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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Atlantic Coal | LSE:ATC | London | Ordinary Share | GB00B142G994 | ORD 0.07P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMATC
RNS Number : 6266U
Atlantic Coal PLC
02 January 2013
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
2 January 2013
Atlantic Coal plc ("Atlantic Coal" or the "Company")
Loan extensions
Atlantic Coal, the AIM-listed anthracite coal mining company operating in Pennsylvania, USA, announces the extension and variation of the existing loans between Coal Contractors (1991), Inc. ("Coal Contractors"), a wholly owned subsidiary of the Company, and: i) Willoughby (465) Limited ("Willoughby"); and ii) Mrs MC Best (the "Loan Extensions").
Since 17 October 2007, Coal Contractors has had loans from Mrs MC Best (the wife of Steve Best, Chief Executive of Atlantic Coal) and Willoughby (a company controlled by Mrs MC Best). As at 31 December 2012 the total outstanding (being principal and accrued interest) on the loan from Mrs MC Best was $1,971,466.32 and the total outstanding (being principal and accrued interest) on the loan from Willoughby was GBP477,020.73 (together the "Existing Loans"). Interest on the Existing Loans has been accruing at 9% per annum. The Existing Loans are currently unsecured and were repayable in full (together with all accrued interest) on 31 December 2012.
On the terms of two loan extension and variation agreements entered into on 1 January 2013 between Coal Contractors, Mrs MC Best and Willoughby respectively, repayment of the Existing Loans have been extended to 30 April 2013. In consideration of these repayment extensions, the interest rate on the Existing Loans has been increased to 15% per annum with effect from 1 January 2013 until the date on which the Existing Loans are repaid in full. The terms of the Existing Loans otherwise remain unchanged. In addition Coal Contractors has agreed to repay $221,466.32 of the loan from Mrs MC Best on 2 January 2013, leaving the outstanding principal and accrued interest on the loan from Mrs MC Best as $1,750,000.00.
Related party transaction
As Mrs MC Best is the wife of Steve Best, Chief Executive of the Company and Willoughby is a company controlled by Mrs MC Best, the Loan Extensions are related party transactions as defined under Rule 13 of the AIM Rules for Companies. Accordingly, the Atlantic Coal Board of Directors (with the exception of Steve Best), being the independent directors for this purpose, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the terms of the Loan Extensions are fair and reasonable insofar as shareholders of Atlantic Coal are concerned.
**ENDS**
For further information on the Company, visit: www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670 Nick Naylor Allenby Capital Limited Tel: 020 3328 5656 Mark Connelly Allenby Capital Limited Tel: 020 3328 5656 Alex Price Allenby Capital Limited Tel: 020 3328 5656 Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177 Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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