UK Coal PLC
16 November 2006
16 November 2006
UK COAL plc ('UK COAL' or the 'Company')
Placing to raise £30 million
The Board of UK COAL announces that Bridgewell Limited has, on behalf of the
Company, completed a placing (the 'Placing') of 7.4 million new ordinary shares
of 1 pence each (the 'Placing Shares') at 406 pence per share to raise gross
proceeds of approximately £30 million. The placing price represents a premium of
approximately 2% to the closing mid-market price on 15 November.
The Placing has been undertaken in order to strengthen the Company's balance
sheet and increase financial flexibility which had become somewhat constrained
following reduced coal production during the summer. The proceeds of the Placing
will initially be used to reduce the Company's net debt.
The Placing Shares will, when issued and fully paid, rank pari passu in all
respects with the existing issued ordinary shares of the Company.
The Placing is conditional upon, inter alia, admission of the Placing Shares to
listing on the Official List of the UK Listing Authority and to trading on the
London Stock Exchange's market for listed securities (together 'Admission').
Application will be made for admission and it is expected that Admission will
become effective and dealings in the Placing Shares will commence no later than
8.00 a.m. on 22 November 2006.
ENQUIRIES:
UK COAL PLC Tel: +44 (0) 1302 751 751
Garold (Gerry) Spindler
Chris Mawe
Bridgewell Limited Tel: +44 (0) 20 7003 3000
Ian Dighe
James Renwick
CitiGate Dewe Rogerson Tel: +44 (0) 20 7638 9571 / +44 (0) 7973 611 888
Anthony Carlisle
This information is provided by RNS
The company news service from the London Stock Exchange