12th Nov 2013 13:10
LONDON (Alliance News) - Coalfield Resources PLC Tuesday said it is debt free after raising GBP6 million from the issue of 299.3 million shares.
Coalfield Resources was, until December 2012, the parent company of one of the UK's largest coal miners, UK Coal.
Following a restructuring, Coalfield Resources has effectively become a property company through its 24.9% shareholding in Harworth Estates Property Group Ltd, the property business it owns jointly with its former mining companies pension fund.
It said following the rights issue it had repaid its short term loan facility from Lloyds Banking Group and is now debt free.
The company said 86.7% of the new shares were taken up under the terms of the rights issue by eligible existing shareholders; A further 12.5% were acquired by existing shareholders through a rump placing and 0.8% were acquired by new shareholders.
Coalfield Resources' only investment is in Harworth Estates.
The stock was trading at 6.29 pence Tuesday afternoon, down 0.21p or 3.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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