Hargreaves Services – 808.75p

17 April 2013 – placing

The company has proposed a placing at 775p which would bring in gross proceeds of £42m.  The net proceeds of this placing would be used primarily to accelerate the implementation of the stated strategy of developing and expanding the company’s portfolio of UK surface mining assets.  It is believed that this would have significant benefits for Hargreaves Services’ wider operations.  The company hopes to cement its position as a leading owner and operator of surface mining assets in the UK.  We continue to believe there is upside potential and maintain our BUY rating.

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