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Was the attempted relisting a ploy to find out the percentage of holders left.....
Or their massive master plan of getting rid of all shareholders and going private has worked to a tee!!!!
I now thinking directors pick the business up for £1 as going concern, not unusual. Komatsu must be owed a few quid, somehow this will net out all right for them, took on too much debt too quickly ?
I’m gutted........what’s the likelihood of the DS investment vehicle set up to buy assets like ours scooping up the best bits and then the dynamic duo re appearance as advisers?.......
Because Atlantic Carbon Group plc is a London registered company that operates in the USA it cannot file for Chapter 11, as it no doubt would have done to protect its assets if it were a USA registered company. The appointed administrators will now be evaluating the assets of the company that are not party to the debenture, charges and leasing contracts ((to Kamatsu and White Oak Global Financing) to see what can be salvaged.
Looks like the plan by Wilson & Best was to float (by any means possible, calling in favours from Shea at DSS) and then pump and dump.... until the audit revealed overvalued stockpiles and inventory.
According to Companies House, AW currently has no directorships in his own name, but he holds shares in ACG through nominee investments, as does Stephen Best with his wife Mary and daughter.
The biggest loser is career miner George Roskos who must now be rueing the day he got into bed with them back in 2016.
With all the potential, with rising demand and prices for anthracite, it beggars belief that this has gone tits-up.
http://www.atlanticcoal.com/News/News/2019/ACG%20plc%20-%20website%20notice%20of%20Administrators%20appointment.pdf
White Oak and Kamatsu must have pulled the plug?
Oh joy. Couldn't say this was not going to happen though to be fair after the latest fiasco from the board (whether their fault or not). Suppose now they will try and find a buyer as a going concern and see what scraps we are left with, if any. Makes me wonder now why Head Snorter Wilson called off the merger with DANS????
Gone into administration.