Fighting talk from Coal Investments
Thursday 21 December 1995
"We will survive," Mr Edwards said. "We will be profitable from January, although our cash flow will now be much lower," he added.
Privately the former British Coal director said yesterday that he had no intention of relinquishing his post as chairman. "I have a firm determination to see this thing through," he said.
Coal Investments asked for its shares to be suspended on Tuesday after Staffordshire County Council refused planning permission for the Rowhurst seam at Hem Heath. The company was relying on the extra coal and revenue from the Hem Heath colliery to support a refinancing and its fourth equity issue early next year.
The company and the banks, which have instructed Arthur Andersen to give independent advice, have gone back to the drawing board to re-evaluate the basis of the rights issue.
Some institutions have already said that they are not likely to support a rescue rights issue with Mr Edwards still in the position of chairman and chief executive. The company has appointed head-hunters to look for a new chief executive.
Mr Edwards, though, is confident he retains the support of his bankers, led by NatWest, UBS and Banque Indosuez.
Shares were suspended at 25p.
- 1 East 17 bandmember Brian Harvey in 'very desperate situation’
- 2 Germanwings plane crash: Video shows co-pilot Andreas Lubitz learning to fly as a teenager
- 3 Vladimir Putin says Russia will fight for the right of Palestinians to their own state
- 5 WrestleMania 31 results: Seth Rollins stuns WWE as he cashes in Money in the Bank contract to claim title from Brock Lesnar
East 17 bandmember Brian Harvey in 'very desperate situation’
Vladimir Putin says Russia will fight for the right of Palestinians to their own state
Ohio Democrat Teresa Fedor speaks out during abortion debate to reveal she has been raped – and is interrupted by laughter from Republicans
Children take eight Isis captives to be beheaded in latest propaganda video
Jeremy Clarkson 'could be given minder' ahead of a potential Top Gear return
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
iJobs Money & Business
£18000 - £20000 per annum: Recruitment Genius: A Client Services Assistant is ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£32000 - £38000 per annum + benefits: Ashdown Group: A highly successful, inte...
£20000 - £35000 per annum: Recruitment Genius: This multi-award winning foreig...