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I would like to file a formal complaint regarding the handling of events for Atlantic Carbon Group Plc and Atlantic Carbon Group Inc
http://www.atlanticcoal.com/
by new CEO Seth Schwartz who was appointed recently only 24th April 2019 (as White Oaks banks own man) collaborated with White Oak who are company’s primary lender.
I feel we as shareholders have been totally led down the garden path and I personally stand to lose at least 25,000 GBP which is an awful lot of money for me as a private investor. Was planning to use some of the proceeds for a wedding in the near future. My money has been locked in since Jan 2016 when the company Atlantic Coal (ACG) which was listed on the London Stock Exchange was delisted and renamed Atlantic Carbon Group Plc. The operations are in Pennsylvania, USA.
I believe the recent notice in regards to the company administration is a deliberate attempt by White Oak to disenfranchise shareholders by removing them and seizing the company's assets who are acting as bank and primary lender. However, they really just seem to be a hedge fund dressed up as a bank. What type of a responsible lender would act this way? They are hoping that us shareholders are naive and will just rollover.
Why do I think this.
1) I have attended all the last 4 annual general meetings in the UK and the news updates to shareholders has been extremely positive right up to the Spring 2019, including imminent relisting on the LSE that as shareholders have long awaited as this would provide liquidity. Told expansion of business all the time was helping with making business more cost effective and hence profitable, H1 2018 results showed return to profit, positive production & sales performance which was announced 11 Oct 2018. This was all leading to LSE relist. Told bank fully behind company. Told terms of Jeddo acquisition were agreed.
2) Then suddenly events seem to have changed in Spring 2019 (after delisting suddenly at last moment pulled I believe by bank) with a different message gradually being provided in news announcements since then i.e. things suddenly not so good. How can this all change so suddenly at a time of highest anthracite prices and teh Trump positive affect?
3) Anthracite is at an all time high price ( $135/ton now but was $75/ton a coupe of years ago). Cost of production to produce clean anthracite FOB is about $85/ton so it is highly profitable now! Then there is Trumps 20% steel tariffs affect providing strong headwind for the industry further fuelling demand the next few years seem to be very positive.
4) The company was about to be relisted on the LSE in April 2019 but suddenly as I mentioned at the last hour this was stopped without any real explanation being given after the lender pulled their support.
5) Why would White Oak be supporting the business and investing an additional $10m only in June 2019 and agreed to heads of terms on Jeddo acquisition only to then immediately call in their
Please fellow shareholders don't give up as this is a deliberate disfranchising of our shares by US lender White Oak in my opinion and their appointed CEO. Note, Digit4lis and GaryKC also feel this. So lets stand-up and unite and take the fight to them! Or of course one can rollover and let them have your shares for free!
In summary by new CEO Seth Schwartz who was appointed recently only 24th April 2019 (as White Oaks banks own man) collaborated with White Oak who are company’s primary lender. I feel we as shareholders have been totally led down the garden path. I believe the recent notice in regards to the company administration is a deliberate attempt by White Oak to disenfranchise shareholders by removing them and seizing the company's assets who are acting as bank and primary lender. However, they really just seem to be a hedge fund dressed up as a bank. What type of a responsible lender would act this way? They are hoping that us shareholders are naive and will just rollover.
I have filed my official complaint to the Security Exchange Commission (SEC) is US and ask them to investigate into this matter. Suggest strongly that you do the same if you want any chance of recovering your money tied up in your shares.
https://www.sec.gov/oiea/Complaint.html
Please join me in this fight! The more shareholders who object and make a noise the more we will be listened to. So we need to get a shareholder action group together of us private investors. We need to ACT NOW!
Please let me know your details - name, no of shares you own, cost (your potential loss), and contact email.
Then I will try to set up an external private group where we can share further information. Spread the word please to any fellow shareholders. The more of us the better. There are approx 650 shareholders in the company. Many of which will be in nominee accounts like me.
I will share my thoughts in a moment as a separate post as to what I have included in my complaint.
Best and Wilson what a joke! If they worked at a normal company they would not cut the mustard and have been sacked long ago. Gravy train for rubbish springs to mind.
I am concerned though that this is more than that and is an elaborate scam to get rid of us. How this can go from great results, positioning for a relisting which was at very last minute abandoned for no real reason, then misdeclared accounts followed by administration stinks to high heavens.
I am contacting some parties including the FCA to look into their activities and ATC. Watch your back boys! We are coming to get you! With my dying breath will be all over this!
