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UMWA JOINS SHAREHOLDER ACTION AGAINST HANSON PLC; COMPANY TARGETED FOR INFRINGING ON SHAREHOLDER RIGHTS

 WASHINGTON, June 10 /PRNewswire/ -- The United Mine Workers of America (UMWA) issued the following:
 The United Mine Workers of America is organizing an unprecedented trans-Atlantic proxy solicitation to fight anti-shareholder corporate governance proposals at Hanson plc, the British parent company of Peabody Holding Co.
 The UMWA and other shareholder organizations are objecting to controversial company plans to amend Hanson's Articles of Association that will further entrench management at the expense of shareholder rights.
 The company wants to impose a 10 percent ownership threshold for any shareholder wishing to nominate candidates to the company's board of directors. Currently there is no shareholder which holds that much stock.
 The company has also proposed that the chairman be allowed to restrict shareholder rights to speak and call polls at general meetings.
 Finally, the company wants to remove the right of shareholders to move amendments to resolutions unless they have 5 percent of share capital.
 "As shareholders, we view Hanson's proposals as serious infringements on our rights," said UMWA Secretary-Treasurer Jerry D. Jones. "The company's proposals run counter to the trend by many corporations toward greater accountability to the shareholders and responsible corporate governance."
 The union is joining forces in this proxy action with London-based Pensions Investment Research Consultants Ltd. (PIRC), which represents a number of city government pension funds in Great Britain with combined assets of $25 billion that owns shares in Hanson.
 The proposals will be addressed at an Extraordinary General Meeting called by Hanson for June 25 in London.
 Over 12,000 UMWA members are on strike against Peabody and other member companies of the Bituminous Coal Operators Association in the United States. Job security and unfair labor practices are the key issues in the strike.
 /delval/
 -0- 6/10/93
 /CONTACT: Greg Hawthorne of the United Mine Workers of America, 202-842-7240/


CO: United Mine Workers of America; Peabody Holding Co.; Hanson plc ST: District of Columbia IN: MNG SU:

IH-DC -- DC017 -- 0658 06/10/93 13:03 EST
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Publication:PR Newswire
Date:Jun 10, 1993
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