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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| UK Coal | LSE:UKC | London | Ordinary Share | GB0007190720 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 8.20 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 8.20 | GBX |
UK Coal (UKC) Share Charts1 Year UK Coal Chart |
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1 Month UK Coal Chart |
Intraday UK Coal Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 12/12/2012 | 08:05 | UK COAL | 3,011 |
| 22/6/2012 | 06:58 | UK coal will advance in today's "energy volatile enviroment" | 16 |
| 10/4/2010 | 08:30 | mase1 | 3 |
| 22/1/2007 | 12:11 | UK Coal PLC " It's All In The Property Stupid !" | 556 |
| 14/11/2005 | 20:14 | i was stupid its not in the property.... | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 10/12/2012 11:38 by crosswire CATEGORY: SMALL CAPS NEWS SECTOR: MININGUK Coal shares jump on completion of restructuringMon 10 Dec 2012UKC - UK CoalLatest PricesName Price %UK Coal 8.00p +10.34% Mining 18,775 -0.07%LONDON (SHARECAST) - Shares in UK Coal rose strongly on Monday morning following news that the company had completed its restructuring. The group confirmed that the restructuring of the business, which began on March 14th, had been completed and announced a raft of changes to its board of directors UK Coal will be renamed Coalfield Resources PLC later on Monday. The company's operations have been restructured into two separate businesses comprising the Mining Division, under UK Coal Mine Holdings Limited, and the Property Division, under Harworth Estates Property Group Limited. Control of the Mining Division has passed to a newly established Employee Benefit Trust which holds shares representing 67% of the voting, and 10% of the economic rights in Mine Holdings for the benefit of current and future employees of the Mining Division. The company retains 90% of the economic, and 33% 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% of Harworth Estates, with 75.1% having passed to the Pension Funds in return for a £30m cash injection and their support to the mines. As a result of the restructuring, multiple changes were made to the board of directors. Among the many changes detailed by the company, David Brocksom, Finance Director of the company, will step down on December 31st although he will continue to remain available under contract for some months to ensure a successful transition. Owen Michaelson has stepped down as a director of the company to become the Chief Executive of Harworth Estates with immediate effect. Gareth Williams has also stepped down as a director of the company to take on the role of Managing Director of Mine Holdings in the short term. Gareth will leave the group on February 28th. Jonson Cox, Chairman of UK Coal, said: "The restructuring has helped to safeguard 2,500 highly skilled and well-paid jobs, a skilled supply chain, and created a funding plan for the £450m pension deficit that UK Coal has been burdened with. Without this restructuring, the costs would have fallen by now to the British taxpayer and the Pension Protection Fund." Shares had risen 10.34% to 8p by 10:34. MF |
Posted at 06/12/2012 14:55 by strutt12 Magic,The Trustees are getting 75.1% to remove the pension liability from Mine Holdings, they are injecting £30 Million into Propco for working capital, they have the controling interest in the business so they will say if any money will come our way. In the past UKC has used the money raised from land sales to bolster their accounts and to lower the amount of money they are losing, this will not be available to Mine holdings going forward. Propco will be the company with tangable assets, of which we will have no control over. Therefore how do you value the business after the restructuring? |
Posted at 06/12/2012 09:11 by mysticmagic I believe that the 30 million is part of the deal which sees the trustees getting 75% of the property portfolio.The way I have understood it is that the property portfolio in essence no longer belongs to us. What will happen is that we (UKC)) will receive 24.9% of property profits each year in the same way that it would be if we had bought a stake in an external company. In my opinion once the dust settles we will have a bullish share. We are guaranteed 24.9% of property profits each year as well as the revenues from HPG. I.E. It will receive 20% of all future revenues generated from the sites at Kellingley, Thoresby and Harworth and will receive 10% of all future revenues generated from Stillingfleet. As for the mines, I believe one of two things will happen. They loss makers will be phased out with the exception possibly of Daw Mill. I am of the opinion that it has purposely been run into the ground and once the restructuring has taken place it will start to 'produce' again. That is a personal opinion though. Even if this does not happen our shares should rise significantly within the next 18 months as we will be on the whole generating profit. |
Posted at 04/12/2012 18:45 by jacks13 strutt - it looks like UKC Group will act as custodian of the interests belonging to UKC shareholders, 24.9% of the Propco assets and earnings will show up on the UKC accounts. |
Posted at 04/12/2012 14:59 by strutt12 "As part of the proposed plan to address the pension deficit, it is intended that the Pension Trustees will receive a direct 75.1 per cent. stake in the Property Division (through a shareholding in Propco) in consideration for a £30 million cash contribution. The existing Shareholders will be entitled to the benefit of the remaining 24.9 per cent. This stake would be held by the Shareholders, through the Company, which would no longer guarantee the pension liability but has agreed that the first £5 million of shareholders' dividend income would be paid to the Mining Sections. The Company made strenuous attempts to secure an option for Shareholders to subscribe part of the equity of the Property Division, but one of the primary conditions of the Pension Funds to agree with the Restructuring was to have a controlling shareholding in the Property Division."Can anyone tell me whether this means they are receiving additional shares, how many and at what price? Thanks |
