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garykc,
https://www.hl.co.uk/shares/corporate-actions/corporate_action_frequently_asked_questions
May be able to help you with HL SIPP/ISA
An open question for you all:
I hold my shares in ATC through a SIPP held at H&L.
If an offer is made by an American company to buy out all shareholders, what would the consequences be:
1) To the shares I own in my SIPP
2) The tax implications if I were to sell
3) Could I sell my shares and take any profit free from my SIPP
4) Do H&L deal with the American stock exchange.
Many thanks
https://news.psu.edu/story/576030/2019/05/29/research/penn-state-launches-center-critical-minerals
Would do no harm, would release the company from being shackled as a private concern, where the only way to realise the value of any shares you have is to sell them privately in a matched bargain or make a transfer for a fixed return.
Once given the competition of the market place, be it in USA or UK, the clamour for a rising stock would accelerate the value considerably.
The downside of a US floatation would mean that any bargain profits would be subject to US taxes and you would need a $ account with a stockbroker who has access to the market. Also, they would not be eligible for inclusion in an ISA or SIPP.
A recent case was when London quoted Mariana Resources (MARL) was taken over by an American Company, Sandstorm, with the election to accept the offer of US quoted stock (and be liable for US taxes) or sell prior to the offer becoming mandatory....UK's Salvarx (SALV) has just completed a deal with Portage a US$ quoted company on the Toronto exchange where the same applies.
For speed of entry an RTO (or "flip" as the Americans call it) into a quoted "cash shell" would be favourite.
But don't be surprised if one of the "big boys" comes calling beforehand, ACG has become a "Jewel in the Crown" with its Anthracite reserves and one of Mr Trump's success stories... the suitors will be queuing up. Seth Schwartz knows how the game is played and he is ideal to make the most of it.
is that good news or bad news?
ACG still maintains its registration at Companies House in London, so is still effectively a UK company. There is a notice that the next full year accounts are due to be lodged by 30th June 2019 (made up to the year ending 31st December 2018).
These are vital to make an appraisal of value for the company last stated at £35m ($50m+) in his Chairman's statement by Adam Wilson dated 4th May 2018.
With increased production, higher product price for anthracite and continued demand (accelerated by Trump's initiatives and tariffs on imports), the value a year later must be considerably more.
Downward renegotiation of leasing costs, royalties, overheads, including the relocation of office & staff to centralise the operation, should have led to increased margins over the last 12 months.
The $2.9m accounting loss for 2017 ($12.7 loss 2016) should have been cleared and the bottom line should show a positive increase. Taking all the factors into account, it should represent a remarkable turnaround in fortunes for ACG ....
Depending on what is stated in the new accounts, it makes ACG an ideal takeover target to further invest and expand the potential, or a RTO into a "cash shell" (similar to what was attempted with Daniel Stewart Securities), but on better terms to suit the US miners and shareholders. The US bias now favours a float on the US market.
Looking at the polished up board on the ACG website it is now at first glance a US dominated board room,headed by respected veteran energy consultant Seth Schwartz......as opposed to the now departed Anglo American board that was heading for a UK listing,this may indicate we either have a target stateside that would be more receptive to a US boardroom or we are going it alone and have to charm the regulators on entry/application for a stateside listing......gonna be a busy summer I feel
It may be of interest that former CEO/Chairman of Atlantic Coal when it was listed and ACG Director, Stephen Best, has large property interests in North East England (Durham) through his property company Mayford Equities Ltd. This is the company, listed on the share register of ACG, who disposed of 1,273,881,818 shares between June to August 2018 that were effectively held by the Best Family.
In February 2019 they bought a substantial office building in Durham:
https://www.insidermedia.com/insider/northeast/sale-of-durham-office-building-agreed
Best's daughter, Lucy Atkinson, has significant control of Mayford, but you can be assured that her Dad, Stephen, is the person running the show.
