significant proportion of the Group's agricultural estate and to explore joint-venturing the development of a larger part of the Group's brownfield land portfolio, although at an early stage, are attracting significant interest.

Enquiries:

Media:

Citigate Dewe Rogerson    Tel: [phone]

Anthony Carlisle                     Mobile: [phone]

Analysts and investors:

UK COAL                              Tel: [phone]

Jon Lloyd, Chief Executive

David Brocksom, Finance Director

Citigate Dewe Rogerson    Tel: [phone]

Nick Cox-Johnson                  Mobile: [phone]

 

END

 

 

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