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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?
Last post: georgee1, 4 Apr 2019 17:42
Perhaps nobody turned up to the meeting !
Just what did happen on Monday 25th of March at your AGM anyone know?
Started: spikephoto, 26 Mar 2019 18:46
Last post: Barraband, 2 Apr 2019 07:41
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.
Started: BigEvi, 18 Mar 2019 16:58
Last post: spikephoto, 18 Mar 2019 17:25
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.
Started: soothsayer, 13 Mar 2019 14:33
Last post: spikephoto, 13 Mar 2019 15:12
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
Started: noddingdonkey, 8 Mar 2019 11:53
Last post: spikephoto, 12 Mar 2019 16:45
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 ?
Started: FS16, 7 Mar 2019 08:11
Last post: FS16, 8 Mar 2019 11:51
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
Started: spikephoto, 4 Mar 2019 17:38
Last post: garykc, 7 Mar 2019 07:19
Lots more info on the ATC board chaps. 25th March is the DAN shareholder meeting apparently but loats of other useful info.
Its very quiet on this board. The ATC offer closed last Thursday and the results should be coming out soon I hope. Remember 10% of their market value will come to DSS. Whether its a distribution of shares in the new group or cash, I don't know. May even go into the pockets of the directors! Maybe they'll use that to resist DAN ? Just don't know. If anyone has any info then please post. ATB.
Started: spikephoto, 14 Feb 2019 15:33
Last post: spikephoto, 15 Feb 2019 15:32
Had a chat with Hargreaves Lansdown and apparently Daniel Stewart aren't in administration otherwise they would have informed us. This is what I got from an ATC document:
DSS is a separate entity to Daniel Stewart and Company PLC which we have been notified went into administration on 1 February 2019.
Atlantic Carbon Group Plc
7 February 2019
So I don't know what this means. Looking at the wording it could be that Daniel Stewart and Company PLC was some sort of subsidiary. Cant explain this at the moment though.
As you say, we have no choice in the matter, and we don't have a vote as DAN has just gone into administration. Neither have we been informed by ATC as to what our entitlements are. It's all in the hands of the ATC shareholders to approve the reverse acquisition and merger. We have no say.
I would still like to know how many DAN shares are in issue to get a better idea of our proposed 10% will be worth, and I'd also like to know if there is provision to convert DAN shares to the new ACG shares at the nominal price of £0.025 and not have to wait until it launches as it will inevitably be higher than that. It's a really grey area for us.
With all this going on and this board being very quiet, I can't help feeling that many Dan holders are unaware of what's happening. Furthermore my broker doesn't even know what our position is as they haven't been informed as yet.
It is a bit naughty. Asking tus to approve something which we have no way of knowing the value of repercussions of doing so. The thing is, it is what it is and we don't really have a choice.
Having been on the ATC chat board it doesn't look like this is a scam as Hargreaves Lansdown suggests. I think its more the case that HL haven't had any information regarding DAN holders. In fact DAN apparently went into administration on 1st Feb 2019.
It looks like what's happening is that ATC would like to re-list on the main market, but is not big enough to achieve that market listing. If, however there is a market registered company thats no longer trading then ATC can reverse acquire it and get onto a main market much easier. Daniel Stewart fits the bill perfectly. So ATC reverse acquires DAN and hey presto, gets a market listing.
The next thing is what do current DAN holders get out of it. Well its looking like 10% of the new group according to ATC's offer document. DAN changes its ticker to DSS and becomes the parent company, ATC changes to ACG and the whole group becomes Atlantic Carbon Group PLC.
So if we get 10% what's that worth? Well there are figure of 100m, 200m and 300m flying about. If we say 200m then DSS holders will be worth 20m. Next question is how many old DAN shares are in circulation? If we knew that figure then we could work out how much our individual holdings are worth. Though I fear the value will be much less than we paid for them.
There maybe an option to convert our holding to the new shares prior to re-listing and this could be done at the nominal value, which is £0.025 which would be good as I think we should increase our shareholding. However our true value may not be apparent until after listing and trading starts. Any conversion to the new shares would then be at whatever the market value is, which could be anywhere between 0.05p and 2.5p, which gives us a much smaller holding.