Posted at 29/8/2012 19:31 by jacks13 'As part of the proposed plan to address the deficit, it is intended that the Pension Trustees will also invest £30m in the property business to enable the release of the latent undeveloped value in the property portfolio. In exchange, the Pension Trustees will receive a direct stake of 75.1% in that business, with existing shareholders being entitled to the benefit of the remaining 24.9%. This stake would be held through a new holding company which would not guarantee the pension liability. In return for the stake, the first £5m of shareholders' dividend income would be paid to the Pension Funds. The terms of the proposed restructuring could mean that shareholders' principal continuing economic interest in the Group will be a minority stake in the long term development potential of its property assets. The Company made strenuous attempts to secure an option for shareholders to subscribe part of the new equity, but the primary condition of the Pension Funds was to have a controlling shareholding in a separated property business.'The deal has yet to be agreed. If it is then the company continues for the time being, maybe even thrives, but what share price equates to a 24.9% stake in the property business? The majority owners (the Pension Funds) are unlikely to pay a dividend to the minority holders so what are the prospects for a decent capital gain? Might the majority holders create fresh equity when the property portfolio improves, in exchange for fresh funds, further diluting the minority holders? jackthecat - I've no quibble with Jonson Cox or the present Board, the fault lies with the previous regime. Cox is doing the best he can in the circumstances. |
Posted at 21/5/2012 11:55 by warbaby43 What may be weighing on the share price at present is the coal price. At the end of last week last year ARA stood at $123.40 with futures indicating 2012 at $128.03, 2013 at $130.75 and 2014 at $133.20. At the end of last week, however, ARA was $87.20 with 2013 at $101.43 and 2014 at $108.05.Throw into the equation, large over supply of US coal with production being heavily cut back and widespread suspension of mining, Colombian production surging 14.6% in Q1 and China carrying that much thermal coal that they are looking to re-export surplus stock to Japan and S. Korea. All in all a very difficult backdrop for Mr Cox's negotiations with the generators both for the restructuring and for forward supply terms. All of which underlines again UKC's very high mining costs, £384m pre depreciation and exceptionals, over half of which are, of course, labour costs. At these coal prices and present levels of production there must be serious doubt as to whether UKC can afford its workforce. However, from looking at the Vauxhall Ellesmere Port 94% approved deal last week, it would seem that even Scousers are more realistic than miners |
Posted at 01/5/2012 07:06 by crosswire Share price forecastThe one analyst offering a 12 month price target expects UK COAL PLC share price to rise to 61.00 in the next year from the last price of 20.00. ==================== isable and tax free! |
Posted at 20/3/2012 16:18 by warbaby43 Not a pretty tale, this Statement. It had been indicated at the Shareholder Presentations that a restructuring was pretty certain to come at some point and, indeed, many investors had been looking forward to seeing finally resolved the illogicality of a mining company sitting alongside a property company. It is, therefore, particularly unfortunate that the backdrop is now so difficult.At least, though, it would appear that the bank is at least conditionally on board, with thanks probably being due not only to David Brocksom but also to the continuing presence of Peel with its 29%+ shareholding. In fact it is likely that other investors should in no small measure be grateful to John Whittaker given the additional credibility his presence gives the company. However, the major holders of UKC debt are now the generators and the sort of deal Jonson Cox can cut with them, if any, is likely to have a determining impact on the business. Unfortunately, there is currently a surplus of coal supply in Europe and the rest of the world, with ARA stuck below $100 and $20+ behind where it was just a few months ago. With China currently absent from the spot market, no sustained rise is expected until its return, probably later in the year, and this is reflected in the futures market, ie: Q2 12 $99.70 Q3 12 $104.05 Q412 $107.70 Q1 13 $110.45 2013 $113.00 However, even despite our LibDem government being seemingly bent on the longer term extermination of coal power generation, UK generators will still need to have some regard to the security of their coal supply and as can be seen from this view from major energy consultancy Wood Mackenzie, thermal coal supply is expected to tighten and prices to remain high in the longer term: Even in a contracting market, therefore, UK generators are likely to wish to see preserved for the short and medium terms, their largest and most economic local supplier. With regard to the epicentre of UKC's present troubles, Daw Mill, it would seem most unlikely that this latest visit to the Really Really Absolutely Last and Final Chance Saloon is going to turn out any differently, and mention of 2014 seems something of a red herring. At current prices the eleven week 175,000 t shortfall amounts to over £11m and with normal costs exceeding £2m per week, such a situation is plainly unsustainable without UKC going completely bust well inside the year. May would seem the far more likely date for closure unless the mine can show signs of being able to consistently produce at or very close to the 40kt per week required for any degree of profitability Unfortunately, collectively Daw Mill seems unable and unwilling to face up to the desperation of its situation. However, the other contributing factor to Daw Mill's chronic present difficulties has been the apparently flawed mining plan which led the pit into the cul de sac of having to mine against the stress resulting in very difficult roof conditions and then shear from a very difficult face. This plan would have been drawn up and validated under the previous management round about, I would guess, 2008 or 2009 but was then allowed to remain in place apparently unchallenged and unaltered. If indeed it is the case, as seemed to be indicated at the last Shareholder Presentation, that the mining plan was so flawed, then no doubt at some stage Jonson Cox is going to require an external audit not only into how and why the plan came into being and how and why it was allowed to remain in place until after a point of no return, but also into the process at all UKC mines of how mining plans are drawn up and, just as importantly, how and by whom they are internally audited and signed off. Daw Mill undoubtedly represents a crisis for UKC as a company, but as all the management textbooks tell us, every such crisis presents an opportunity to confront those changes which have long been resisted and delayed, so here arrives a moment of truth for every level of management in UKC but will they have the nous, the grip and the conviction to seize it. All shareholders can do is hope enough of them stand up to be counted. |
Posted at 15/3/2011 19:32 by warbaby43 Disappointing to note that notwithstanding a surge in both gas and coal prices, the UKC share price has gone backwards.The strength of the hardening of coal prices can be seen in the Q3 2011 Rotterdam futures price which stood at $122.70 last Friday and $130.95 tonight. The apparent reluctance to attribute any benefit to UKC from this price surge, perhaps underlines the extent of the task of the new management in convincing the market that the tide has turned and that they have a much more positive story to tell. -------------------- |
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