Editor's Pick: Markets: The week that was (16-20/11/09)
(UKC.L) UK Coal PLC Buy/Sell
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| Date/Time | Headline | Source |
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| 17-11-09 | RNS |
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RNS Number : 6340C UK Coal PLC 17 November 2009 17 November 2009
UK COAL PLC ("UK COAL" or "the Company") Production Update In its Interim Management Statement of 26 October 2009, UK COAL estimated that deep mine production for the full year would be around 6.2 million tonnes and that surface mine production would be around 1.4 million tonnes. Surface Mine production remains in line with previous expectations at around 1.4 million tonnes. However, for reasons unconnected with the matters reported in the Company's 26 October 2009 statement apart from at Kellingley, production over the past three weeks at each of the Company's deep mines has been materially lower than anticipated. Despite deploying increased man hours and taking other mitigating actions, the Company therefore believes that deep mine production for the year ending 26 December 2009 is now likely to be between 5.7 and 5.8 million tonnes. At Kellingley, the required work has been completed on the face equipment following the recent tragic fatality, and face production has restarted on the schedule anticipated in the 26 October 2009 statement. However, the speed of recovery towards a normalised level of production has been slower than originally anticipated, and as a result, the Company has therefore revised down estimated production by a further 100,000 to 150,000 tonnes, making a total impact of 300,000 to 350,000 tonnes from the tragedy. For the full year, Kellingley is now expected to produce around 1.0 million tonnes. Investigations are still continuing into the cause of the fatality. Production at Thoresby continues to be affected by the previously reported very poor environmental and geological conditions on its last old panel and has not seen the improved output rates expected at the time of the 26 October 2009 announcement. In recent weeks, we have been mining through a seam-split as expected. However, progress through this band has been slower than anticipated - in particular, readings from dust-monitoring equipment on the face has required the Company to reduce the daily man-hours worked on the face. We continue to mine through this seam-split, although at a slower rate than originally anticipated, and this slower mining rate is expected to continue for most of the rest of the year. The production estimate for Thoresby for the year has, therefore, been reduced by 150,000 tonnes to around 800,000 tonnes. Daw Mill is still expected to mine all the remaining coal in the current panel prior to Christmas and achieve production of 3 million tonnes for the full year. The last part of the current panel is being affected by a larger dirt band than originally anticipated, which will require additional washing and grading and, as a consequence, some reduction in saleable production. At Welbeck, production has been affected by geological effects on the face. While these have now been substantially worked through, this slow production has reduced our production expectations for this mine. In consequence, Welbeck's production is now expected to be around 1.0 million tonnes for the year against the previous forecast of nearer 1.1 million tonnes. The development work and preparation of the new faces at Daw Mill, Kellingley and Thoresby continue to progress well and remain on target to be ready, as previously announced, in January 2010 for Daw Mill and Kellingley, and in March 2010 for Thoresby. Board Director of Mining Update The search for a Board Director of Mining is progressing. We expect to be able to make an appointment in the new year. Enquiries: Media:
Analysts and investors:
Jon Lloyd, Chief Executive David Brocksom, Finance Director
This information is provided by RNS The company news service from the London Stock Exchange END
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| 09-11-09 | RNS |
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RNS Number : 1816C UK Coal PLC 09 November 2009 UK COAL plc (the 'Company') Notification of Transactions of Directors/Persons Discharging Managerial Responsibilities ('PDMR') and Connected Persons To comply with DTR 3.1.4, the Company advises that it was notified on 6 November 2009 that following the purchase on 6 November 2009 of 5,500 ordinary shares of 1p each in the Company at a price of 86 pence per share, Kevin Whiteman (a Non-Executive Director of the Company) now has an interest in 15,500 ordinary shares of 1p each which represents 0.005% of the total shares in issue. Contact: Richard Cole Company Secretary 01302 751751 This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-11-09 | RNS |
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RNS Number : 7661B UK Coal PLC 02 November 2009 UK COAL PLC ("the Company")
TOTAL VOTING RIGHTS The following information is released in accordance with DTR 5.6: The Company's issued share capital now consists of 299,298,160 ordinary shares of 1p each with voting rights. None of these ordinary shares are held in Treasury. Therefore, the total number of voting rights in the Company is 299,298,160. The above figure (299,298,160) may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules. Contact: Richard Cole Company Secretary 01302 751751 This information is provided by RNS The company news service from the London Stock Exchange END
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| 26-10-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 3422B
UK Coal PLC
26 October 2009
UK Coal PLC
26 October 2009
26 October 2009
UK COAL PLC
("UK COAL" or "the Group")
Interim Management Statement
UK COAL today issues its Interim Management Statement for the period from 27 June 2009 to the date of this announcement, incorporating a trading update for the third quarter ended September 2009, together with an outlook statement for the full year. Other than the information contained in this Interim Management Statement there have been no material events or transactions in the period from 27 June 2009 to 25 October 2009 which have affected UK COAL and its financial position.
