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Hargreaves Services Plc: Statement regarding UK Coal Plc

Thursday, June 10th, 2010

On 10 March 2010, Hargreaves Services plc confirmed that, as part of its regular consideration of a range of strategic opportunities, it was in the early stages of reviewing a potential merger with UK Coal plc (“UK Coal”).
Hargreaves today announces that while recognising that UK Coal has many valuable assets, it does not intend to pursue such a merger.
Hargreaves will be releasing its pre-close statement on 15 June 2010.
For the purposes of Rule 2.8 of the City Code on Takeovers and Mergers (the “Code”), Hargreaves reserves the rights to announce or participate in an offer or possible offer for UK Coal and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement in the event that:
1. there is a material change in circumstances; or
2. the board of directors of UK Coal agrees to the making of such an announcement or the taking of such action; or
3. an offer or a possible offer for UK Coal by a third party is announced; or
4. a whitewash proposal (as described in Note 1 of the Notes on Dispensations from Rule 9 in the Code) or a reverse takeover (as described in Note 2 to rule 3.2 of the Code) is announced in respect of UK Coal.
(Ref 1308)

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