Last checked at 12 Nov 2013 07:00
Coalfield Resources plc
("Coalfield Resources" or the "Company")
Interim Management Statement
Coalfield Resources is pleased to issue its Interim Management Statement for the period 30 June to 12 November 2013.
During the period the Company successfully completed a rights issue raising £6m from the issue of 299,298,160 new shares. 86.69% of the new shares were taken up under the terms of the rights issue by eligible existing shareholders; pursuant to the rump placing, a further 12.48% were acquired by existing shareholders and 0.83% were acquired by new shareholders. This meant that existing shareholders acquired 99.17% of the available new shares. We wish to thank all our shareholders for their continued support of the Company.
Following the rights issue the Company has repaid its short term loan facility from Lloyds and is now debt free.
The Company's only investment is its 24.9% shareholding in Harworth Estates Property Group Ltd ("Harworth Estates"). Based on this investment the Company had net assets of £46.4m at 29 June 2013. There has been no material change in the Company's net assets in the period since based on the results of Harworth Estates to the end of September. Harworth Estates continues to perform well and in line with our expectation and as reported in our half year accounts it intends to instruct an external valuation of its portfolio in December, the results of which we will incorporate into the Company's results for its 2013 year end.
Enquiries:
Coalfield Resources
Jonson Cox, Chairman 01302 755 002
Jeremy Hague, Finance Director 01302 755 002
www.coalfieldresources.com
Investec Bank Plc (Financial Adviser and Broker): 020 7597 4000
Jeremy Ellis / Chris Sim / David Anderson
Cardew Group (Media): 020 7930 0777
Anthony Cardew / Tom Horsman
Note:
Harworth Estates that owns and manages 30,000 acres across 200 sites, including commercial, residential and tenancy projects. They have an experienced team that works closely with local communities, public bodies, developers and other professionals to bring life to old brownfield sites and turn derelict land into employment areas, new homes, low carbon energy & environmental projects and parks. It is an independent company owned 24.9% by Coalfield Resources and 75.1% by the two mineworkers Pension Fund Trustee bodies. We expect the 74.9% shareholding will transfer to the Pension Protection Fund in due course. Further details on Harworth Estates can be found on their web site at www.harworthestates.co.uk