16th Jun 2005 10:52
Alchemy Partners LLP16 June 2005 For immediate release 16 June 2005 UK COAL PLC ("UK COAL" or "the Company") Statement by Alchemy Partners LLP re Possible Offer Alchemy Partners LLP ("Alchemy") notes the recent press comments relating to itsinterest in UK COAL, and the announcements made by the Company dated 8 June and13 June 2005. Alchemy confirms that it was party to an approach made to the Board of UK COALto enter into discussions regarding a possible cash offer for the share capitalof the Company. In letters to the Board of the Company and to its financialadviser Dresdner Kleinwort Wasserstein ("DKW") in April 2005, it was stated thatthe equity financing of any new company necessary to make an offer ("Newco")would be provided by, inter alia, funds advised by Alchemy Partners LLP. Theother proposed equity funding providers were Morston Assets Limited, theproperty management vehicle of Sir Tom Farmer, and the Buccleuch Group. The proposed terms of a possible cash offer were set out in variouscorrespondence with UK COAL and DKW. As is normal in these circumstances, theapproach was conditional on a number of matters including successful completionof due diligence. Recognising the potential difficulties in acquiring and analysing a businesssuch as UK COAL, a meeting was requested with the management of the Company todiscuss, subject to confidentiality, the business plan for the miningoperations, details of the pension fund and the latest independent valuation ofthe Company's real estate assets. The Company declined such a meeting and announced on 8 June that discussions hadterminated. Alchemy confirms that funds advised by it continue to considermaking an offer, in conjunction with Morston Assets Limited and the BuccleuchGroup, for UK COAL and it invites the Board of the Company to resumediscussions. There can be no certainty that an offer will be made and, if made, there can beno certainty as to the terms of any such offer. Enquiries: Jon Moulton, Alchemy Partners LLP 020 7240 9596 Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers ("theCity Code"), any person who, alone or acting together with any other person(s)pursuant to an agreement or understanding (whether formal or informal) toacquire or control relevant securities of UK COAL, owns or controls, or becomesthe owner or controller, directly or indirectly, of one per cent. or more of anyclass of securities of UK COAL is required to disclose, by not later than 12.00noon (London time) on the London business day following the date of the relevanttransaction, dealings in such securities of that company (or in any option inrespect of, or derivative referenced to, any such securities) during the periodto the date on which the offer becomes or is declared unconditional as toacceptances or lapses or is otherwise withdrawn. Under the provision of Rule 8.1 of the City Code, all dealings in relevantsecurities of UK COAL by any potential offeror vehicle, Alchemy, funds advisedthereby, Morston Assets Limited or the Buccleuch Group; or by UK COAL; or by anyof their respective "associates" (within the meaning of the City Code) must alsobe disclosed. If you are in any doubt as to the application of Rule 8 to you, please contactan independent financial adviser authorised under the Financial Services andMarkets Act 2000, consult the Panel's website at www.thetakeoverpanel.org.uk orcontact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Harworth Gp