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Is there any light at the end of this tunnel.
I have lots of shares like others in this DAN.
Is anything happening positive ?
Just to clarify and correct your post, they haven't re-registered the company as "Ltd" it's still a "Plc"
So It's -> INTERNATIONAL COMMODITIES AND INVESTMENTS PLC
Sounds like just a simple rebranding, get rid of the toxic name of DAN and replace with some bland, unassuming name as ‘International Commodities and Investments Ltd’. Peter Shea will still be at the helm so what is really going to change, more failure and the same as usual, lifestyle company not run for the benefit of shareholders at all.
Just looked back in here after giving up completely on DAN, they have changed the name of the company now as well. Anyone know what’s going on???
Can a shareholder not request a copy of the minutes, or do they have to live in the dark? If not, then who is entitled to have the minutes?
Totally agree georgie1. Where is the info from this GM to be found? Where are the minutes? If there was a vote to ratify the deal, or not, then who the hell voted?
How can this company have a general meeting yet nobody knows what happened?
Perhaps nobody turned up to the meeting !
Just what did happen on Monday 25th of March at your AGM anyone know?
From the Atlantic Carbon website - deal is off:
Announcement regarding Daniel Stewart
Securities PLC (“DSS”) offer to acquire the
entire issued share capital of Atlantic Carbon
Group PLC (“ACG”)
ACG regrets to inform its shareholders that DSS was unable to
approve the offer by 31st March 2019 and, under the terms of the
offer document, the offer has now lapsed.
Consequently ACG is 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.
ACG is disappointed with this outcome but continues to examine
various options for a liquidity event with a view, among other
things, to benefit ACG shareholders.
Adam Wilson
Chairman and CEO
Atlantic Carbon Group PLC
1st April 2019
Refer to the ACG website and Twitter for updates.
Announcement to be made on Monday 1st April..... "AprilFool's Day"
ACG are represented with a stand at the UK Investors Show, Queen Elizabeth II Conference Centre, London, this weekend, 30th March 2019.
Hopefully, someone will be on hand to answer questions.
Anyone know how the general meeting went on Monday ? Should've heard something about the ratification of the ACG deal.
I think there's a good chance they'll get the 90% this time round. My concern is the valuation of there new group and the number of shares in circulation. On the ATC board there have been figures ranging between 7 billion and 12 billion shares. If DAN holders are to get 10% of the new group then this has a big effect on the number of shares we will be able to convert from our shares into the new group. Any thoughts on this? I know there is a DSS general meeting on Monday 25th March to ratify if they get the approval of the 90% take up.
We should hear if they get the 90% acceptance on Friday
Reverse Takeover of Atlantic Carbon Group plc by Daniel Stewart Securities plc.
Re-opening of offer with deadline of 1.00 pm (GMT) Friday, 22nd March 2019.
See ACG website for further details including voting figures to original deadline of 28 February.
At present DSS holders are not being offered a choice in the matter. It's a reverse takeover and as such the current ATC holders are being asked to accept the offer. There's been no communication by my broker to shed any light on the situation and as such the only option we DSS holders have is to sit and wait. Hopefully if ATC gets its 90% take up on the offer, then the takeover will be unconditionally accepted and we should then be 10% holders in the new ACG group. Hope this helps.
So is the opinion we should accept the offer for ACG
Thanks nobber. Thats pretty much my take on the situation as well. So you think DSS holders will get a share transfer from the old DSS (DAN) shares to the new ACG ones. The things is, how much is 10% ? Many on the ATC board seem to think that there will be 12 billion shares around in the new ACG group. So 10% should be 1200 million. At the last count I found that there were 944 million Dan shares around. So a conversion of the 944m Dan shares into the 1200m ACG shrares makes a conversion of about 1.2712 new ACG shares for every Dan share. Gawd knows if I've got this right but it could mean a share increase for DSS holders. If it goes down this route then I for one will be very happy. If any have an alternate view then please post as I am only speculating at the moment. ATB.
As I understand it ACG are doing a reverse takeover of Daniel Stewart which currently exists as a shell company. I assume that this is the same company that was previously delisted. ACG shareholders are receiving 1.5587 DS shares for each of their ACG shares, the company will then be renamed ACG. This ratio was negotiated so that DS shareholders will hold 10% of the new ACG and DS shares will then be shares in the new ACG. They then intend relisting on the London stock exchange and I've seen figures of £75 M market cap bandied about on the ATC chat. This would make each share in the new ACG worth between about 0.6 and 0.7p. If you still have DS shares (which become new ACG) then I also assume that these will then be worth that too if someone wants to buy them; that might well be a big IF.
I think we're all confused. I spoke to HL and got the same response, ie DSS delisted and theres no company information available. They of course told me that they would inform me should DSS list again in the future. Totally useless in this situation. I find it utterly unbelievable that we haven't been informed about the reverse takeover and the supposed 10% of market value coming to DSS. As shareholders we have a right to know whats going on and how it effects us. My worst fear is that no info may mean no return !
Re dan have spoken tc capita this am about info on dss . they say they havnt had any info from dss sinca 2017. Am I the only one confused ?
Thanks spikephoto, useful form my perspective.
FS16. I'm not sure we can do anything. DSS holders have no decisions to make in this process as its all in the ATC holders hands. They have to accept the reverse takeover offer, and if 90% say yes then ATC and DSS will become Atlantic Carbon Group. What I'm in the dark about is the 10% value of the new group coming to us. Will it be a cash distribution too all remaining DSS holders or a share conversion to ACG shares ? Or will just go into Peter Shea's and other board members pockets ? Nothing as yet been disclosed to us shareholders and as such I think we're out of the decision making process. I would like to get an update and see just what we get out of it.
Can someone please help as to what is it that we the existing shareholder of DSS are supposed to do vis-a-vis ATC board? What will happen to our shares, are we supposed to do anything before March 25 to have our shares activated? Thanks
Lots more info on the ATC board chaps. 25th March is the DAN shareholder meeting apparently but loats of other useful info.