UK Coal

UK Coal

Coalfield Resources PLC formerly UK Coal plc (LSE: UKC) is the largest coal mining business in the United Kingdom. The Company is based in Harworth, in Nottinghamshire. It is listed on the London Stock Exchange and is a former constituent of the FTSE 250 Index. On Monday 12 December 2012 UK Coal plc completed a complex financial restructuring of the company to secure its future and changed its name to Coalfield Resources plc. The Company's operations have been restructured into two separate businesses comprising the Mining Division (under UK Coal Mine Holdings Limited ("Mine Holdings")) and the Property Division (under Harworth Estates Property Group Limited ("Harworth Estates")). Control of the Mining Division has passed to a newly established Employee Benefit Trust ("EBT") which holds shares representing 67 per cent of the voting, and 10 per cent of the economic rights in Mine Holdings for the benefit of current and future employees of the Mining Division. The Company retains 90 per cent of the economic, and 33 per cent of the voting, rights in Mine Holdings, but the Company's and EBT's shareholding both rank behind the debt to the Pension Funds.

The Company owns 24.9 per cent of Harworth Estates, with 75.1 per cent having passed to the Pension Funds in return for a £30m cash injection and their support to the mines