Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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The only thing that doesn't look in our favour we own 24.9% of the business with 605,460,000 shares £43.89 Million PPF will own 25% of the business with 730,674,465 shares £52.97 Million !!
I would of hoped for a little more than 7.25p, 19.5% discount to NAV.
At the start of 2014 the shares were trading at 6.0p per share which equated to a discount to the underlying net asset value of 34%. This discount fluctuated through the year. At the point of suspension from trading on 18 November 2014, the share price was 5.4p, a discount of 43%. Whilst the discount to net asset value represents an indicator of potential impairment to the investment in Harworth Estates, the Directors are confident that the carrying amount of the investment does not exceed its recoverable amount and therefore no impairment is required
Based on these results I'm going to have to raise my price target Shame there was no mention of the refinancing. 9.7p NAV :-)
Anyone have any update on any progress whatsoever?
Harworth Estates has completed its first residential land sale at the 77-acre Prince of Wales development in Pontefract, West Yorkshire, to Ben Bailey Homes. The transaction of the 11 acre parcel of land will enable Ben Bailey Homes to build 131 three and four-bedroom homes on the site of the pit yard at the former Prince of Wales Colliery. Construction of the first homes is expected to begin in January, which should allow the first residents to move in by the Autumn of this year. The development was granted outline planning consent in December 2013 for 917 homes and 265,000 sq ft of employment space, as well as a range of community facilities, including retail units, cafes and medical & community centres. Completion of the entire development is expected to take between eight and 10 years. The land sale to Ben Bailey Homes follows a significant amount of work undertaken by Harworth in 2013 and 2014 to prepare the 77-acre site for development, including the removal of all colliery buildings and mining infrastructure and the installation of new highways and drainage infrastructure. The site’s development also includes the former spoil heap, next to the pit yard, which will be transformed into a country park, providing new public open space for the community. The country park will combine with Pontefract Park and Pontefract Racecourse to provide an extremely attractive gateway into Pontefract. The development forms an important part of Wakefield Council’s wider regeneration plans for Pontefract. The site provides the road corridor for the proposed Northern Link Road, which will provide a gateway into Pontefract from the M62 and open up further space for residential and commercial development, a critical piece of infrastructure to ensure the future sustained growth of the area. The road corridor is expected to be completed in February 2015. Chris Davidson, Development Manager for Harworth Estates, said: “This is an important first transaction in the regeneration of the former colliery, demonstrating our ability to create homes on brownfield land. Ben Bailey Homes is a high-quality housebuilder, with whom we have built up a strong relationship.” Ben Bailey Homes’ managing director, Mark Mitchell said: “The purchase of land at the former Prince of Wales colliery represents a significant investment for Ben Bailey Homes. This £28m development of 131 new homes will be the very first for us in Pontefract and forms part of the businesses ongoing strategy for a major roll out of new developments across Yorkshire in 2015. “We have undertaken extensive market research and studied home living trends to develop the selection of properties we will be building in Pontefract, raising the standard of the new build home sector. “Works will commence later this month with the first homes ready for occupation in later in the summer.” Peter Box, Leader of Wakefield Council,
Hundreds of homes could be built on the site of a Doncaster mine – spelling the end of a pit landmark visible for miles around. Plans have been unveiled to demolish the pit head at Harworth Colliery and build more than 1,600 houses on the site. And the scheme – proposed by Bassetlaw Council and Harworth Estates – has been boosted after it was one of 29 sites shortlisted to become a Government housing zone. Ten zones will be created, which would receive funding to transform former industrial land into residential use. Plans to build several hundred houses on part of the site have been in place for a while, but bosses had until recently hoped to reopen the mine, which was mothballed in 2006. However, it has now been confirmed the latest plans would see the tower which houses the winding gear demolished, making room for an extra 750 houses, taking the total proposed to 1,628. David Armiger, Bassetlaw Council head of regeneration, said the plans would be expected to go ahead with or without housing zone status, but the status would