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For me the inclusion of details of white oak reviewing the company could be clue to something?.....those details did not have to be included in the Agm notice,just a simple delay notice would have been easier......we had revised loan arrangements last yr and I’m sure white oak reviewed the company prior to reducing the interest on the remaining loan,which imho should be well paid down now.
This is clue to something different,the appearance in London in July with the books could indicate?...another LSE listing?......white oak being predominantly mentioned imho would be a positive for further funding/expansion or acquisition....maybe
For me I think the failure to provide accounts on time is more of a problem as it does not allow shareholders to assess the necessity for resolutions 4 and 5.
AGM notice was 04/06/19. AGM held on 26th June 2019.....unless I’m mistaken that satisfies the 21day rule??.....
Yes, in last year's AGM notice it stated the following in Resolution 5 :
'' Resolution 5 – Section 551 authority
This is an ordinary resolution authorising the Directors to allot relevant securities up to an aggregate nominal
amount of £1,229,000 (equal to 25% of the issued capital of the Company as at 4 May 2018). Such authority,
unless previously revoked or varied by the Company in a General Meeting, will expire at the commencement
of the Company’s next Annual General Meeting following this meeting or 30 June 2019, whichever is the
earlier to occur. ''
www.atlanticcarbongroup.com/News/docs/AGM%20Notice%20v1.pdf
This is similar (with a slight increase) to this year's Resolution 4 :
'' Resolution 4 – Section 551 authority
This is an ordinary resolution authorising the Directors to allot relevant securities up to an aggregate nominal
amount of £1,232,449 (equal to 25% of the issued capital of the Company as at 31 May 2019). Such authority,
unless previously revoked or varied by the Company in a General Meeting, will expire at the commencement of
the Company’s next Annual General Meeting following this meeting or 30 June 2020, whichever is the earlier
to occur. ''
www.atlanticcarbongroup.com/News/News/2019/AGM%202019%20Notice.pdf
There has been a section 551 authority for the last few yrs round about the same value £1.2mil,I would imagine costs would be higher this yr due to the rail link and attempted listing costs?
I have reviewed the Companies Act and the AGM must be held in London and during working hours. An AGM held in Hazleton will not be legal and hence invalid. Section 96(2): Section 96(2) of the Companies Act, 2013 states that — “Every Annual General Meeting shall be called during business hours, that is between 9 am and 6 pm on any day other than a National Holiday and shall be held either at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situated.”
In addition we received the notice too late and have not had the requisite 21 days clear notice. I shall be contacting the relevant authorities.
https://www.marketscreener.com/news/Atlantic-Carbon-AGM-2019-Notice--28705498/
Reading the notes, there seems to be an urgent need to raise money (to cover running costs?), when we were led to believe that increased production, price of anthracite, lowered overheads through consolidation with Hazelton Shaft merger and renegotiated loans and leases on plant and machinery (with Komatsu) would give us working capital and prospects of running at a profit and be able to acquire future land for mining permits.
Until it is floated on UK or US markets with a definitive share price and Mcap, I do not see how they could raise the anticipated funds (£1.232m) by way of issuing shares in a placement, rights issue or open offer ... how would the striking price be determined?
If the future looks rosy and the charge holders (White Oak Global) and lessee's (Komatsu) are agreeable to a takeover from a so far unknown third party (Mining Corp?), the return to long term ex Atlantic Coal shareholders could be richly rewarding. Something has to happen before the end of 2019, time is of the essence.
That was announced on Tuesday.
Notice of AGM on website.
It’s not clear what is going on, just need to wait it could be positive and based on these last two years in this market place it would be reasonable
Thanks tt,yes that’s fair......something has got white oak out it’s armchair.....I’m hoping it’s the lure of a lucrative cut of the pie once we are carved up or floated
When I say promised I mean there would have been certain assumptions within the lending arrangement in respect of future profits. The company will almost certainly have given commitments to the lender to achieve certain levels of interest cover, EBITDA and the like, called covenants. If these covenants are breached to an extent of a default position by not making enough profit then the bank can step in. The bank will be trying to make sure their money is not at risk.
We as shareholders have also been seduced by the racy forecasts in the analysts note issued sometime ago, it we were achieving profits of even half the numbers in that report all would be OK.
TT can you point me in the direction to where the changes promised good results?.......
We have anticipated very good numbers on this bb due to increased productivity, higher coal prices,lower financing terms and actually trying to put the company to market to bounce all this good news back at long term shareholders.....
I hope to be proved wrong but I suspect all the changes are because the results don't look as good as promised.
I would be surprised if there was a problem supporting the loan under the revised terms,cash flow should be far superior to the terms on the initial loan from 2016......I think they may be valuing the whole business with prospects of a sale or US listing and white oak may take a stake of the newly listed company?......Seth is only on a short tenure here imho.....results in July will back up a new valuation and listing prospectus
A $21.0 million senior secured term loan to an anthracite mining business. The proceeds were used to support an acquisition and for additional working capital. White Oak served as Administrative Agent and Sole Lender for this transaction. This is hidden in News/July/2016 with other transactions. I wonder if they have appointed Seth because ATC are having trouble paying back the loans/default on covenants? They probably supported the listing but when it went wrong they stepped in.
Has white oak booted out best and Wilson brought in Schwarz to finish the job after the botched DS relisting?
I would say white oak will have a big say in what happens next.......
WOW, $21m loan. I wonder what % value this was in June 2016.
White are ATC main financiers
https://beta.companieshouse.gov.uk/company/05315929/charges
Just trawling through the White Oak Global Advisors LLC website to see if I can find any loans to ATC etc. WIll update once I find anything.
No accounts presented at Agm,white oak capital conducting a review?
http://www.atlanticcoal.com/News/News/2019/AGM%202019%20Notice.pdf
More fuel for the fire, to give encouragement to anthracite miners:
Published 25th May 2019:
https://newsprimo.com/global-anthracite-market-insights-depth-analysis-siberian-anthracite-blaskchak-coal-corporation-reading-anthracite-coal/48818/
It is indeed,and interestingly blaschak ceo mentions rare Earth opportunity too.....
Come on Seth time to unroll plan b
The same Mammoth seam as in ATC's hunting ground I presume