LONDON (Alliance News) - Atlantic Coal PLC shares fell on Wednesday after it said a large individual shareholder has requested the company hold a general meeting before the end of the year so shareholders can vote on whether to delist the company from AIM and change its name.
Atlantic Coal shares were down 15% to 0.0975 pence per share on Wednesday morning.
The requistioner, Stuart Thomas, sent the letter requesting the meeting on Tuesday, claiming he has a 7.7% stake in the company.
The company is currently seeking advice about the validity of the requisition, but if deemed valid, Atlantic Coal would have to convene the meeting before the end of December 28.
The purpose of the meeting is for shareholders to vote on two resolutions. The first is whether or not the company should delist from the AIM stock market, and the second is on whether Atlantic Coal should change its name to Atlantic Carbon PLC.
For any resolution to pass, 75% of the votes cast by shareholders must be in favour of the resolution.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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