Business
Firm Placing and Placing and
Firm Placing and Placing and.
About this update from Harworth Group Plc
[{"type":"text","content":"\n RNS Number : 1334Z UK Coal PLC 16 September 2009 \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE SUMMARY\n\n16 September 2009\nUK Coal PLC\n('UK Coal' or 'the Company')\nPROPOSED FIRM PLACING AND PLACING AND OPEN OFFER,\nAMENDED BANKING AGREEMENTS AND NOTICE OF GENERAL MEETING\nUK Coal today announces a proposed share issue to raise approximately £100 million (net of expenses relating to the equity financing) by the issue of 142,045,413 New Shares by way of a Firm Placing and Placing and Open Offer at a price of 75 pence per New Share. 55,556,403 New Shares are proposed to be issued through the Firm Placing and 86,489,010 New Shares are proposed to be issued through the Placing and Open Offer.\nIn addition, UK Coal today announces proposed amendments to the terms of the Group's banking facilities, conditional upon the Capital Raising.\nA Prospectus containing details of the Firm Placing and Placing and Open Offer, the amendments to the bank facilities and convening a General Meeting to approve certain matters necessary to implement the Firm Placing and Placing and Open Offer is expected to be posted to Shareholders shortly and will be available on the Company's website, www.ukcoal.com.\nSummary\n\n\n\nProposed Firm Placing and Placing and Open offer to raise £100 million (net of expenses relating to the equity financing).\n\n\n\n\nThe Issue Price of 75 pence per New Share represents a discount of 37.6 per cent. to the Closing Price of 120.25 pence per share on 15 September 2009 (being the last dealing day prior to announcement of the Capital Raising).\n\n\n\n\nPeel Holdings, the Company's largest shareholder, which owns 28.28 per cent. of the Shares through its subsidiary Goodweather, is fully supportive of the Capital Raising and has irrevocably committed to participate in the Firm Placing and take up its Open Offer Entitlement to ensure its percentage shareholding is not diluted by the Capital Raising.\n\n\n\n\nSave in respect of those Shares which...