Citius Resources Share Discussion Threads

[freddie ferret] 02/7/2013 09:45

The bottom line on this is that this company Coalfield Resources no longer has any connection with coal mines, thus talk about Daw Mill is not relevant, it's owned by a different company with only historical connections to this company and there are no current financial connections between the two. End of.

We wait for Coalfield Resources to announce sales and or development of parts of the large (30,000 acre?) land portfolio that it owns.

Now looks a bit cheap to me.

[badger1963] 02/7/2013 01:38

more chat to be found on london south east b boards
any imput appreciated ref insolvancy

[dazzaa] 01/7/2013 18:49

Jeffian

Not today it seems

[castleford tiger] 01/7/2013 16:21

So whats the revenue stream of CRES going to be? Other than land sales?

tiger

[greatwhitefunkmaster] 01/7/2013 15:55

Coal mines seek pension rescue deal

A large part of the UK's remaining coal mining industry is expected to be taken over by the state-established Pension Protection Fund, the BBC understands.

The operator of the mines, formerly UK Coal, is expected to enter administration in the coming days.

The PPF is then expected to take on the assets as well as a pensions liability estimated at about £550m.

The deal is expected to keep the mines running and save jobs, but lead to a cut in miners' pensions.

There are about 7,000 current and former mine workers whose pensions could be affected, with the Financial Times reporting they face a reduction of 25%.

A spokesman for the PPF confirmed that it was "one of a number of parties involved in discussions about the future of operations at UK Coal", but said it was not able to comment further while discussions were continuing.

"Our role is to protect the interests of pension scheme members and minimise any resulting costs to our levy payers," the spokesman said.
'Unprecedented' deal

The PPF is responsible for bailing out struggling pension schemes, but does not usually take on the control of the companies backing those pension schemes.

It was established by the government 10 years ago, but is funded through a levy on pension funds.

John Ralfe, a pensions consultant, described the expected deal with UK Coal as "unprecedented".

He told the BBC's Today programme that the size of the pensions liability was significantly bigger than any other the PPF had handled in its 10-year history.

"This is the single biggest hit by a country mile that the pension fund has had," he said.

UK Coal has been suffering significant financial difficulties, and underwent restructuring last year following a costly fire at the Daw Mill pit in Warwickshire.

It now operates two deep mines and six surface mines under UK Coal Operations, which is a subsidiary of UK Coal Mine Holdings.

It is not clear which business is due to enter administration as part of the rescue deal.

'UnprecenUnder the plans the pits will continue to operate, safeguarding 2,000 jobs.

[jeffian] 29/6/2013 17:21

Stories in today's press that the Government will 'rescue' the coal business and split off Daw Mill into a "bad" company. I don't think the wider market fully understands that CRES is ringfenced from the coal business, so could this news provide a fillip for the shares on the basis that the risk of insolvency is perceived to be removed?

[freddie ferret] 30/5/2013 15:49

I paid more than I should have but not 15p.
This is IMHO still a bit hung over by the Daw Mill effect, inspite of Daw Mill no longer having any connection with this company.

[folderboy] 30/5/2013 15:47

Sadly . .. I did!

[shareho1der] 30/5/2013 13:18

Interesting that i almost bought ukc at 15p not that long ago.

[freddie ferret] 29/5/2013 17:20

Interesting, lots of mid price trades, lots of auctions over the last few days, not sure what I make of it.

[freddie ferret] 21/5/2013 17:39

Bounce up today from a low level.

[strutt12] 18/5/2013 18:12

Dell, Do you mean Mine Holdings?? because CRES is the parent Company of Mine Holdings and is financially sound. ukc doesn't exist any more so no one can own them!! and mine holding has a book value of £1 on CRES balance sheet!!

[dellwood86] 18/5/2013 17:53

hsp to pick up ukc (sorry cres) opencast sites like they have ath resources post admin ?

[badger1963] 12/5/2013 21:33

lse london south east

[badger1963] 12/5/2013 21:08

borrowed from posts on the L S E web site ref cres

[strutt12] 12/5/2013 19:52

Dazzaa,

I'm calm, and I am and have!!!

I just don't like it when the company tells you one thing in it's statements, but the markets are telling you something different. My biggest concern is, without the mining side of the business, where is our revenue coming from to pay the running costs of £1.5m a year and if we take on a bank facility to pay the £3.6m restructuring costs, how do we pay it back?

Beeks,

The assets are all well and good, but you can't realise them unless the business is sold or our share is bought. Bear in mind the pension fund owns 75% Harworth Estate and the first £5 million of profit goes to pay back the pension deficit. So we sell the land bit by bit, year by year until we've sold all the land!!! then what??

Badger,

Borrowed from where?

Cheers

[dazzaa] 12/5/2013 18:00

Yes I totally agree.

To make money or lose it, it's not what we think it's what the market does!!

[badger1963] 12/5/2013 15:49

borrowed this quote too

I do believe if it wasn't for us owing the restructuring fees, then things would look much better. But when you are led to believe that you are a debt free reorganised company only to find a few months later we are short of six million quid and may need further financial structuring, that's going to put people off investing here. What we need short term is an RNS confirming that we do not have to find money to cover fees all of the other stuff may happen but lets be honest it's all guesswork and hopeful thinking that may happen but more than likely won't.

In short, people are put off because of the bad press and they don't understand CRES, those who do understand CRES are put off because we now potentially owe money that a few months ago we didn't and see better value elsewhere. Things can get better though.

[badger1963] 12/5/2013 15:47

borrowed this


They mention UK Coal the listed business. UK Coal does not exist which is why the fines relating to the death of employee John Harbron were not paid, that business is simply no more. What does exist is Harworth Estates, Coalfield Resources and UK Coal Mine Holdings of these only Coalfield Resources is listed and as such you can only trade in Coalfield Resources shares. They should really be accurate with their reporting, also I wish they would have given us a name without coal in the title, Coalfield Resources really does make us sound like a coal company.