Last checked at 27 May 2014 14:57
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: 0114 3030880
Jeremy Hague
Finance Director, Coalfield Resources Tel: 0114 3030880
Media
Tom Horsman, Cardew Group Tel: 020 7930 0777
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.