AIM-listed ATH reveals potential bid

A coal mine operator listed on the Alternative Investment Market (AIM) has indicated that an offer may be made for the firm.

ATH Resources boasts an annual coal output of two million tonnes, running operations in Dumfries and Galloway, Fife and East Ayrshire.

Following recent increases in the company's share price, a statement regarding a possible takeover has now been issued.

The firm stated: "The board of ATH notes the recent rise in the share price and announces that it is in preliminary discussions with a third party which may or may not lead to an offer being made for the entire issued share capital of the company."

In the opening six months of its financial year, a pre-tax loss of £3.6 million was reported by ATH.

This was blamed on factors such as its Glenmuckloch site producing coal reserves which were not as high as anticipated.

Despite its strong presence north of the border, ATH is currently headquartered in Doncaster.