Last checked at 19 May 2014 07:00
Coalfield Resources plc
Interim Management Statement
Coalfield Resources plc ("the Company") is pleased to issue its Interim Management Statement for the period 29 December 2013 to 19 May 2014. The Company's only significant investment is a 24.9% shareholding in Harworth Estates Property Group Limited ("HEL") in which it takes an active role. Based on this investment, the Company had net assets of £55.2m at 28 December 2013. There has been no material change in the Company's net assets in the period since, based on the results of HEL to the end of March.
HEL continues to make progress across its portfolio of sites in terms of income generation, valuation growth and realisation through disposals. Significant disposals so far this year include the sale of land at Cannock, Staffordshire, and two further commercial plots on our Advanced Manufacturing Park site in South Yorkshire, all at above book value. The property market in the regions in which HEL operates continues to show signs of improvement, and, as a result, stronger demand across all its activities. The improving market, coupled with HEL's diverse portfolio and distinctive skill set, is providing a sound base for HEL to deliver long term value for its shareholders.
ENDS
Enquiries
Tom Horsman, Cardew Group T: 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.