Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

U.K. Coal Biggest Loser in FTSE on Restructuring: London Mover

Don't Miss Out —
Follow us on:

March 14 (Bloomberg) -- U.K. Coal Plc, a mining company based in northern England, was the biggest loser in the FTSE All-Share Index today after saying it will restructure its business and may close the Daw Mill mine.

U.K. Coal fell 28 percent to 21.25 pence, the lowest closing price since it began trading in London in June 1993. The stock has lost 25 percent this year, valuing the Doncaster-based miner at 63.6 million pounds ($99.8 million).

“The company has today commenced consultation on the potential closure of Daw Mill by early 2014,” U.K. Coal said in a statement. “Although U.K. Coal’s other mines are performing broadly in line with expectations, production at Daw Mill is around 175,000 tons behind budget.”

The company is in talks with Lloyds Banking Group Plc to address funding requirements, it said.

Howard Seymour, a London-based analyst at Numis Securities Ltd., placed his buy recommendation, made in August, under review today.

To contact the reporter on this story: Amanda Jordan in London at ajordan11@bloomberg.net

To contact the editors responsible for this story: Mark Gilbert at magilbert@bloomberg.net; John Viljoen at jviljoen@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.