Last checked at 10 Jun 2010 07:12
10 June 2010
UK COAL PLC
Statement regarding Hargreaves Services plc
UK COAL plc ("UK COAL" or "The Group") announces that, further to the announcement of 9 March 2010 and the subsequent announcement of 26 April 2010, it has received confirmation from Hargreaves Services plc ('Hargreaves Services') that it no longer wishes to proceed with a merger proposal with UK COAL. Accordingly, UK COAL is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers.
UK COAL confirms that it has completed transitioning the production profile of its deep mining business. The new seams at Kellingley and Thoresby are in full production and Daw Mill has completed the ramp-up on its new panel. Current rates of production from each of these mines are in line with expectations and the Group continues to expect to achieve 2010 production of around 7.6 million tonnes in an improving pricing environment.
The Group's property business also continues to perform in line with expectations. In addition, the programmes announced on 26 April 2010 to pursue the disposal of a significant proportion of the Group's agricultural estate and to explore joint-venturing the development of a larger part of the Group's brownfield land portfolio, although at an early stage, are attracting significant interest.
Enquiries:
Media:
Citigate Dewe Rogerson Tel: 020 7638 9571
Anthony Carlisle Mobile: 07973 611 888
Analysts and investors:
UK COAL Tel: 01302 751751
Jon Lloyd, Chief Executive
David Brocksom, Finance Director
Citigate Dewe Rogerson Tel: 020 7638 9571
Nick Cox-Johnson Mobile: 07957 596 729