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Eversheds advises Coalfield Resources on rights issue

  • United Kingdom

    07-08-2013

    Global law firm Eversheds has advised Coalfield Resources Plc on its intention to raise approximately £6 million (gross proceeds) through a Rights Issue.

    The net proceeds of the Rights Issue will be used to repay the Company’s facility with Lloyds Banking Group and to provide additional working capital for the Company.

    The Rights Issue is being fully underwritten by Peel Holdings Limited, or a member of the Peel Group, the Company’s largest Shareholder.The Rights Issue is subject to the approval of shareholders at the General Meeting to be held on 27 August 2013.

    The Eversheds team was led by Partner Amanda Partland assisted by Senior Associates Jonathan Pollard, Sarah Turner and Amanda Dodsworth and Associate Carly Gulliver. Amanda Partland commented:

    “This is an important deal for Coalfield Resources which will enable it to pursue its property proposition and continue to enhance value for its shareholders. We look forward to assisting Coalfield Resources as it continues to execute its strategy.”

    Jonson Cox, Chairman of Coalfield Resources said:

    “This fully underwritten Rights Issue is a significant step in the process of enabling Coalfield Resources Plc to play its part as an active investor in realising the value inherent in the properties of the former coalfields, and will give us the funding flexibility to do so.”

    The Rights Issue advice has been conducted in parallel with separate advice by Eversheds to the Company in relation to its position in respect of the recently completed restructuring of the coal mining business of UK Coal Mine Holdings Limited, led by Peter Cranston and Chris Birch.

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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