UK Coal Operations Limited - in administration – Update

Published at 17:11 PM on 11 July 2013

Further to the statement on 9 July, the administrators of UK Coal Operations Limited are pleased to have concluded the transfer of shares in UK Coal Mining Holdings Limited ("UKCMHL") to a newly formed Employee Benefit Trust ("EBT").

 

The Trust has a dual function:

 

-      to hold shares in the UKCMHL and its subsidiaries for the long-term benefit of current and former employees and  their families.

 

-      to secure the long-term safety, production and viability of the Group’s mines for the length of time that coal can be produced economically.

 

 As ultimate shareholder of the new group, the EBT will be responsible for the governance of the new group. However, the economic benefit will remain with the Pension Protection Fund as previously reported.

ENDS

 Website: www.pwc.co.uk/ukcoal

 


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