Shareholders back UK Coal

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Shareholders in UK Coal have given the go-ahead for the Doncaster-based company to accelerate restructuring plans.

Under the plans, the company will change its name to Coalfield Resources and turn its mines into separate legal entities, while its property business will receive £30 million from the business’s pension fund in return for the fund receiving a 75.1 per cent stake in the business.

The investment would help to release the latent undeveloped value in the group’s property portfolio, which includes more than 30,000 acres of land, making it one of the largest landowners in the UK.