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"The financial position of the company is such that there is no prospect of funds becoming available to the company's shareholders".
The Appointees noted above were appointed Administrators of the Company. The Administrators are licensed to act in the UK by the Insolvency Practitioners Association. The affairs, business and property of the Company are being managed by the Administrators, who act as agents of the Company without personal liability. The Administrators are bound by the Insolvency Code of Ethics when carrying out all professional work relating to their appointment.
There is indeed a chance legal action can be taken, either by a collective of us private investors or one institutional investor with good legal knowhow... RBS shareholders are doing it & ATC directors manipulated the share price back in 2011 & manipulated into delisting. They have our money & hope we go away quietly. I hope more Unvrkw's see the light & we eventually take action against them. As a collective, it is indeed possible. The only other hope is a relist which no doubt will make our shares near worthless when we can eventually sell them.
Hamm, you know it's wrong, I know it's wrong, many of us knew it was wrong for a long time, now Unvrkw is finally admitting it's wrong, halleluiah. I believe they'll get what's coming to them eventually..
So basically Unvrkw, the penny falls from a great height, no point educating us with figures at this late stage in the game. This is old news, they're crooks, we've known that for years now. The only obligation they have to us shareholders is to send us post as per... & that's all they're providing us with. We've been played. That is wrong, legal or not but Wilson & Best can't get away with it indefinitely, the past catches up with us in one way or another....
Will "we" see any benefit? I'm pretty confident the majority of us already know the answer to that...
What they do is lay us private investors out on the road, then walk all over us to reach success. This Bod shift their (OUR) money away from the company via several methods inc. high interest loans, then into their own money trees trying their BEST to cover their tracks along the way... https://beta.companieshouse.gov.uk/company/08924113/officers
It would appear ATU have the same bad spending habits as our own BOD, coincidentally looking for the same solutions by offsetting risks via a takeover, on the face of it this sounded good to them until they found out our books look pretty similar hence the extra due dilligence. "Atrum Coal NL’s debt to equity ratio stands at 183.9% and this indicates that the company is holding a high level of debt / liabilities compared to its net worth, and in the event of financial stress may experience difficulty meeting debt or interest obligations."
I can't think of a single occasion when they had something to say it actually benefitted us apart from the artificial hype spike in sp back in 2010 just days before the BOD sell & dilution. Good news turns into bad for us very quickly. I wish this wasn't the case but this is an ongoing pattern and I think the BOD desperately want to offload responsibility before we hit the buffers.
Pretty much my position too Piltick although I wouldn't expect anyone interested in the meantime picking up worthless ATC shares on Capita, why would anyone? I'm predicting a mass exodus of sells if/when we do relist and I want off this ship quick before the new market we list on picks up on the poor sentiment & poor everything else with regards to this BOD vs shareholders, we need nothing short of a miracle for a change in fortune, after a decade, still needs to be seen to be believed.
No and It'd made no difference to us anyway and never presume anything with ATC. Lesson learned hopefully but only when that penny drops or in this case that expected dilution, as I said before, great product crap management do not expect any change
Focusing on the positives of the Trump campaign aimed at business specifically reducing the restraints from global climate change i.e. coal will be acceptable once again, interestingly the report was visually focused over an open cast mine... Possibly Stockton. However, apply a huge dollop of caution. Remember this company's track record, this will NOT affect our shareholder value short term unless another company is actually brave enough to take us on NOT based on existing management or debt/loans outstanding but the new US administration embracing coal once again, this is if not our only external glimmer of hope at present.
The Directors have had more than their fair share already so I wouldn't worry too much about them, our investments have taken care of that so I'd be more concerned about us now after they failed to secure the takeover effectively relinquishing ATC of all past & present mismanagement of finances & responsibility towards their shareholders, it was the only moment we've had to get any fair return after the constant drop in share price over 10 years. I just couldn't see how this deal was going to be signed especially @ .4p vs 0.07p delist , Atrum was probably tempted by the BoD's Anthracite sales pitch but wisely did their due diligence on the nuts & bolts of the business & yes it's disappointing for us Pi's but it was to be expected. There has never been any value for shareholders the way they run this company, they won't change their ways now.
Lol, Can you imagine if ATU didn't bother with the extra due dilligence & this takeover went ahead, the shock on Atrums Bod's faces if they'd found out their money instead just bought two massive black holes? One in the ground @ Stockton & the other in ATC's finance dept, very clever indeed
We've been shafted. They've been pulling the wool over our eyes for years juggling loans creating shares & thought they could do the same by painting over the cracks of this old banger & fobbing the keys off to ATU but after further digging into the finances, ATC's BoD have been rumbled. If anyone is still perplexed as to why we've never progressed in a successful direction financially I.e a PROFIT, this can be explained in 4 simple words. Great product, crap management!
Not cynical at all Rooster my spidy senses are tingling, you know there's been a back door deal here, anyone who tells you something else believes in unicorns & Father Christmas.
the trading halt is requested pending an announcement by ATU to the market in relation to a possible alternative transaction involving ACG....
Dawto your post was spot on!
Has always relied on others to prop it up, I.e. Banks, finance packages, equipment on tick, shareholder dilution bla bla bla. At this point all I can say is LOL! gotta laugh about it not much else we can do? Sorry LedZep couldn't reply to your message I'm not a premium member but I am a prize plonker holding a worthless share cert. with this company's name on it.