About MR STEPHEN BEST:
Mr Stephen Best holds 5 appointments at 5 active companies, has resigned from 43 companies and held 28 appointments at 28 dissolved companies. Their longest current appointment spans 19 years, 5 months and 5 days at LANGLEY MOOR B3 LTD. (The same directors as Mayford Equities)
The combined cash at bank value for all businesses where STEPHEN holds a current appointment equals £1.3m, a combined total current assets value of £49.6m with a total current liabilities of £2.7m and a total current net worth of £47.5m. Roles associated with Mr Stephen Best within the recorded businesses include: Director, Llp Member, Company Secretary.
Based on his past record, SB is a very shrewd businessman. How he became involved running an American coal mining company I do not know, but being from the Durham area where mining coal in Northumberland was big business until it started to become phased out for environmental and climate change reasons maybe the clue.
I still don't believe he has walked away from ACG and has no further interest in it, the same goes for Adam Wilson.
Thanks,that is very plausible and I can’t hear the fat lady yet......
They would probably have been transferred to an existing shareholder for an agreed price, therefore, to keep control and stop them from getting into the wrong hands. You can see the dates and amounts on the CS01 against each shareholder when their holdings were lowered, but not when they were raised, which would have been a clue as to who benefited from them.
We also need to see what incentive package was offered to Seth Schwartz, it must be quite lucrative and may be dependent on getting the stock listed.
It must be that Adam Wilson, Stephen Best (look at his Mayford Equities mammoth reduction in shares), Peter Shea & Co. (via nominees) have equity worth many $millions in ACG that will only be fully realised once the company comes back to market, with a distinct possibility of dividends in the future from rising profits and expansion.
For this to have got so close to the RTO and stalled at the 11th hour, there has to be another attempt to re-float that will appease the miners on the board.... it is a bit like the Brexit debacle, almost but not quite, so the person(s) in charge resigns (Best & Wilson/Theresa May) and a new person put in the box seat (Seth Schwartz/TBA) to get it through.
It would be nice to see my holding showing better than the current nominal value in my portfolio.
Hi Kentan,I’m finding it difficult to see how any shareholders could reduce/increase their holdings since de listing?......matched bargain maybe if you needed to switch some stock but openly sell is nigh on impossible and pointless as the agreed price would be based on old fact/figures so not viable certainly not a profitable
Transferring stock yea maybe but no value could be attributed to the transaction only an amount of stock
Happy for any explanation
With the recent board changes, we are in need of an updated shareholder check to see if any of the Directors who stepped down are still invested in ACG.
It was apparent from the last CS01 published in December 2018, that Stephen Best has reduced his holding to zero with a tranche sells over the preceding year, the same appears to have happened for his wife Catherine Mary Best (also as Katherine) who also reduced her holding, but remained a significant holder. Also, family members were still shown invested with Best's daughter Lucy having married, her holdings were recorded in her new married name.
Best & Wilson, although they are no longer Directors they still maintain an element of control whilst they are shareholders.... it is important that we know who has significant control so that the new BOD can guide the company to future expansion and raise the necessary funding, be it by a refloatation or other means, to realise the increased value
Ray Petrilla dropped off the management list?
Ray Petrilla – Head of Corporate Finance (US)
With over 27 years’ experience in the Pennsylvanian anthracite industry, Ray has worked in various financial and management roles for the Stockton Coal Group since 2002. He is active in all aspects of corporate finance, in particular, major transactions, sourcing and negotiating finance for new projects and major equipment purchases and major sales contracts.
http://www.atlanticcarbon.com/Aboutus/Board_Management.html
The dynamic duo SB and AW consigned to history,this is looking more like a final polish up before a listing imo
I don’t think he left the airport let alone visited people.
Incidentally, just to confirm, the sole director and significant person for Singapore based Epsilon Investments Pte Ltd., is Zainab Binte Mohamed Omar, an Omani WOMAN (evidenced by "Binte" in her name). She has numerous investments and holdings in over 70 companies ... but the question is ... Is she a front (nominee) for others hiding behind her name? ... I would bet money this is 99.9% the case.
I advise all on here, to vigorously monitor the news and media for snippets of info.
