Business
Placing
Placing.
About this update from Harworth Group Plc
[{"type":"text","content":"\n UK Coal PLC\n16 November 2006\n\n\n\n16 November 2006\n\n\n\n UK COAL plc ('UK COAL' or the 'Company')\n\n\n\n Placing to raise £30 million\n\nThe Board of UK COAL announces that Bridgewell Limited has, on behalf of the\nCompany, completed a placing (the 'Placing') of 7.4 million new ordinary shares\nof 1 pence each (the 'Placing Shares') at 406 pence per share to raise gross\nproceeds of approximately £30 million. The placing price represents a premium of\napproximately 2% to the closing mid-market price on 15 November.\n\nThe Placing has been undertaken in order to strengthen the Company's balance\nsheet and increase financial flexibility which had become somewhat constrained\nfollowing reduced coal production during the summer. The proceeds of the Placing\nwill initially be used to reduce the Company's net debt.\n\nThe Placing Shares will, when issued and fully paid, rank pari passu in all\nrespects with the existing issued ordinary shares of the Company.\n\nThe Placing is conditional upon, inter alia, admission of the Placing Shares to\nlisting on the Official List of the UK Listing Authority and to trading on the\nLondon Stock Exchange's market for listed securities (together 'Admission').\n\n\n\nApplication will be made for admission and it is expected that Admission will\nbecome effective and dealings in the Placing Shares will commence no later than\n8.00 a.m. on 22 November 2006.\n\n\n\nENQUIRIES:\n\n\nUK COAL PLC Tel: +44 (0) 1302 751 751\n\nGarold (Gerry) Spindler\nChris Mawe\n\n\nBridgewell Limited Tel: +44 (0) 20 7003 3000\n\nIan Dighe\nJames Renwick\n\n\n\nCitiGate Dewe Rogerson Tel: +44 (0) 20 7638 9571 / +44 (0) 7973 611 888\n\nAnthony Carlisle\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2058,"tagName":"div"}]