Business
UK Coal Production Limited
UK Coal Production Limited.
About this update from Harworth Group Plc
[{"type":"text","content":"\n \nRNS Number : 4006J Coalfield Resources PLC 12 June 2014 \n \n\nCoalfield Resources plc\n \nUK Coal Production Limited\n \nCoalfield Resources plc (\"CfR\" or the \"Company\"), which holds a 24.9% stake in brownfield property company Harworth Estates Property Group Ltd (\"HEL\"), notes the announcement by Hargreaves Services plc that it has not been possible to secure an extended closedown programme for UK Coal Production Limited (\"UKCP\"). HEL, as the freeholder of most UKCP sites, was a participant in the consortium supporting a wind down and closure plan which is now unlikely to proceed. HEL was a supportive participant in the consortium but has reminded its shareholders that it provided for the anticipated higher cost of an immediate closure of UKCP mines in its 2013 accounts. HEL therefore does not expect a further negative impact on its property valuations, and as such, the Company does not expect a reduction in the carrying value of its investment in HEL.\n \n-ENDS-\n \nEnquiries\nCardew Group\nAnthony Cardew / Tom Horsman T: +44 (0)20 7930 0777\n \nNotes to Editors\n \nCoalfield Resources plc \nCoalfield Resources was, until December 2012, the parent company of the UK's largest coal miner, UK Coal. In one of the most complex restructurings in UK corporate history, Coalfield Resources, which was previously known as UK Coal plc, split its operating business into two separate units - property and mining - and gifted 75% of the property business to the trustees of the mining business pension fund. At the same time, in December 2012, it relinquished control of the coal mining operations to an Employee Benefit Trust, retaining only a minority equity stake which ranked behind the debt owed to the pension funds.\n \nConsequent upon this restructuring, Coalfield Resources effectively be...