Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Yes a total mess. Very hard knowing what's really going on; no doubt we'll be the last to know anyway. Think Seth has been left trying to pick up all the pieces and find a way forward after those 2 *******s left.
No mention of any meeting in the UK now.
Also noticed on page 38 the very high commission fees paid for the last share purchases :
" On 5 March 2018, the Company issued 100,000,000 ordinary shares of £0.0007 each for the price of £0.005 raising a
total of £500,000, less commission fees of £99,414.
On 17 April 2018, the Company issued 100,000,000 ordinary shares of £0.0007 each for the price of £0.005 raising a
total of £500,000, less commission fees of £100,906.
On 13 August 2018, the Company issued 20,000,000 ordinary shares of £0.0007 each for the price of £0.005 raising a
total of £100,000, less commission fees of £20,471. "
...... shows up on pages 52 and 53 of the report (last 2 pages).
Does make for grim reading; didn't expect this, but knew something was wrong when they held back the accounts. Good those 2 parasites are now gone! Also, don't like the part at the very end of the report:
" 30. Events after the reporting period
On 28 March 2019, the Company entered into the Fifth Amendment to the Loan Agreement with White Oak Global
Advisors LLC, its secured lender. White Oak advanced $1,500,000 under this amendment. The proceeds were used to
finance current operations.
On 16 April 2019, the Company entered into the Sixth Amendment to the Loan Agreement with White Oak Global
Advisors LLC, its secured lender. White Oak advanced $1,000,000 under this amendment. The proceeds were used to
finance current operations and support diligence activities under a proposed acquisition.
On 1 May 2019, the Company signed a temporary amendment to the mining leases held with Pagnotti Enterprises Inc.
The amendment lasts for one year and reduces the production royalty rate while increasing the minimum monthly
payments and providing for a bonus royalty if the average quarterly clean coal sales price exceeds a base amount.
On 10 May 2019, the Company entered into the Seventh Amendment to the Loan Agreement with White Oak Global
Advisors LLC, its secured lender. White Oak advanced $1,000,000 under this amendment. The proceeds were used to
finance current operations.
On 14 June 2019, the Company entered into the Eighth Amendment to the Loan Agreement with White Oak Global
Advisors LLC, its secured lender. White Oak advanced $10,000,000 under this amendment. The proceeds were used
to invest in improving current operations and refinance its obligations to Komatsu Financial LP and satisfy other creditors.
The Company also repaid a loan from George Roskos in the amount of $250,000. On the same date, the Company also
entered into a Revenue Sharing Agreement under which White Oak would be entitled to a share of future revenues from
clean coal sales.
On 14 June 2019, the Company entered into the Voluntary Collateral Surrender Agreement with Komatsu Financial
Limited Partnership. Under this agreement, the Company surrendered to Komatsu certain mining equipment and
reduced the loan balance by $16.3 million. The Company renegotiated its remaining loan balance of $19.1 million with
a payment schedule over 72 months and issued a non-interest-bearing promissory note to Komatsu in the amount of
$3.0 million. "
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
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
Totally sickening ............
I just checked the Investor Show website now and their name has been removed from it. Why did they pull out of the show?
To all those heading to the Investor Show tomorrow, have a safe journey and an enjoyable day at the show! Hope you are able to get plenty of interesting information at the ACG stand. Would appreciate if you are able to post on here any ACG news; thanks.
Post just put on Twitter by ACG :
"Announcement on ACG website Monday + will also post on ACG Twitter"
Come on ACG, what about a wee Twitter post ......
Would just be good to know that everything is still on track and currently being sorted out.
All very unsettling. Wish they would give us 'some' information now.
Yes Kentan, does make very interesting reading. I'm the same; with ii, so it doesn't show my name.
Didn't know if it was right to post how many shares he had at that date, but you will see yourself. Also, you will see he is still a Major Shareholder.
Kentan / Yarmy, yes this information is provided by a delisted company. In ACG's Confirmation Statement made on 3 December 2018, and posted with Companies House on 20 December 2018, It clearly shows Mr Stuart James Thomas as a shareholder. If you scroll down through all the names you will see his name (on page 46/50) and it also clearly states how many shares he is holding at that date.
Hopefully everything is still OK
I wonder why the delay, in not making an announcement until Monday ?
Come on ACG, news please. We are all waiting ........