I think the most likely route that the board will take is to hive off Hav into a new company and either sell that entity to NC or (for corporate tax efficiency reasons) demerge the new entity and allow it to be taken over by NC. Current shareholders would have shares in both entities. Then followed by a share for exchange with NC. Shareholders can roll over the gains into the NC holding or cash in by selling in the open market.
Personally I would prefer the BoD to concentrate on the business in hand and not to waste time composing a holding RNS which will be dissected word for word for any perceived subliminal messages. GS and crew wants this to happen as quickly as we do but in this instance patience is a virtue. Like most on here I am invested here for the potential in the longer term and accordingly will be sitting on my hands for more than a few months. Stay safe and sane all LTH.
Recent buyer into this stock. I regard this as a medium-long term hold as I believe this company will develop into a mega business and ultimately become an acquisition target for one of the major financial institutions.
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
At 31 Dec 2018 there were 7bn shares in issue. Another 1bn in directors share options (which I am pretty certain they will exercise) x 1.5587 = 12.5bn. This will comprise 90% of issued share capital so 12.5/9 = 13.9bn not 17bn as previously stated.
The enterprise value (based on discounted cash flows) in a recent report was put at $150m (GBP115m) in Oct 2018. I would be surprised if we didn't relist at least at this valuation. With 17bn shares in issue after the RTO that would equate to 0.65-0.70p per share. Let's hope so but it does seem too good to be true.
You should receive an email from your broker with the necessary corporate action requirement. If you want to contact them ahead of this you can use either the ticker name ATC or Atlantic Carbon Group (as they are now known as).
Corporation tax losses may only be utilised against profits from the same trade so any losses carried forward in DAN will not be available to offset against any future profits arinsig from the ACG trade. I suspect the 10% giveaway may well reflect the listing costs foregone.