Coalfield Resources plc, formerly known as UK Coal plc, has restructured into two separate businesses comprising the Mining Division (under UK Coal Mine Holdings Limited (“Mine Holdings”)) and the Property Division (under Harworth Estates Property Group Limited (“Harworth Estates”)). Control of the Mining Division has passed to a newly established Employee Benefit Trust (“EBT”) which holds shares representing 67 per cent of the voting, and 10 per cent of the economic rights in Mine Holdings for the benefit of current and future employees of the Mining Division. The Company retains 90 per cent of the economic, and 33 per cent 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 per cent of Harworth Estates, with 75.1 per cent having passed to the Pension Funds in return for a £30m cash injection and their support to the mines.
Share Scams & Swindles – Boiler Room Fraud
Here is a link to a FSA Share fraud warning leaflet, agreed with the Financial Services Authority, telling investors and shareholders what to do if they receive unsolicited approaches, normally by telephone, inviting them to undertake a transaction.