I'm making assumptions here, but they are only assumptions. No information has been released to DAN holders or their nominees, of which mine is HL. Nobody has any real idea how this merger/acquisition will effect us, but if anyone has any further thoughts then please post. We need to know what's going on.
GLA.
Dawto I agree. I'm having serious doubts about this now. I find it very strange that my broker hasn't informed me of this offer.
So I did some investigating re Euroclear and it seems you need an account to start the process of transfer, but this could take a week, so why the impossibly tight deadline of 28th Feb 2019? Plus the offer document urges shareholders to hurry, and not delay.
The document also refers to Daniel Stewart as DSS and not Dan, which was always its ticker, which I though was a bit strange.
Atlantic Carbon Group actually has a website called atlanticcoal.com which looks insecure as there's no padlock in its search box.
So I called my brokers at Hargreaves Lansdown, and their corporate affairs team advice was to take no action until they'd looked through the documents I sent them. They said it could well be a scam as they'd received no information regarding Daniel Stewart and that it was most unusual to to get an acquisition offer to be taken up in this way.
I'm sitting tight until HL get back to me.
Started: spikephoto, 14 Feb 2019 13:27
Last post: spikephoto, 14 Feb 2019 13:27
Is anybody here looking to take up the offer ? I have looked at the procedural route to transferring the shares into escrow and it looks like you have to dot it through Euroclear. I think you have to open an account with them and become a Personal Member, then have a sponsor to conduct arrangements between yourself (private investor) and Euroclear. This sponsor ought to be the brokerage the shares were bought through (in my case Hargreaves Lansdown).
I've emailed someone at Euroclear and hoping to get some questions answered, but their documentation reckons it about a week to set up and account. If there's anyone further down the line with this of understands this more clearly than me then please post. Cheers.
Started: unvrkw, 8 Feb 2019 13:56
Last post: dawto, 13 Feb 2019 22:41
I think the more pertinent question is why ACG is doing it this way, I have grave suspicions myself!
Just be aware(and very afraid) of who you are getting into bed with; google "Stephen Best – President of Atlantic Coal Plc. joesaunders61"
If I get this correctly DSS wants to re-list by using our shares to acquire ACG and in so doing take over the name of ACG. We get approx 50% more shares as a sweetener. It looks like it will be a UK company, but will it be on AIM or another market ?
Just wondering why DSS is doing it this way. Could they not re-list as themselves at some point ? What will happen to any shareholders shares should they not take up the offer ?
Personally I'm pleased to see some movement at last but interested to know why they're using this approach. Oh and does anyone know the total number of DSS shares in issue so as to ascertain the SP on re-listing.
Let’s remember that the research note back in October 2018 valued ACG at USD 86m. I would suggest that will be a minimum valuation for the new group. Divide that value by the number of shares in the enlarged DSS and this should be the lowest SP on a relisting. PS the nominal value of DSS shares is irrelevant.
Caveat, the offer is to give 1.5587 new ordinary shares of £0.025 NOMINAL VALUE each for every ACG share. They may not have a sale value of 2.5p. Good news, though. Movement at last.GLA.
Yes will do. Great heads up though. How did you find out?
Info...
Coal is classified into four main ranks—lignite, subbituminous, bituminous, and anthracite—depending on the amounts and types of carbon it contains and the amount of heat energy it can produce. Prices are generally higher for coal with high heat content.
The average annual sale prices of coal at mines by main rank of coal in 2017, in dollars per short ton (2,000 pounds)
Bituminous—$55.60
Subbituminous—$14.29
Lignite—$19.51
Anthracite—$93.17
https://www.eia.gov/energyexplained/index.php?page=coal_prices
Started: Themis, 9 Feb 2019 22:10
Last post: Themis, 9 Feb 2019 22:10
Some historical news and videos:
https://www.proactiveinvestors.co.uk/LON:ATC/Atlantic-Carbon-Group/
Would there be any reason to believe any shorts still exist, I suppose they would have been cancelled when DAN was delisted?
Hi all
The recent offer by DSS for ACG is based on a share offer of a nominal value of 2.5p, as I understand it he nominal value of Daniel Stewart Securities shares was 0.25p.
Has there been a share capital restructuring to facilitate this? As shareholders, I thought you should have been notified.
Started: spikephoto, 22 Oct 2018 19:34
Last post: spikephoto, 22 Oct 2018 19:34
Has anyone any news on the progress of the capital raising subscription, and the proposed market re-listing? This was news released by the company in March 2018.