mean the scheme proceeded more quickly. He said Bassetlaw Growth Team, in partnership with landowner Harworth Estates and Harworth and Bircotes Town Council submitted a bid to Government for a development of 1,628 additional new homes and community infrastructure on the site. If successful, the bid would provide funding for land remediation and the infrastructure needed to develop the area – one of the largest brownfield sites in the area – including a new primary school, open spaces, sport pitches, community facilities, bus station and affordable housing. Coun Jo White, council cabinet member for regeneration, said: “We are delighted the government is recognising Harworth’s potential. “The town and surrounding area boasts 101 hectares of well-connected employment land we are actively marketing for development. “The housing zone will enable the development of good quality, mixed-tenure new housing and facilities to provide for this growing community.” Coun June Evans, town council chairman, said: “We are taking great strides forward in Harworth and Bircotes and in the last couple of years have seen the development of new supermarkets, a neighbourhood plan and an upsurge in interest from house builders and businesses looking to invest and locate in the area. “Working in partnership with Harworth Estates will see improvements to community facilities and our town centre. “We are keen to see this zone brings forward not only houses, but family-friendly facilities, a new bus terminus, new primary school and good quality, well-managed open spaces.” She said the scheme was vital to the regeneration of Harworth, where unemployment was about 20 per cent. She said she expected the pit head would be knocked down in the next few months. Chancellor George Osbourne, discussing the housing zones, said: &a
Just tom keep you up to date with whats happening, I tweeted this earlier today: Just checked with #LeicestershireCountyCouncil - #HarworthEstates still owes them £700,000 for the #Minorca #Opencast #coal site
Just to keep you all abreast of a little problem Harworth Estates is having with Leicestershire County Council (LCC) over the non payment of a £700,000 debt. Here are two news items on the topic to begin with: ‘MINORCA: Formal action due in Measham payment delay’ (Burton Mail, 8/12/14) @ http://www.burtonmail.co.uk/MINORCA-Formal-action-Measham-payment-delay/story-25400759-detail/story.html Leicestershire County Council (LCC) have still not received the outstanding payment of £700,000 for the Minorca Restoration bond and therefore are still proposing to take formal action to recover the money from Harworth Estates at Thursday’s meeting of LCC’s Development Control and Regulatory Board. ‘Councillors consider enforcement action over delayed £700,000 open cast coal mine 'restoration' payments’ (Leicester Mercury, 10/12/14) @ http://www.leicestermercury.co.uk/Councillors-consider-enforcement-action-delayed/story-25530748-detail/story.html Another story on whether Harworth Estates have yet paid their £700,000 and the answer is no but it’s coming........soon. “...Iain Thomson, partnerships manager for Harworth Estates, said the firm was aware of tomorrow’s council meeting. He said: “As the freehold landowner of the Minorca site, Harworth Estates has an obligation to restore the site once surface mining operations end. “We’re continuing to work hard to support operations on the site, for the benefit of local employees and the wider community, with this obligation in mind.” The latest news is that after LCC's Regulatory Control and Development Board meeting yesterday as no payment has been made LCC are going to take legal steps to recover the £700,000.
http://www.coalfieldresources.com/investors/ims-november-2014
Indeed. A thorough valuation, rights issue and re-branding all coming up
Now we see why the share price has been falling!! £150 Million for 75.1% put our value at £50 Million :-)) 200 sites valued at approximately GBP283.7 million and with net assets of approximately GBP247.3 million as at 30 June 2014 All this for £200 million, looks like the discount is already in!!
Oh my RNS was't working - buying the rest of Harworth!
Peel takeover maybe?
Nice to have some news here, Wonder how long the shares are untradeable for. Sounds promising
The something is the valuation of the assets - analysts obviously believe that book value is too high
Harworth Estate reported pretax profit of GBP12.6 million during the first half, of which Coalfield's share was GBP3.2 million. assume the same for the second half gives full year of 6.4 Million gives us a PE ratio of 5 with no debt !! am I missing something?
Net assets per share of 9.6 pence (FY13: 9.1 pence) And yet the share price still falls unbelievable!!
We are now back to the price before the last update when our NAV increased!!!
still want some action onCRES but for now Im laid low here :-D chucked the lot in FRONTERA & IGAS, well almost
Don't expect any move until the next update
any one know what is happening with this