Let us hope that ACG and its new CEO, Seth Ira Schwartz, make a stand and get themselves known to President Trump when he visits Pennsylvania State on Monday 20th May ... a mention or two of ACG (the State's largest producer of Anthracite) in despatches would do wonders for the company and value of our holdings.
Well spotted B2B2,
Previously, in 2015 the following notice was published:
http://www.morningstar.co.uk/uk/news/AN_1422528950160251100/daniel-stewart-rescued-by-new-singapore-based-investor.aspx
Epsilon Investments Pte Ltd., a Singapore registered company, has an outstanding charge against Daniel Stewart Securities and this has been transferred to the newly registered company International Commodities & Investments Plc under the name change. They are also shown as the "Persons with significant control" on Companies House register.
The same names from DSS days are still in the background (ie. Peter Shea & Adam Wilson who both own substantial shares in the company)...
The Singaporean link is interesting to me, as another company I am invested in, Bould Opportunities Plc (BOU) is currently in the throes of a reverse takeover of Coeur Gold Holding Ltd that has links to Singapore and a familiar name emerges as a broker of the deal ... namely, Martin Lampshire, director of BOU (formerly named Photonstar Led Group plc until 11th April 2019)) a stockbroker friend of Peter Shea (DSS) and Adam Wilson (ACG), was with him at stockbrokers Hitchens Harrison ....
Bould Opportunities has a large billionaire investor Antos Glogowski on its share register, he is also a director and person with significant control of Coeur Holding Ltd and is the guarantor for a fundraise which closes soon.
Mr Glogowski is a successful investor in mining operations throughout the world and has the backing of Kuwaiti Government consortiums.
So I am making tenuous links using those we know and those we don't ... but could this be the early days of a renewed proposal to bring ACG back to market ... via IC&I plc, that includes Epsilon, Bould & Coeur ... it is all very incestuous, but not without possibility ...
I see Daniel Stewart Securities PLC has just recently changed its name to INTERNATIONAL COMMODITIES AND INVESTMENTS PLC,; which was notified to Companies House on 16 May. I wonder what's happening there?
https://beta.companieshouse.gov.uk/company/03899545/filing-history
So come on ACG get those numbers out,get listed and then the big decision/worry I will have is what portion of my investment to leave in the capable hands of the company!.......
Thanks kentan,I’m sure they could do a small scale run to see if it’s viable or share the spoils with a specialist company.....lots of possibilities but of course “we need investment “.......as a certain ex ceo mentioned......a few times!
I have also posted the same, as here, on Atlantic Carbon's Twitter page (@Atlantic Carbon) to get as much notice as possible ... please retweet to spread the word to the powers that be.
The infrastructure to separate rare earth minerals can be quite expensive and labour intensive. It requires a crushing plant, separators (revolving drums) and high powered water and air blasting equipment, but if the amounts are there in quantity and are commercially viable, there is every chance that the US Government will offset some of the costs of implementation with substantial grants. It would also mean more jobs and value to the State of Pennsylvania.
Top info.....it won’t be just a few pi,s on bulletin boards working this out...even though it seems like it sometimes!......I wonder how much trouble and cost is involved to refine these minerals at the grading/wash plant?......
https://bestmarketherald.com/global-rare-earth-metals-market-to-expand-at-13-0-cagr-2012-2018-driven-by-surging-demand-from-chinaglobal-rare-earth-metals-to-reach-us8-1-bn-by-2018-cerium-oxide-to-emerge-as-key-contributor/
Even more encouraging news to amplify the possibility of increased income for ACG from the by-products of the spoil and tailings ... rare earth minerals (if found, but highly likely) would be the icing on the cake.
Anthracite fast becoming the "Jewel In The Crown" ... lots of interest, thanks to more and more reports in the media.
Here is another article published yesterday:
https://bestmarketherald.com/hard-coal-market-segmentation-and-competitors-analysis-report-up-to-2025/
Again no mention of our new name, ACG publicity officer (if there is one, if not I put myself forward) should get busy and make it known we are now Atlantic Carbon Group.