Production from all mining operations, for the third quarter and year-to-date, is broadly in line with the same periods last year. Third quarter production was 1.8 million tonnes (Q3 2008: 1.8 million tonnes) and September year-to-date output is 5.4 million tonnes (2008 YTD: 5.5 million tonnes).
The lower market demand for electricity in 2009 and an imbalance in the coal market have consequently reduced international coal prices. Despite this, the average sales price we have achieved for the year-to-date at £1.89/GJ remains at an historically high level, albeit lower than last year which benefited from very high market prices (2008 YTD: £1.97/GJ). The average sales price we achieved in the third quarter was £2.06/GJ (Q3 2008: £2.31/GJ). Group revenues were approximately £95 million for the third quarter, and approximately £255 million for the year-to-date (Q3 2008: £119 million ; 2008 YTD: £292 million).
Whilst we believe that we continue to make improvements in our safety culture, as part of our drive for Zero Incidents, it is with deep regret that we must report the recent loss of the life of a colleague at Kellingley. Both Company and Health and Safety Executive ("HSE") investigations are continuing into the accident. Our condolences go to relatives and friends of our colleague.
Deep mine operations
Deep mines output in the third quarter was the same as the prior year at 1.5 million tonnes (Q3 2008: 1.5 million tonnes) and 4.4 million tonnes in the September year to date (2008 YTD: 4.3 million tonnes).
The development programmes at our three ongoing mines remain on track, with new faces set to start at Daw Mill, Kellingley and Thoresby in Q1 2010. In line with our strategy to increase the productivity and reduce the uncertainty of output, these programmes will enable the mines to access their further substantial reserves at much improved and more predictable production resulting in better economics. Production on the final panel to be worked at Welbeck started in September 2009 and will be completed in Q1 2010 when the mine is expected to close.
Immense focus remains on emphasising and maintaining safety in all aspects of our operations. The HSE recently gave notice of its intention to prosecute the Group for alleged Health and Safety breaches following four fatalities in separate incidents at Daw Mill in 2006 and 2007, and at Welbeck in 2007. Summonses have now been received.
Surface mine operations
Surface mine operations output in the third quarter was in line with the same quarter last year at 0.3 million tonnes (Q3 2008: 0.3m tonnes). September year to date production was 1.0 million tonnes (2008 YTD: 1.2 million tonnes).
Planning consent has recently been received from the Secretary of State for a further site at Huntington Lane near Telford to mine 0.9 million tonnes of coal, and 0.25 million tonnes of fireclay. This site is expected to commence mining operations in 2010. We are now waiting determination in respect of applications for three further sites with 2.8 million tonnes of coal.
Property
Since the half year, we have submitted planning applications for approximately 400 houses at North Gawber, Barnsley, and around 1,000 homes and over 3,200m2 of retail space on part of the Harworth, North Nottinghamshire, deep mine site. The latter application also allows for approximately 76,500m2 of space for employment uses should the decision be taken in future not to reopen the colliery.
We have received planning approval (subject to Section 106 agreement) for approximately 300 homes at Bolsover, Derbyshire and Blyth, Northumberland.
We continue making progress on representations bringing forward sites through local and regional planning frameworks to secure our medium and long term project pipeline. The property market remains in its early stages of recovery and we are well placed to capitalise on opportunities arising as market activity returns.
Net borrowings and completed equity raising
Overall net bank debt (excluding restricted cash balances) at the end of September 2009 was approximately £168 million, excluding prepayments and loans from generators of £57 million (27 June 2008: £151m, with no prepayments and loans from generators).
During October, we successfully completed the issue of 142,045,413 new ordinary shares raising approximately £100 million, net of expenses. This exercise has put in place a more appropriate capital structure for the Group, reducing the Group's net bank debt (to approximately £84 million, excluding generator loans/prepayments, as of 23 October) and providing more headroom within our debt facilities for the period of the Group's current deep mine investment programme. These debt facilities have been restructured as part of the equity raising exercise to extend maturity dates and vary terms.
Expectations for the remainder of 2009
We have remained on track to achieve our previously announced deep mines output for the full year of 6.4 - 6.6 million tonnes, although anticipating output to be at the lower end of this range. The recent tragedy at Kellingley has, however, introduced an increased degree of uncertainty regarding the output from Kellingley for the year. We received, on the 23 October, a notice from the HSE requiring the production face to stand pending completion of certain technical alterations to the equipment. This is likely to mean that the face will stand for a further 7-14 days, following which it is expected that the face will commence ramp-up of production. On this assumption, overall deep mines out-turn for the full year is anticipated to be around 6.2 million tonnes. Output at our surface mines for the full year remains on track to deliver production in line with expectations of 1.4 million tonnes.
