Business
Acquisition of Assets from Scottish Coal
Acquisition of Assets from Scottish Coal.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n \nRNS Number : 7356I Hargreaves Services PLC 05 July 2013 \n \n\nFor immediate release 5 July 2013\n \n \nHARGREAVES SERVICES PLC\n(\"Hargreaves\" or the \"Company\" or the \"Group\")\n \nAcquisition of Assets from The Scottish Coal Company Limited (in liquidation) (\"Scottish Coal\")\nHargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, announces that it has completed the acquisition of certain assets from the Liquidators of Scottish Coal for £8.4m. The acquisition, which expands the Company's portfolio of surface mining assets, is being funded from the proceeds of the fundraising announced on 17 April 2013.\n \nBackground\n \nOn 10 May 2013, Hargreaves announced that it had been named by the Liquidators of Scottish Coal as the preferred bidder for certain assets of Scottish Coal and its related companies. Following liquidation all coal extraction operations ceased. \n \nCompletion of transaction\n \nFollowing an intensive period of due diligence the Company today announces that it has completed a transaction to acquire certain assets that has been structured in three phases.\n \nThe first phase involves the acquisition of a property portfolio of approximately 30,000 acres together with unencumbered plant and equipment. The consideration for these assets is £8.4m payable in cash on completion. The property interests include Scottish Coal's rights and interests in various wind farm projects that were being progressed through design and planning. Scottish Coal will share in any near term profits realised on the wind farms. \n \nHargreaves intends to progress the wind farm projects, together with one ...