Last checked at 10 Dec 2012 07:00
10 December 2012
UK COAL PLC
("UK COAL" or "the Company")
Board Changes
Following the completion of the restructuring of the business, the Board of UK Coal will comprise Jonson Cox, Chairman, and Peter Hickson, Steven Underwood and Lisa Clement as Non-Executive Directors. Lisa Clement will remain as chair of the Audit committee and Peter Hickson as chair of the remuneration committee.
Keith Heller, Independent Non-Executive Director, has stepped down from the board with immediate effect and taken on the role of a Trustee of the newly established Employee Benefit Trust ("the EBT"). The EBT holds shares, for the benefit of current and future employees, representing 67 per cent of the voting, and 10 per cent of the economic rights, in the Company's Mining Division, UK Coal Mine Holdings Limited. Keith will remain as Chairman of the Health and Safety committee for the Mining Division.
David Brocksom, Finance Director of the Company, will step down on 31 December 2012 although he will continue to remain available under contract for some months to ensure a successful transition following the restructuring.
Having joined to complete the restructuring, Geoff Mason will step down as Company Secretary at the end of January 2013.
Jeremy Hague, currently Finance Director at Harworth Estates, has been appointed Finance Director of the Company in an executive capacity, with effect from 1 January 2013 and will also become Company Secretary at the end of January 2013. There is no further information requiring disclosure under paragraph 9.6.13 of the UK Listing Authority Listing Rules.
Owen Michaelson, Managing Director of Harworth Estates, has stepped down from the board to become the Chief Executive of the Company's property division, Harworth Estates Property Group Limited, with immediate effect.
Gareth Williams has also stepped down as a board director to take on the role of Managing Director of UK Coal Mine Holdings Limited, the mining division. Gareth will leave the group on 28 February 2013.
In addition to Jonson Cox's role as Chairman of the Company, he will also chair Harworth Estates Property Group Limited and shareholder meetings of UK Coal Mine Holdings Limited.
Also announced on 10 December, as part of the restructuring, UK Coal will be renamed Coalfield Resources plc later today.
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Enquiries
Analysts and investors
Jonson Cox Chairman, UK Coal Tel: 01302 755 002
David Brocksom Group Finance Director, UK Coal Tel: 01302 755 002
Media
Anthony Cardew / Emma Crawshaw Cardew Group Tel: 020 7930 0777
Andrew Mackintosh Director of Communications, UK Coal Tel: 020 7930 0777
Notes to Editors
As also announced on 10th December, as part of the restructuring, UK Coal's operations have been restructured into two separate businesses comprising the Mining Division (under UK Coal Holdings Limited ("Mine Holdings")) and the Property Division (under Harworth Estates Property Group Limited ("Harworth Estates")). UK Coal plc will be renamed Coalfield Resources plc later today.