Guess next news post AGM took place today at 11am (4pm UK time)in US.
Next news will be delayed last years results and date for UK shareholder meeting in London end July earliest guess as need to give us normally 4 weeks notice.
Maybe they should think about a share buyback
Which is one of the best ways to directly return value back for shareholders when SP is undervalued.
**** up in a brewery comes to mind!
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
Unfortunately they have no idea how to communicate and manage.
Yes, the only thing we know to expect is delays and empty promises. Seems to be the story of this company. Most other de seniors in most organisations would be looking for a new assignment with such a terrible track record. Sorry for seeming dispondent but not a way to communicate really!
The obvious answer is The Bod should start a share buyback programme. If shorters are trying to reduce SP let us shareholders enjoy the ride by reducing the amount of shares in issue which is really increasing the worth of our shares (opposite to dillution). Also buying shares in a meaningful manner by BoD members. 77 shares hardly inspires anyone!
Definitely starting to trend upwards.
Been on my radar for a while.
Feel the new deal is a win-win for company/shareholders from a risk perspective with no outlay and payment based on share warrants at price at 3 key milestones. If news good share price should be higher.
Also if SP breaks 5p gap that needs to be filled to 10p which could close quickly with right momentum.
I guess end of March us my guess before actual delisting happens on LSE and we can see our tradeable shares.
Maybe finally after the long and long wait it will be worth it if listed between 0.5p and 0.9p. Last sale of shares was 0.5p and research note values 0.9p. Both much higher than when shares were delisted.
Just frustrating that this relisting seems such a long drawn process.
Looking at a similar company not just anthracite in US. Looks good for ATC.
http://investor.archcoal.com/phoenix.zhtml?c=107109&p=irol-newsArticle&ID=2372844
During the quarter just ended, Arch signed commitments for roughly 2.9 million tons of coking coal for delivery in 2019. Approximately 1.5 million tons of that total was for delivery to North American customers, with roughly 500,000 tons at a fixed price of $124.44 per ton and the remainder at market-based pricing. The fixed price business for 2019 was approximately $25 per ton higher than the level at which Arch settled North American business last year.
Looking ahead, Arch is well-positioned to capitalize on sustained strength in global coking and international thermal markets, while generating solid margins in a tough but improving domestic thermal marketplace.
Just need to get this listing announced!!!
14.7m from me and it's yes hame change and no for delisting!
+441913866392 ATC you should be able to speak to management directly. Available on bottom of their RNS and on website.
I81ker couldn't agree more!
Apologies for the typos and spelling mistakes courtesy of smart phone and predictive texting. My post by the way does not mean I support the proposal but just wanted to share more info as micktgeturk had done. To be honest I was dead against but after hearing some more information I am still no but more heading to sitting close to the middle on this one. Just wish this could have all been done in a more consultative way by an investors meeting after a record beating year to review the way forward. In being more transparent the BOD would have got more shareholder support behind them and pretty sure the SP would have been much higher than now I personally blame Wilson the chair over this.
As per mickeutheturks post this also summarises my phone call to the company. I would urge shareholders to make direct contact to the company to express concerns directly and listen to their reasoning. Seems this deal was a unique and rare opportunity and if they don't do it quickly will be snapped up by another investor. Personally as expressed during my conversation I said timing is everything and in my opinion their timing ducks. Would have preferred full year numbers expected to be record breaking to have been released. We know we have record breaking production, sales and expect profits as well. My own estimate for profits is in excess of £3m and with market cap of £4.4m which would be 70% of market cap. However, to temper that when reiterating that was told with warmest winter on cards for decades this would have an impact next year as early as spring next year for domestic heating related sales market. In addition although could not be better right now after 2 cuts into mammoth seam but if they hit water for example that had to be pumped it would again stop production with only 1 operating mine. So there argument is clearly a case of managing risk. If this investment was made with multiple mines they would have the production scale to reach new markets such as steel industry who only order sizes above what Atlantic can currently provide. This would also demand better prices and economies of scale. At Stockton production levels will never really be able to be significantly increased because you can only get so many vehicles in and out. In addition to that post if aquisition dies go ahead when asked how this would be funded was by American hedge fund / new investor with interest rates in low teens and equipment needed via same suppliers with very good low interest rates as per previous deal. So from what I was told would be covered without dilution but of course that could all change once delisted. Any future relisting would most likely be on the American markets mainly as business is in US and more flexible stock market rules.
Reckon we will have RNS on general meeting tomorrow or Thu