Atlantic Coal Share Discussion Threads

[meijiman] 30/12/2015 11:59

All funded by investors-who now get shafted. you couldn't make it up.
Oh hang on think there was a Harold Robbins novel with a similar plot.

[marmar80] 30/12/2015 10:38

Now when company is finally operating quite well, invested in railway, bought new assets and equipment someone decides to delist. It obviously smells from the distance.

[p@] 30/12/2015 09:52

Just rung T.D.Waterhouse,they have received no details of General meeting,but have received details of delisting at the end of January!!!!!!!!

I asked for proof of holding so that I can attend the Jan11 GM.


a requisitioned general meeting of the Company, which is to be held at 3.00 p.m. at the Cornhill Room, 1 Royal Exchange, London EC3V 3LL on 11 January 2016.

[p@] 29/12/2015 09:48

Shareholders should note that pursuant to AIM Rule 41, a cancellation of the admission of the Company's ordinary shares to trading on AIM via the approval of shareholders ("Cancellation") will require the securing of a resolution of shareholders passed by a requisite majority, being not less than 75% of the votes cast by shareholders (in person or by proxy) at a general meeting. Such a Cancellation pursuant to AIM Rule 41 can only take place after the expiration of a period of twenty business days from the date on which formal notice of the Cancellation is given. In addition, a period of at least five business days following the shareholder approval of the Cancellation is required before the Cancellation may be put into effect.

[p@] 29/12/2015 09:40

LETTER FROM THE CHAIRMAN OF ATLANTIC COAL PLC

1. Introduction

I am writing to provide you with notice of a requisitioned general meeting of the Company, which is to be held at 3.00 p.m. at the Cornhill Room, 1 Royal Exchange, London EC3V 3LL on 11 January 2016.

Dros-I believe it is 75% of votes cast.

[dros1] 29/12/2015 09:24

directors control 20% how will the get 75% ?

[barnetpeter] 29/12/2015 00:07

Basically the shares will be delisted and no pi will see a penny. I have lots of these delisted shares and this is just the latest. Most of them just disappear and you never hear a word again. The only company I can think of where I did see cash was a company in the USA who did trolley security.....that got bought out at 5 times the suspension price. Oh yes and content film who offered a great price although I suspect it was still worth a lot less than the business.

So there is a slight chance I guess....but it's ten to one seeing anyone.

[p@] 23/12/2015 19:33

So are we going to be reverse taken-over by a shagged out coalmine bought off a shareholder for 90% of ATC's shares?

[smalltimer] 23/12/2015 00:52

Reallyrich I would advise you to read up on this and re-read the RNS ! The BOD are behind all this! Maybe you should look over on the LSE board as there is a lot more discussion going on over there.

[reallyrich] 22/12/2015 18:45

Normally when something like this happens the board makes a statement saying "we plan to vote against this resolution with our ...% as we feel it is not in the best interests of the company and shareholders"

but nothing as yet

[mhin2] 22/12/2015 16:35

3 million from me

[mhin2] 22/12/2015 16:35

votes cast via td direct

[smalltimer] 22/12/2015 13:46

Has good discussion on this over on LSE; well worth checking out! Especially its very important to vote, and now !!!

[garykc] 22/12/2015 13:32

I have mine in H&L SIPP account. Think we should all vote against the resolution so at least we will get some money back by selling once out of suspension. Very angry with the BOD and feel that we should all voice our concerns with the financial authorities.
On a more serious note, what happens if they go private and what of our shares that we hold??
This is just so immoral................................

[big7ime] 22/12/2015 13:15

All holders should do so dros1 otherwise the chair votes on your behalf

All this seems ridiculous just as the co was coming good with record production etc. The trad update (if it wasn't for this issue) would have boosted the sp

[dros1] 22/12/2015 11:24

I have my shares in TD Direct Investing, you can ask them for a form of proxy to vote at the GM.

[big7ime] 22/12/2015 11:12

This is the danger of having your shrs in nominees name

Certificated shrs can't be lent out for shorting and you get to vote


This stinks of a scam. If you get the chance holders should vote against the motions.

This 7% holder was supposedly Unknown a few weeks ago and now he's co adviser? How's he going to get value going private? Big consultancy fees no doubt, big increases in directors salaries etc to milk it dry. Shares will be worthless, I bet you little PI hdgs will be near impossible to sell

[mhin2] 21/12/2015 23:04

I dont think we lose our investment, but you will have difficulty selling when you want/need. Personally I am/was holding long, and if its private I would not necessarily mind providing I trusted the directors. I have lost trust in the ATC directors having read this "https://joesaunders61.wordpress.com/2014/03/11/stephen-best-president-of-atlantic-coal-plc/"

[mhin2] 21/12/2015 22:59

copy of complaint

"The directors, and their associates have misled the market as indicated in their last two regulatory announcements. Other actions, such as Director Buys, Director transfers etc. indicate quite an involved plot to mislead, and transfer wealth created by investments from non-insider investors.

This is yet another example of the failure of `market' processes, insider dealing, dishonesty and self enrichment by many Directors, advisers and financiers of Aim listed companies; all of course at the expense of the personal investor.

I am of the opinion that there is also collusion with this amongst the institutions managing and `regulating' this market; a collusion born of a commitment to the ideology of the efficacy of markets to the neglect of the widespread practice of `rent-seeking behaviour', much of which is ostensibly illegal (see for instance David Lenigas).

Could you please look into my complaint and inform me if there is a case for action here, or whether such behaviour is seen as acceptable by the authorities, which are supposed to be representatives of the `public good'.


I look forward to hearing from you

Regards

XXXXXX"

[mhin2] 21/12/2015 22:57

Time for a vote of no confidence in the board?

[rainbow23] 21/12/2015 22:17

Does this mean that if ATC is delisted shareholders lose their investment?

[soul limbo] 21/12/2015 19:15

if they dont get the 75% vote... they'll revert to plan B and do the RTO but won't publish a prospectus and so attain the same objective that way... that is delisting.

[eezymunny] 21/12/2015 18:55

Problem for holders is it's 75% of votes cast and so many PI's won't be voting for logistical reasons. Ugly.

[nick rubens] 21/12/2015 17:59

Best thing I ever did was to stop buying any AIM listed shares earlier this year.

ATC was on my watch list and every time I looked at it, it made no sense to own any of it and now I feel lucky I managed to resist any temptation to buy it.

I can't see how 75% of shareholders will vote to get it delisted, so I don't think I'd be concerned about that.

I'd be concerned of continued placing's.

[salpara111] 21/12/2015 17:18

Why in heavens name do they expect current shareholders to vote in favour of the delisting?
I am not a holder but clearly anyone posting on this board who is needs to ensure that they get their voting rights and use them.
This is the sort of thing that gives AIM a bad reputation.