6th Nov 2006 12:07
UK Coal PLC06 November 2006 6 November 2006 UK COAL PLC Property Portfolio As already announced, UK COAL PLC will be hosting a presentation to investorsand analysts tomorrow, 7 November, that will focus on the value and developmentpotential of its land and property interests. The event will be hosted by Gerry Spindler, Group Chief Executive, and ChrisMawe, Group Finance Director, and will introduce Jon Lloyd, Group PropertyDirector and CEO of its property business, Harworth Estates, who joined theGroup in July this year. The Group owns one of the largest brownfield development portfolios in the UKwith substantial land and property interests covering 49,500 acres. Thepresentation will provide an overview of the current scale and nature of theestate. Management will present its estimate of the future potential of theGroup's priority projects, which include: • opportunity for the development of sites for over 14,000 homes • opportunity for the development of 25m square feet of business park space Management estimates for the value of these priority projects, once appropriateconsents have been obtained and after allowing for estimated costs relating tosite reclamation and preparation amounts to, in aggregate, in excess of £800million over the next six years*. In addition, the presentation will include a indication of the RICS valuationanticipated as at 31 December 2006 (pre-sales) of the Group's property interestsof approximately £310m (2005 £274m). The presentation slides will be available on the Group's website www.ukcoal.comfrom 7 November. * This estimate makes no allowance for the impact of inflation or the timevalue of money. Chief Executive Gerry Spindler said: "In our half year statement, and on 13 October when we announced the full updatewe would give at tomorrow's presentation, we pointed to the significant futureprospects for our property portfolio under the direction of Jon Lloyd who joinedus in July this year as our new Property Director. Tomorrow we will bequantifying the scope we see for creating value from our property interests overthe relatively near term. Given the nature of the portfolio the formal annualvaluations do not yet adequately reflect the potential impact of achievingplanning consents for which many of our sites are particularly well placed." Enquiries Citigate Dewe Rogerson 020 7638 9571 Anthony Carlisle Laure Lagrange This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Harworth Gp