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I see lots of chat going on and speculation etc but has there been any information/statements at all from FRR since delisting?
There is only one way to recover any value from this mess and that is through legal action, nothing else will catch the attention of White Oak. I doubt that any small group of shareholders will be willing to stump up enough cash for this. However, it may be possible to find a no win no fee lawyer in USA to go for it. TTNY2013 are you willing to find this lawyer and front a group of shareholders?
Gone into administration.
For me I think the failure to provide accounts on time is more of a problem as it does not allow shareholders to assess the necessity for resolutions 4 and 5.
Notice of AGM on website.
When I say promised I mean there would have been certain assumptions within the lending arrangement in respect of future profits. The company will almost certainly have given commitments to the lender to achieve certain levels of interest cover, EBITDA and the like, called covenants. If these covenants are breached to an extent of a default position by not making enough profit then the bank can step in. The bank will be trying to make sure their money is not at risk.
We as shareholders have also been seduced by the racy forecasts in the analysts note issued sometime ago, it we were achieving profits of even half the numbers in that report all would be OK.
I hope to be proved wrong but I suspect all the changes are because the results don't look as good as promised.
A $21.0 million senior secured term loan to an anthracite mining business. The proceeds were used to support an acquisition and for additional working capital. White Oak served as Administrative Agent and Sole Lender for this transaction. This is hidden in News/July/2016 with other transactions. I wonder if they have appointed Seth because ATC are having trouble paying back the loans/default on covenants? They probably supported the listing but when it went wrong they stepped in.
This looks to me as though it will be a float on a US market now.
This was not a mess up.If DS were late but still on board the lapse date would have been extended. What almost certainly happened is that DS got greedy and as a result ATC told them to get lost and it lapsed. This is good management by ATC both in protecting our % and not being willing to accept a change of deal from DS.I dont think ATC would have been able to walk if some other buyer had shown up as it was up to DSS to accept.
The indemnity guarantee is simply an insurance policy. Quite a few shareholders will have purchased their shares in an ISA and had them removed from the ISA when delisting happened. In this process many may not have received a share certificate or lost it. The Indemnity simply protects the registrar in case anyone accepting the deal is not the genuine holder of the shares/cant prove it with the certificate and costs a fee % of the share value. The Directors and company are taking on this liability now and are helping shareholders in this.
Kentan, I suggest you contact both Barclays and Link Asset Services. Link may be willing to keep this open for you as they are the people collating the result at their Beckenham office and ATC will want this to go unconditional.
If you don't accept then you are left with a minority position in an unquoted business with no share price not a good outcome for you.
Coltrane offer has too many conditions so cant be taken seriously. New offer from lenders is more reasonable for shareholders and we can participate fully if we want. If we vote it down then we have been warned that the lenders could pull the plug and end we up with nothing. The lenders will get their money back in any prepack or liquidation as I am sure it will be secured on the business and assets of the group or end up owning the business. How hollow the threat is difficult to say but you cant announce those things without actually doing something like talk with insolvency people. For me the decision is simple, is it worth subscribing to the new shares or can I buy them cheaper later. I am confident this business has a good future, I am worried that management have declined to participate but perhaps they have done a deal with the lenders to receive share options, I am worried that lenders will be queueing up to sell their shares and drive the price below 15p. For me I think it is worth waiting a few months.
I have done some modelling of the potential value of these shares based on current shares in issue, share options outstanding, 10% to Daniel Stewart and company valuations based on £40m, £65m (per research note) and £100m.
1m shares is worth approx £5500, £8900, £13600 under these assumptions. When I say 1m shares this is using our old ATC shares for the quantity not the new number of Daniel Stewart ones, it also assumes no further shares issued in the float to reduce debt.
So Adler will win, let us hope they live up to their promises.
Horse, entirely up to you to decide but I have accepted in the expectation of the proposed float. I see the float as in the best interest of the company, directors and shareholders so I think it is highly likely to happen. Keeping a shareholding in the old company would leave you with no possibility of realising the value in the business, you would become a forgotten minority. Your comment re Daniel Stuart is wrong but there has been confusion over names. The Daniel Stewart Securities PLC company number 03899545 is a shell company that has been looking for other companies to invest in/acquire and is doing the deal with ATC. The only issue for me is I don't understand why we need to do a deal with them, what do we gain for our 10% we are giving away?
Barclays are now showing corporate action for response.
The issue with this share is soil plant being moth balled until regulators are happy and the level of debt
Hope, not the person, but an expectation of a good outcome. I refer to ATC which delisted a couple of years ago and is about to relist having transformed itself and will be a very positive outcome for many shareholders. Lets hope FRR can follow the same course.
I have not seen any communications from FRR since the delisting. There is no section on their website for communication with shareholders. They mentioned still using the RNS process so do we know if these will show up on this website?