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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, and it's a big IF, this does relist, you will find that the number of shares outstanding will be a hell of a lot more than there were when it got delisted I.e. hugely diluted; and who will be holding those shares? hmmm, let me guess.
Don't ever forget who you're dealing with here.
The proof of the pudding is, as they say, in the eating.
In my mind this account fits in very well with the total disregard and disdain which Mr. Best and co have dealt with the shareholders (including Blackrock, who have long memories).
It is also supported by the fact that it has survived since 2014 without being force-ably removed by legal action as it would have been if were libellous.
Murgot: " Where did they say this?"
Yes this was reported "back in the day(2014)" by a blogger (joesaunders61) who overheard this being discussed in, I think, a railway station by the principals; the report on this blog still exists on the web despite stringent efforts made to have it removed; any link to the blog is removed from LSE BB, showing that Best and his cronies are extremely sensitive to it's contents but have been unable to have the original blog blocked through legal actions. If you want to verify this a simple Google search of "joesaunders61 + stephen best" should/will return the info.
"The main problem is the bod will spend our (shareholders) money on lawyers to fend of any files against them..." This is exactly the type of uniformed, puerile and "presented as fact" opinion that makes it so easy for the Best's of this world to get away with the crapola that they do; any legal action taken would be against individual directors for breach of fiduciary duty and the costs of defending such actions would be borne solely by the individuals.
"The main problem is the bod will spend our (shareholders) money on lawyers to fend of any files against them..." This is exactly the type of uniformed, puerile and "presented as fact" opinion that makes it so easy for the Best's of this world to get away with the crapola that they do; any legal action taken would be against individual directors for breach of fiduciary duty and the costs of defending such actions would be borne solely by the individuals.
Resd, If you do set up a shielded group , you will need to be selective and vet anybody you give access to. 1. Have a look at past postings and reject any who have been overly positive and have taken the "company line". 2. Reject all new ids 3. possibly ask for proof of shareholding and/or copy of dated original share purchase contract note
"Atc had 77% in favour of the vote to de-list" And that would be job 1 for a forensic accountant to determine how such a majority was engineered and/or acquired.
1- Resd 2- Szyndj 3- Krynap 4- dawto
Unrkw, Why are you sure that there is nothing illegal?
This is not in anyway aimed at existing shareholders, this is aimed at a whole new set of investors (US); these guys have graduated to the big time, having honed their skills in the toothless regulatory arena of AIM, nothing bizarre about that
A link would be helpful and appreciated
unvrkw, the fact that you are not even bothering to vote is a sure sign that the strategy of SB has worked; he has played the small investors like a violin and just prove his long held belief that they are all "MUGS". He has devalued our holdings in a masterful fashion for his own tawdry profit and is now, like a glutinous child, sweeping in to mop up the last little crumbs. Beneath contempt!
Holy, I have disagree. I think that they are fantastic; clever, far-sighted, hard-working and opportunistic. Unfortunately only in pursuit of their own interests which, in my opinion, also makes them irresponsible, manipulative, immoral and, I suspect, totally amoral.
This is what they were halted for: https://au.finance.yahoo.com/news/atrum-coal-nl-asx-atu-135500493.html
On the UK TDW site it's: Login > Accounts > Account Tools > Voting & Information Mailbox If not the same on yours, contact them through the contact details on your site
At the very least make sure you vote against both resolutions by Nov 15. If these resolutions are passed you are giving Best and his gang a free pass to dilute us out of existence and steal the entire operation. I also have a little niggly thought of Mrs Best getting a whole bunch of coal in lieu of a loan repayment (footnote in the last annual report) and thinking at the time "what the Dickins is she going to do with that?". I have a feeling it may have been 100,000 tonnes; hmmmm, is it possible the ATU transaction was not exactly all above board? If enough people make enough noise with all relevant regulators the more likely some action will be taken.
Well Wombat it looks like one of us was wrong here and I'm guessing it wasn't me :)0
It is only a case for the FSA if people lodge complaints, not many have been motivated to do so up to now. It has been very obvious for a long time what has been going on with this gang. See my post of last August: http://www.lse.co.uk/member-info.asp?page=3&nick=dawto It's like watching a little old lady being mugged on the high street in broad daylight outside a police station, army barracks and fire station by a bunch of low-life scum.