Business
Statement re press speculatio
Statement re press speculatio.
About this update from Harworth Group Plc
[{"type":"text","content":"\n RNS Number : 2880I UK Coal PLC 09 March 2010 \n \n\n \nFOR IMMEDIATE RELEASE\n 9 March 2010\n \nUK COAL PLC (\"UK COAL\" or the \"Group\")\nStatement re press speculation\n \nUK COAL has noted the speculation in today's Daily Mail relating to a purported proposal for a cash offer for the Group. UK COAL is not aware of any such proposal from the Group's major shareholder or any other source. \nThe Group is at a very early stage of investigating an approach it has received which could address the Group's exposure to the volatile performance of its deep mines through a merger transaction. It is emphasised that this proposal is highly conditional and at a very preliminary stage and no view can be expressed as to whether a transaction will result.\nAs has been reported to the market, the Group has encountered continuing difficulties in the performance of its deep mines in recent months, which is having a material impact on its financial position. At Daw Mill, as previously reported, preparation for production at the new face was hindered by difficult geological conditions and, as a result, the start of production on the new face is now expected during April rather than around the end of March. The exposure of the Group to the volatile performance in its deep mines is a significant concern to the directors and mitigating the effects of this exposure, by operating improvements or structural means, is a priority. \n \nEnquiries:\n \nCitigate Dewe Rogerson\nAnthony Carlisle\nTel: 020 7638 9571\nMobile: 07973 611 888\n \n \nDealing Disclosure Requirements\n \nUnder the provisions of Rule 8.3 of the Takeover Code (the \"Code\"), if any person is, or becomes, \"interested\" (directly or indirectly) in 1% or more of any class of \"relevant securities\" of the Company, all \"dealings\" in any \"relevant securities\" of the Company (including by means of an option in respect of, or a derivative referenced to, any such \"relevant securities\") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise ...