19th May 2014 10:10
LONDON (Alliance News) - Coalfield Resources PLC Monday there has been no material change in Harworth Estates Property Group Ltd's net asset value since the end of December when it recorded net assets of GBP55.2 million.
Harworth Estate Property is Coalfield's only significant investment. Harworth, in which Coalfield holds a 25% stake, owns and manages 30,000 acres across 200 sites, including commercial, residential and tenancy projects. Wide Coal Pension Funds holds the remaining stake in the firm.
Coalfield said Harworth continues to make progress across its portfolio of sites in terms of income generation, valuation growth and realisation through disposals.
Significant disposals so far this year include the sale of land at Cannock, Staffordshire, and two further commercial plots on our Advanced Manufacturing Park site in South Yorkshire, all at above book value, the firm said.
Coalfield said the property market in the regions in which Harworth operates continues to show signs of improvement and as a result stronger demand across its activities.
"The improving market, coupled with HEL's diverse portfolio and distinctive skill set, is providing a sound base for HEL to deliver long term value for its shareholders," the firm said.
Coalfield shares were quoted up 1.9% at 6.24 pence Monday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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