Atlantic Coal PLC Result of General Meeting (5028L)

TIDMATC

RNS Number : 5028L

Atlantic Coal PLC

11 January 2016

11 January 2016

Atlantic Coal plc ("Atlantic Coal" or the "Company")

Result of General Meeting

The Board of Atlantic Coal, the AIM listed opencast anthracite coal production and processing company with primary activities in Pennsylvania, USA, announces the results of the voting by poll on the resolutions put to its general meeting held earlier today.

The Board announces that both resolutions put to shareholders at the meeting were successfully passed.

The results of the voting was as follows:

 
 Resolution           For             Percentage   Against       Percentage 
                                       For                        Against 
-------------------  --------------  -----------  ------------  ----------- 
 Special              (Number         (%)          (Number       (%) 
  resolutions          of                           of votes) 
                       votes) 
-------------------  --------------  -----------  ------------  ----------- 
 Resolution 
  1: 
  To cancel 
  the admission 
  of the Company's 
  ordinary 
  shares to 
  trading 
  on AIM              2,020,804,645   77.11        599,918,804   22.89 
-------------------  --------------  -----------  ------------  ----------- 
 Resolution 
  2: 
  To change 
  the Company's 
  name to 
  Atlantic 
  Carbon Group 
  plc                 1,911,093,585   82.31        410,743,734   17.69 
-------------------  --------------  -----------  ------------  ----------- 
 

The number of ordinary shares of 0.07 pence each ("Ordinary Shares") in issue in the capital of the Company on 11 January 2016 (excluding shares held in Treasury - Nil) is 4,912,538,505.

Cancellation Timetable

The Company will now seek to proceed with the cancellation of the admission of Atlantic Coal's Ordinary Shares to trading on AIM ("Cancellation") and the change of the Company's name to Atlantic Carbon Group plc (the "Change of Name"). It is anticipated that Cancellation will take place at 7.00 a.m. on 21 January 2016 and that the Change of Name will become effective on or around 24 January 2016.

Dealings in the Ordinary Shares after Cancellation

Post-Cancellation shareholders will still own their Ordinary Shares. However, one of the principal effects of Cancellation is that there will no longer be a formal market mechanism enabling Shareholders to trade their Ordinary Shares on AIM or any other recognised market or trading exchange.

Following the Cancellation, the Board intends to make available to shareholders an off-market trading facility for the Ordinary Shares, which will be administered by Capita Asset Services, based on matching bargains, where buyers' and sellers' price expectations match. Under this third party facility, shareholders or persons wishing to acquire or dispose of Ordinary Shares will be able to leave an indication with Capita Asset Services that they are prepared to buy or sell Ordinary Shares at an agreed price. In the event that Capita Asset Services is able to match that order with an opposite sell or buy instruction, it would contact both parties and then effect the bargain. This service is subject to Capita Asset Services' terms and conditions.

It is currently anticipated that this matched bargain facility will be in place shortly after the date of Cancellation. More details of the facility will be made available on the Company's website at that time. The Board intends to monitor the popularity of this arrangement amongst shareholders following Cancellation and will review it at regular intervals to consider whether it remains cost-effective and in the best interests of shareholders as a whole. The Company's CREST trading facility will remain in place for so long as doing so remains economically viable.

This is not a recommendation to buy or sell shares. If you have any doubts about whether to act, you should seek advice from an appropriately qualified financial advisor. Neither the Company, nor Capita Asset Services nor Capita IRG will be able to provide any advice and please remember that the value of shares may fall as well as rise and you may not recover your original investment.

**ENDS**

For further information on the Company, visit: www.atlanticcoal.com or contact:

 
 Steve Best        Atlantic Coal plc   Tel: [phone] 
                                        6392 
 Nick Naylor       Allenby Capital     Tel: [phone] 
                    Limited             5656 
 John Depasquale   Allenby Capital     Tel: [phone] 
                    Limited             5656 
 Alex Brearley     Allenby Capital     Tel: [phone] 
                    Limited             5656 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 11, 2016 11:45 ET (16:45 GMT)