Business
Disposal of Methane Assets
Disposal of Methane Assets.
About this update from Hargreaves Services Plc
[{"type":"text","content":"\n \nRNS Number : 2738F Hargreaves Services PLC 22 May 2013 \n \n\nFor immediate release 22 May 2013\n \n \nHARGREAVES SERVICES PLC\n(\"Hargreaves\" or \"the Company\")\n \nDisposal of Coal Mine Methane Assets at Maltby Colliery\n \nHargreaves Services plc (AIM: HSP), the UK's leading supplier of solid fuels and bulk material logistics, announces that its subsidiary Maltby Colliery Limited has agreed the sale of certain coal mine methane assets held at Maltby Colliery to Alkane Energy plc (\"Alkane\") for up to £7.5 million. \n \nHargreaves will receive an initial payment of £5.5 million in cash on completion followed by up to a further £2.0 million payable six months after the mine shafts have been filled and capped as part of Maltby's planned closure and restoration programme. It is anticipated that these tasks will be completed during the first half of 2014. \n \nGordon Banham, CEO of Hargreaves, commented: \"We are pleased to announce this disposal. Alkane is well positioned to maximise the value of these assets and this has created the basis for a deal that is beneficial to both parties. This disposal constitutes an important step towards realising our asset disposal targets for Maltby, which we will seek to continue with the disposal of the underground assets in due course.\"\n \n \n \n \nFor further details:\n \n\n\n\n\nHargreaves Services\n\n\n0191 373 4485\n\n\n\n\nGordon Banham, Group Chief Executive\n\n\n\n\n\n\n\nIain Cockburn, Group Finance Director\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nBuchanan\n\n\n \n020 7466 5000\n\n\n\n\nMark Court / Fiona Henson / Sophie Cowles\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nN+1 Singer (Nomad ...