AGM Statement

RNS Number : 1448I

Coalfield Resources PLC

27 May 2014

 



Coalfield Resources plc

(the "Company")

AGM Statement

Speaking at today's Annual General Meeting, Coalfield Resources Chairman, Jonson Cox, informed shareholders on the progress made since the creation of Coalfield Resources plc on 10 December 2012 and particularly the continued good progress made by its investment in Harworth Estates Property Group Ltd ("HEL"). 

Mr Cox noted that HEL continued to perform well, as disclosed in the Interim Management Statement released on 19 May 2014.

Jonson Cox concluded by thanking all stakeholders in CfR for their support during 2013 and continued support.

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Enquiries

Analysts and investors

Jonson Cox

Chairman, Coalfield Resources                                 Tel: [phone]

Jeremy Hague

Finance Director, Coalfield Resources                     Tel: [phone]

Media

Tom Horsman, Cardew Group                                   Tel: [phone]

Notes to Editors

Coalfield Resources plc 

Coalfield Resources was, until December 2012, the parent company of the UK's largest coal miner, UK Coal. In one of the most complex restructurings in UK corporate history, Coalfield Resources, which was previously known as UK Coal plc, split its operating business into two separate units - property and mining - and gifted 75% of the property business to the trustees of the mining business pension fund. At the same time, in December 2012, it relinquished control of the coal mining operations to an Employee Benefit Trust, retaining only a minority equity stake which ranked behind the debt owed to the pension funds.

Consequent upon this restructuring, Coalfield Resources effectively became a property company through its 24.9% shareholding in Harworth Estates Property Group Limited, the property business it owns jointly with the former mining companies pension fund. 

In 2013, the former mining business suffered a major fire at one of its mines which caused a failure and restructuring of that business. Coalfield Resources no longer has any equity interest in the mining business.

Harworth Estates

Harworth Estates is a leading property and development company owning and managing around 31,370 acres across some 200 projects, with consent for 8,000 new homes. It specialises in regenerating coalfields and brownfield land for industrial and commercial opportunities, low carbon energy projects, residential developments and leisure uses.

 

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