Last checked at 5 Mar 2015 07:00
Coalfield Resources plc
("Coalfield Resources" or the "Company")
Harworth Estates - Completion of Refinancing
Coalfield Resources plc is pleased to announce that, following the Prospectus issued on 3 March 2015 regarding the acquisition of 75.1% of Harworth Estates Property Group Limited ("Harworth Estates" or "Harworth"), it has been informed by Harworth of the completion of the refinancing of bank facilities with The Royal Bank of Scotland PLC. The new £65 million revolving loan facility with RBS (the "RBS Facility") has been undertaken on more appropriate commercial terms for a successful property business. The RBS Facility will initially be used to repay the existing senior borrowing facilities of Harworth Estates with Lloyds Bank plc and Barclays Bank plc. Further details of the RBS Facility are set out in the Prospectus.
Commenting on the new facility, Mike Richardson, the Finance Director of Harworth Estates, who will join the Board and become Chief Financial Officer of Coalfield Resources upon completion of the acquisition said:
"The new facility with RBS creates a senior financing platform to enable the Harworth Estates business to drive further shareholder value from both its existing real estate portfolio and the wider real estate markets."
Capitalised terms used in this announcement and not defined have the same meanings as in the Prospectus.
-ENDS-
Enquiries:
Coalfield Resources plc Jonson Cox, Chairman | +44 (0) 1143 030 882 |
Investec Bank plc (Financial Adviser and Broker to Coalfield Resources) Jeremy Ellis, Chris Sim, David Anderson, Symmie Swil |
+44 (0) 20 7597 4000 |
Cardew Group (Media) |
+44 (0) 20 7930 0777 |
Anthony Cardew, Tom Horsman
|
Notes to Editors:
Coalfield Resources plc is a property investment holding company. Its only significant investment is a 24.9% stake in Harworth Estates Property Group Limited in which it takes an active investment management role.
Harworth Estates Property Group Ltd is a leading property and regeneration business, which operates as a standalone business managing a portfolio of some 27,000 acres of land across approximately 200 sites located throughout the East Midlands, Yorkshire and the North of England. Harworth Estates specialises in the regeneration of former coalfield sites and other brownfield land into employment areas, new residential properties and low carbon energy projects.