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Extract from Administration Progress Report - 24.2.2020
4. Investigations
4.1 The Administrators conducted investigations into the conduct of the directors and transactions entered into prior to the company’s insolvency, as required by the Company Directors’ Disqualification Act 1986 and Statement of Insolvency Practice 2 – Investigations by Office Holders into Administrations and Insolvent Liquidations. Based upon the outcome of the Administrators’ investigations, there were no matters identified that required further action.
Really! So the BOD were squeaky clean were they? I remember numerous posts here which suggested otherwise. Was there really no evidence of wrong doing or was it all just BS? If the BOD acted improperly or illegally, then action should be taken against them, Administration not withstanding.
I am confused! How can the administrators claim that there are no funds for shareholders if the mine continues to be run as a business entity and presumably continues to be profitable. Is this purely to allow the lenders to get their money out, and if so why can't the business continue making a profit for the benefit of all of us?
Just found my share certificate and would like to join in the action. Details are:
terfur25@gmail.com
Quantity - 2,050,316
Cost - about £4,500
I was hoping these might just about pay for my funeral plan, but it looks as though the missus will have to black-bag me after all. Let's hope we get something back. Good luck to us all. Do we have specific grounds for our complaint to FCA apart from being misled? Company directors (and politicians) do that all the time! Trying to decide how to formulate my letter to FCA, etc.
I would certainly consider chipping in on costs for legal action relative to size of my holding eg about 1.8 m. But before launching a civil suit, might it be better to obtain a barrister's legal opinon on the best way forward? An opinion should not be hugely expensive There are many issues here and a legal opinion would give us a better idea of what culpability (if any) the BOD has for the actions it has taken or omitted to take.
Thanks guys for your helpful tips. There are so few posters on this board now that it makes me wonder if a lot of private shareholders have sold up and left via the Capita route, but then who is buying this dog of a share. I guess at the bargain basement price of .09 there could be buyers around who can sense a potential bargain! Wish I was one of them.
Has anyone got any pointers as to how we private investors should vote on the various AGM proposals? Might help our case if we act in unison.
What puzzles me in all this is what happenend to those corporate investors who had large stakes in ATC. Did they sell up and get out before the price crash and delisting, or are they like us hanging in there and hoping for a positive outcome? The latter seems unlikely, but if they are not like us, then how did they manage to shed their shares at just the right time and walk away. And who bought their shares I wonder?
Dawto - you might try her other email account: vw@atlanticcarbon.com. This may be her personal account but she seems to send official communications from there and copies them to enquiries@atlanticcoal.com
Does anyone have a view on the liklehood of Resolutions 5 and 6 being of value to the small PI if voted through? I appreciate that the BOD need to have some freedom of action but the wording of these two resolutions seems to allow them great scope to do whatever they please. Given the proportion of yeas and nays to the delisting vote, is there anything we can do to swing this vote our way? Is it even in the interests of the corporate investors in ATC to see resolutions 5 and 6 passed? Some clarification would be very helpful.
The Share Centre have now told me that although there are some de-listed shares for which they cannot obtain a shares certificate, ATC is not one of them, and they will be able to get me a share certificate. Whether I will be able to do anything with the certificate subsequently is of course another story. It would look nice framed as another memento to my failed endeavours. But for the moment - onwards and upwards!
Advice welcome. The Share Centre having initally told me they would try and obtain a share certificate (cost of £25) now tell me that as ATC have delisted they cannot do this. They suggest that to avoid further account charges in respect of ATC, I donate the 2 m shares to charity. Perhaps they mean the BOD! Any advice as to how I can prove ownership of my ATC shares if I am unable to get a share certificate. Will the new share dealers ? Capita be able to create share certificates perhaps?
Please add my 2,050,316 shares to the overall total. Sent my proxy form voting resolution 1) no and 2) yes, by recorded delivery to the Beckenham address last week. Not a princely sum, but the behavior of this company has just about turned me off engaging with the stock market ever again. Just waiting to see what action, if any, the AIM authorities take now. I suspect I will have a long wait..