Atlantic Coal Share Discussion Threads

[toptrump1] 01/8/2019 20:47

What a loser

[mozyali] 01/8/2019 19:35

Sack this, im leaving share trading, and buying Bitcoin.

[garykc] 01/8/2019 19:07

No prospects of shareholders receiving anything from administrators

[toptrump1] 23/7/2019 08:39

Keep an eye on who buys it from the receiver.

[marmar80] 23/7/2019 08:29

How big chunk of the company Best family owns?

[garykc] 23/7/2019 07:26

Porky and Bess have got rid of the shareholders at last. Master plan executed to a tee!!!!

[toptrump1] 23/7/2019 00:27

Best and Wilson, the most incompetent and negligent tools or fraudsters
Huge salaries anD benefits over the yrs whilst debts soared. di£ they bleed this company dry?
An investigation after liquidators findings I shouldn’t be surprised

[garykc] 22/7/2019 20:32

Go to their website!!!!!

[xow98] 22/7/2019 19:50

What news have you seen to post that ?

[garykc] 22/7/2019 17:26

No doubt will be sold as a going concern at a massive loss to us all, again!!!!

[xow98] 03/7/2019 08:37

Atlantic Carbon Group plc Annual General Meeting
I am writing to you to advise that the Annual General Meeting of the Company, scheduled for 26 June 2019, was adjourned due to a quorum of Shareholders not being present in accordance with Article 61 of the Company’s Articles.

A notice of meeting will be sent to Shareholders confirming the time and date of the reconvened meeting.

If shareholders have already submitted proxy forms for the original AGM, these will remain valid for the reconvened meeting, but shareholders can submit a new Proxy Form if they wish to change their vote.

The Statement of Accounts and the Reports of the Directors and the Auditors of the Company for the year ended 31 December 2018 will be posted to shareholders and a notice of General Meeting will be sent to Shareholders to convene a General Meeting to adopt the Accounts

[marmar80] 03/7/2019 08:33

"Additional debt from its primary lender" . who is the primary lender? CEO wife? 15% rate per annum again?

[xow98] 03/7/2019 08:20

2018 was a record year for Atlantic Carbon Group (“ACG” or “the Company”) in terms of revenue, however, our financial performance declined from 2017.

Revenue reached a new high at over $37 million against $31 million in 2017 and gross product sales increased from $29 million in 2017 to over $35 million in 2018. Anthracite product sales increased from 275,099 tons in 2017 to 310,429 tons in
2018, an increase of 12.8%. Anthracite product prices also increased from about $99/ton to over $105/ton, an increase of over 6% as the market improved during the year. The Company expects both demand and prices to continue to rise and has
seen average prices rise further during H1 2019.

The cost of sales, however, increased at a faster pace than revenue, growing from $18.6 million to $32 million, which led to a significant widening of losses from $1.6 million to $5.0 million. Operational cash costs fell from 2017 but this was more than offset by a negative change in the value of the coal inventory amounting to over $16 million. The change in inventory was primarily caused by the mining cycle of overburden removal to coal production, which was favourable in 2017 and negative in 2018, and the transition of operations from the Stockton Mine to the Wet Slope Mine.

The difficult conditions in 2018 and early 2019 strained the Company’s financial situation. The Company has implemented a new business plan in H1 2019. Existing royalty, sales and equipment debt agreements have been favourably renegotiated
and operational efficiencies are being achieved in both mining and processing operations. The Company financed the equipment and plant improvements with additional debt from its primary lender. Together with strong demand for our quality product and higher pricing, the new business plan should provide us with improved performance in H2 2019.

The Company still has high levels of debt which will need to be refinanced by May 2020. Earlier this year ACG sought to list on the London Stock Exchange by means of a reverse takeover by Daniel Stewart Securities but Daniel Stewart Securities was unable to approve the offer by the 31st March 2019 deadline and, under the
terms of the offer document, the offer lapsed. Consequently, ACG was unable to proceed further with the application to the UK Listing Authority to have the enlarged group’s share capital admitted to trading on the standard segment of the main market of the London Stock Exchange PLC.

I would like to thank all the staff at ACG for their hard work during the year and also Steve Best and Adam Wilson who stepped down as Directors of the Company earlier this year

[marmar80] 07/6/2019 20:32

Perhaps only low calories coal plants

[xow98] 07/6/2019 15:58

CBS News

Former New York City Mayor Michael Bloomberg is plunging $500 million into an effort to close all of the nation's remaining coal plants by 2030 and put the United States on track toward a 100% clean energy economy.

[marmar80] 04/5/2019 19:50

Thanks Stanton. That was interesting. Promise to move from roads to railway is leading to savings and bigger shippings. Pity he didn't say about shareholders and relisting.

[stanton1961] 04/5/2019 15:11

Adam Wilson

[xow98] 30/4/2019 10:26

Stephen Best has resigned by agreement - will remain a major shareholder - actively seeking other opportunities

[xow98] 29/4/2019 00:15

New Chief Executive Officer and Board Appointment
Seth Schwartz has been appointed as Chief Executive Officer
(“CEO”) and Director of Atlantic Carbon Group plc (“ACG”).
Seth Schwartz is a veteran coal industry professional and
consultant. He was a founder of Energy Ventures Analysis, Inc. in
1981, a prominent consulting firm in the North American energy
markets. He has served on the board of directors of several private
coal producers and previously served as the CEO during the
reorganisation of Centennial Resources, a Kentucky coal
company. Seth has a degree in Geological Engineering from
Princeton University.
Adam Wilson, the former CEO and Director of ACG, has stepped
down from ACG but will continue as a consultant for the Company
with the title of “Chairman Emeritus”.
24th April 2019