Annual General Meeting and Banking Facility

RNS Number : 0297G

Coalfield Resources PLC

31 May 2013

 



Coalfield Resources plc

Annual General Meeting and Banking Facility

Coalfield Resources plc (the "Company") confirms that it is today posting notice of its Annual General Meeting to shareholders. A printed copy of the annual report will be sent to all shareholders who have registered for a printed copy of this document and those wishing to view the document electronically can do so on the Company's website www.coalfieldresources.com. The Annual General Meeting will be held at 1.00 p.m on 24 June 2013 at the AMP Technology Centre, Advanced Manufacturing Park, Brunel Way, Rotherham.

As previously mentioned in the Company's 2012 Annual Results announcement issued on 30 April 2013, the Company has sought a banking facility secured against its shareholding in Harworth Estates Property Group Limited to meet, amongst other liabilities, certain of the professional fees incurred by the Company in connection with the restructuring in December 2012. The Company has the benefit of an indemnity in respect of such fees from UK Coal Operations Limited ("UKCOL") but, following the fire at UKCOL's Daw Mill Colliery, UKCOL is currently unable to meet its obligations to the Company under that indemnity. We are pleased to announce this facility has now been signed with Lloyds TSB Bank plc ("Lloyds") and the Company will now be in a position to settle the outstanding restructuring costs.

The facility has been granted on the basis of a limited guarantee to Lloyds from the Company's largest shareholder, the Peel Group, and also on the basis that the Company will carry out an equity fundraising to be used to repay the facility should UKCOL continue to be unable to meet its liabilities under the indemnity granted to the Company. The Peel Group has offered further support to the Company by agreeing, subject to the satisfaction of certain conditions, to underwrite such equity fundraising.

ENDS

Enquiries:  Media

Anthony Cardew              Cardew Group                                                                                  Tel: [phone]

Andrew Mackintosh       Director of Communications, Coalfield Resources           Tel: [phone]

 

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