Got a lot of capital tied up in this one and the lack of concrete news is frustrating to say the least.
All the best to fellow sufferers.
Started: MVB61, 31 May 2018 16:28
Last post: MVB61, 31 May 2018 16:28
Does this mean any existing shares held in Dan prior to the collapse will have a value going forward???
Started: FS16, 14 May 2018 14:48
Last post: FS16, 14 May 2018 14:48
Message on the DSS Shareholders: Further update: March 28th 2018 We are pleased to advise that at the GM meeting held on March 26th all resolutions were passed. As such we are now in the process of completing a subscription to raise up to �1.4 million at a price of 0.3p per share which will value the company at �4.2 million, after the money, assuming full subscription. Should you have an interest in participating in the offer for subscription please do not hesitate to contact us. We have also commenced preparation of the required documentation to apply for a listing on the Standard section of the Full List. Does this mean that the shares that we hold will automatically be included in the subscription once we have contacted DSS?
Started: rabyeovil, 5 Apr 2018 15:38
Last post: rabyeovil, 5 Apr 2018 15:38
Any feedback from the meeting on 26th March?
Started: rabyeovil, 10 Mar 2018 13:45
Last post: rabyeovil, 10 Mar 2018 13:45
Wow, There was me thinking this was a dead duck then out of the blue there's a general meeting on the 26th March!! Must be after more money from the Pi's Well they can hiss off! Lost enough on this load of crap!!!!
Started: noddingdonkey, 4 Jan 2018 12:06
Last post: Hunter1, 10 Jan 2018 12:12
Glad theres a chat on this subject as got lots invested in this crap
Will peter shea buy back my shares/?
Started: FS16, 28 Dec 2017 15:25
Last post: FS16, 28 Dec 2017 15:25
Ok, just heard back from Peter Shea - "Please see the Daniel Stewart website under DSS shareholders for an update." The update on DSS shareholders is as follows: "Dear Shareholder, Following on from the delisting of Daniel Stewart Securities (DSS) from AiM and In order to safeguard the business of its subsidiary, Daniel Stewart & Co, Daniel Stewart Securities had to arrange funding to re-establish the necessary regulatory capital. Such regulatory capital is required to be provided in the form of permanent equity. It was also apparent that, in order for the business of Daniel Stewart & Co to continue after re-establishing it’s regulatory capital, it would need further funding to finance ongoing losses until stabilisation could be completed. Again such funding would be required to be in the form of permanent capital. We have now received approval from the FCA for such funds as have been provided to be converted into equity of Daniel Stewart & Co. The resultant position is that Daniel Stewart Securities now owns approximately 10% of Daniel Stewart & Co. The situation is such that Daniel Stewart Securities is effectively a cash shell and we will now begin the process of trying to establish some value for shareholders utilising the shell. We believe that we should try to establish a public market for the trading of the shares at the earliest opportunity and as such we will examine the possibility of listing Daniel Stewart Securities on the Standard section of the full list as a cash shell. Should we achieve this we will then seek a suitable business to reverse into it. You should all be aware that a listing on the LSE has a cost and a minimum cash available requirement. At present Daniel Stewart Securities does not have sufficient resources to undertake such a listing."
Started: FS16, 28 Dec 2017 15:01
Last post: FS16, 28 Dec 2017 15:01
I have also just emailed Peter Shea and Co. Had emailed them sometime back as well but no response, so am not expecting anything this time as well. Any suggestions on how to legally pursue them; perhaps through the financial ombudsman?
Started: swimmer1, 6 Nov 2017 14:15
Last post: jimbo86, 18 Dec 2017 19:11
Have just emailed again, to Peter Shea and all other Daniel stewart emails i could find on the website.
Hi. I emailed them a couple of weeks ago and haven't had any respsonse yet. Would be nice to hear something
Swimmer, still no reply? Maybe a few more interested party could add weight to the process?
I have e-mailed the company a couple of times in 2017 with no response. Has anyone else had anything from the company ?
Started: BD6Vant, 18 Aug 2017 19:24
Last post: BD6Vant, 18 Aug 2017 19:24
Three posts in under a month, so investors do remember DAN. Hopefully some good may come of it?