The market price for coal has improved since the prospectus that we issued on the 16 September 2009. Our average realised sales price for the whole of 2009 is expected to remain within the previously announced range of £1.85 to £1.90/GJ.
For further information please contact:
Media:
Anthony Carlisle, Citigate Dewe Rogerson Tel: +44 (0) 20 7638 9571
Mobile: +44 (0)7973 611 888
Analysts and investors:
Jon Lloyd (Chief Executive, UK COAL) Tel: +44 (0) 1302 755 002
David Brocksom (Finance Director, UK COAL) Tel: +44 (0) 1302 755 012
Nick Cox-Johnson (Citigate Dewe Rogerson) Tel: +44 (0) 20 7638 9571
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSEADESAFKNFAE
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MUGGED AT 75p., Bought loads as I thought it was a discount to the market price.
Wonder what PEEL Holdings did ??? Any way AS I said 5 years ago theirs GOLD IN THEM THEIR SLAG HEAPS ,BUT it will I guess take another few years to come good . K.C.M/ More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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| Fri 20:26 | ||||
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This is precisely what I argued for at the 2006 Report AGM after 06 production had been sabotaged by geological problems in Q3 at all four pits. However, The Board put its faith in the ability of UKC coal to command much stronger prices after the expiry of legacy contracts and to be fair that faith looks set to be borne out in 2011 and 2012 which is what the current management have been setting themselves up for.
Currently coal prices are continuing to strengthen week by week, notwithstanding record UK and European stock levels, with the ARA price being currently $79.04. In late October when ARA was at $74.55 this translated into an API2 price (which includes an on cost for shipping, handling and rail freight equating to about 31 p gj) of £2.12 gj. If you then look at UKC's contracted prices and volumes for 2011 and 12 you will see they should be significantly profitable and even more so as there is every reasonable expectation that the ARA price by that time should have risen to at least the mid-eighties. Given their huge investments in the development of new seams at Kellingley and Thoresby and additional development spend at Daw Mill they would be foolish to contemplate shut down now and nor could they bearing in mind their contractual obligations to and pre-payments received from the generators. I am, as I have indicated previously absolutely furious with them, over this latest debacle and their wholly insufficient and unacceptable explanation. The episode is, I agree, very damaging not only to their all important cash flow but to their very credibility as a management and this point is made to them very strongly in a missive from me that they will receive on Monday. However, I am keeping faith with them (and my shareholding is in multiples of six figures) as I can understand their confidence in making a coal profit from 2011 onwards and because it is difficult to overstate the property potential. As you can see from the property section of their website some of the notional values put alongside some of their very large sites do look very conservative indeed. However, so large are some of these developments with their accompanying infrastructure like Waverley which is nothing less than a new town of 4,000 homes that planning consent takes years not weeks or months. Waverley should however finally be formalised in the coming months. This, I am quite confident is a share which will hugely repay holding through to 2012 and I note that the two brokers who have updated their forecast since Tuesday both maintain their "Buy" rating while forecasting 09 losses of £122m and 2010 losses of £55 and £35m. Somehow, too, I rather think that Mr Whittaker will be maintaining the faith even while giving them an even bigger kicking than myself. More | View thread (1) | Respond | Login to Vote up | Login to Vote down |
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| Fri 18:12 | ||||
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Can i take you back to 2006.
This is part of the accounts for that year, however dated march 2007 During 2006, the Group's total coal sales to the power station market, were 8.8 million tonnes (2005: 9.1 million tonnes), reflecting lower than expected production. The contract cover with all customers, for the five years from, and including, 2007 is 22.1 million tonnes, with supply obligations for 17.7 million tonnes. The directors believe there remains an appetite among UK COAL customers for price certainty and secure supply, which the Group is able to satisfy. However, any future contracts must be based on sales prices that allow UK COAL to recover the investment and production costs needed to mine the coal, develop further faces and provide adequate risk adjusted returns. The Group's discussions with its customers are informed by this stance. Coal was short and prices were strong, the company mined more than 50% coal than this year and STILL LOST 26 MILLION QUID. My point is it just CANNOT go on, the assets will not last for ever and loosing 60 80 or even 100 million in a year has to be STOPPED. No-one knows better what can happen on sites than me.........look at the name..........it will soon be the BIGGEST TOURIST ATTRACTION outside London. All built on a pit site. However management are out of touch, and raising 100 million was NOT THEIR CHOICE it was a bank demand. My point is that asset rich cash poor has been the downfall of many a great companies. I remain nervous until i see some tough talking and sensible predictions. tiger More | View thread (2) | Respond | Login to Vote up | Login to Vote down |
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| Fri 16:26 | ||||
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Thanks for your time and comments. Having now digested other comments as well on the bb, it is obvious that there is a lack of faith and confidence in this "in the short term".....50p is where I will consider a speculative short term trade.
Goodluck whatever your posistion Tradesmarter More | View thread (3) | Respond | Login to Vote up | Login to Vote down |
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