News Archive

06 May 2009

Directorate Change

The directors of ATH Resources plc (AIM:ATH), one of the UK's largest coal producers, are pleased to announce the appointment, with immediate effect, of John Timothy Stokeld (aged 51) as Non-Executive Director.

Tom Allchurch, Chief Executive, said: "I would like to welcome Tim to ATH Resources, his 25 year equity market experience will give the Board the right strategic balance as the Group continues to develop the business. We look forward to working closely with him."

Mr Stokeld is currently a director of FDME Production Limited and, during the past five years, has also been a director of Seymour Pierce Limited. No other information in respect of Mr Stokeld is required to be disclosed under Schedule Two (g) of the AIM Rules.

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Notes to Editors

ATH Resources is an AIM-listed operator of surface coal mines in the UK with five operational mines in Scotland; Skares Road, Grievehill and Laigh Glenmuir in East Ayrshire, Glenmuckloch in Dumfries and Galloway and Muir Dean in Fife. The Company is currently the third largest producer of coal in the UK, producing approximately 2 million tonnes per annum. Coal is used to generate around a third of the UK's electricity and the Company now holds coal supply contracts with four of the UK's main electricity generating companies.

The management team has been in place since 1998. It acquired the rights to operate (and subsequently acquire) the Skares Road mine with support from The Alchemy Plan. Following ATH Resources' incorporation in October 2003, and backed by a follow on investment from The Alchemy Plan, the Company acquired the Garleffan mine in November 2003. Garleffan is currently being restored having finished coaling in June 2006. ATH Resources listed on the AIM market of the London Stock Exchange in June 2004.

In June 2005, having raised £18 million by way of an Open Offer, the Group acquired two new opencast sites, Grievehill and Glenmuckloch in Scotland. The acquisition increased the Group's reserve base by 160%. 

In May 2006, the Group acquired ATH Regeneration, a successful coal recovery, land remediation and regeneration business with a particular focus on colliery spoil heap reclamation projects. The acquisition, which was earnings enhancing, allowed ATH to build on its skills as a regenerator of land, whilst developing strong relationships with key English planning authorities. The Company has been successfully integrated into the Group. The operational diversification that the acquisition brings to the Group will be a significant driver of ATH's organic growth going forward both in the UK and overseas and the business is actively pursuing a number of projects in Australia.

For the year ending 28 September 2008, the Group achieved turnover of £76.9 million, an increase of 9% on its 2007 year end, whilst operating profit increased by 7% to £11.9m for the same period.

Further information on ATH Resources can be found at www.ath.co.uk.