Peel plays down UK Coal bid talkadmin
Tuesday, August 22nd 2006
Peel Land and Property Investments Ltd today responded to press speculation regarding its holding in UK Coal by claiming it has no intention of making an offer for the coal producer at this time.
Peel, which said its stake is for investment purposes, has watched shares in Britain’s biggest producer of coal jump around 36% since early June.
In July it said it expects to report a first-half pre-tax profit of £7m compared with a loss of £31m the year before. Sales for the six month period rose to £193m from £164m previously.
Property magnate and Peel boss John Whittaker recently spent £14m on a 5% stake in UK Coal, which analysts say was prompted by the company’s attractive property portfolio.