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Dr. Kerim Sener, Managing Director, commented:
"We are very pleased to report our preliminary drilling results from the Salinbas Gold Project, since it became 100% held by Ariana. These results, while only partial at this stage, demonstrate the development of a major magmatic-hydrothermal system in the vicinity of the Ardala Cu-Au-Mo porphyry. The latest data confirms that the mineralised part of the Ardala porphyry, which is enriched in precious and base-metals, does connect intimately with the Salinbas gold-silver zone and that the two systems should in fact be treated as one. This was a prediction from our earlier geological modelling and is a finding that bodes exceptionally well for the discovery of further mineralisation in the vicinity, particularly in the immediate surrounds of the Ardala porphyry. This is an area, which to date, has been poorly explored. Consequently we continue to remain excited by the exploration upside of the project and look forward to commencing our follow-up work programmes."
The Aim-listed company makes up 0.93% of the Patient Capital Trust and 0.24% of the Woodford Equity Income fund (based on March figures).
Prev 35.44%
18/6 34.58% , 8/7 33.02% : sold circa 496k shares
Atlantic Carbon Group plc Annual General Meeting
I am writing to you to advise that the Annual General Meeting of the Company, scheduled for 26 June 2019, was adjourned due to a quorum of Shareholders not being present in accordance with Article 61 of the Company’s Articles.
A notice of meeting will be sent to Shareholders confirming the time and date of the reconvened meeting.
If shareholders have already submitted proxy forms for the original AGM, these will remain valid for the reconvened meeting, but shareholders can submit a new Proxy Form if they wish to change their vote.
The Statement of Accounts and the Reports of the Directors and the Auditors of the Company for the year ended 31 December 2018 will be posted to shareholders and a notice of General Meeting will be sent to Shareholders to convene a General Meeting to adopt the Accounts
2018 was a record year for Atlantic Carbon Group (“ACG” or “the Company”) in terms of revenue, however, our financial performance declined from 2017.
Revenue reached a new high at over $37 million against $31 million in 2017 and gross product sales increased from $29 million in 2017 to over $35 million in 2018. Anthracite product sales increased from 275,099 tons in 2017 to 310,429 tons in
2018, an increase of 12.8%. Anthracite product prices also increased from about $99/ton to over $105/ton, an increase of over 6% as the market improved during the year. The Company expects both demand and prices to continue to rise and has
seen average prices rise further during H1 2019.
The cost of sales, however, increased at a faster pace than revenue, growing from $18.6 million to $32 million, which led to a significant widening of losses from $1.6 million to $5.0 million. Operational cash costs fell from 2017 but this was more than offset by a negative change in the value of the coal inventory amounting to over $16 million. The change in inventory was primarily caused by the mining cycle of overburden removal to coal production, which was favourable in 2017 and negative in 2018, and the transition of operations from the Stockton Mine to the Wet Slope Mine.
The difficult conditions in 2018 and early 2019 strained the Company’s financial situation. The Company has implemented a new business plan in H1 2019. Existing royalty, sales and equipment debt agreements have been favourably renegotiated
and operational efficiencies are being achieved in both mining and processing operations. The Company financed the equipment and plant improvements with additional debt from its primary lender. Together with strong demand for our quality product and higher pricing, the new business plan should provide us with improved performance in H2 2019.
The Company still has high levels of debt which will need to be refinanced by May 2020. Earlier this year ACG sought to list on the London Stock Exchange by means of a reverse takeover by Daniel Stewart Securities but Daniel Stewart Securities was unable to approve the offer by the 31st March 2019 deadline and, under the
terms of the offer document, the offer lapsed. Consequently, ACG was 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.
I would like to thank all the staff at ACG for their hard work during the year and also Steve Best and Adam Wilson who stepped down as Directors of the Company earlier this year
Per the offer doc:
In the event that these conditions are not satisfied or waived by the Offeror by 31 March 2019, the
Offer shall lapse and the obligations in this Offer Document shall terminate and cease to be of any
further force or effect.
Monday is April Fools day, so most appropriate
From the ADFVN Board:
Just spoken to ATC office. Announcement on Monday. Thats all, didnt say anything more. We’l just have to wait 6 more days.
Comment on ADVFN site:
1. -Daniel Stewart Securities who we are going in with in a RTO to relist are a totally seperate company to Daniel Stewart and Company PLC who went into administration. Unfortunately and to confuse matters they went into administration the same week ATC wrote to shareholders in regards RTO.
(it is in small print at the bottom on the offer letter)
Also i think they have extended the deadline for 30 days to give people more time who could not get their forms back in.
Just spoken to them. ??
2 - they giving more time to people who might have been away etc.
Relisting they said they still aiming for end of March
From TW at Shareprophets:
" A report by, analysts for hire, See Through Equity published on October 17 2018 concluded: "We initiate coverage of Atlantic Carbon Group, Plc (“Atlantic Carbon”). Our valuation analysis yields a target enterprise value of $153.9mn considering $68.0mn of total debt and an equity value of $86.8mn "
So the company is drowning in debt but is still valued at $86.8 million so the RTO with Shea's DSS values DSS at £7.4 million. Its last accounts show it making pre-tax profit of £91,715 but having just £50,000 cash, net debt and net current liabilities of £480,000. If that company is worth £7.4 million I am a banana. We are tod that the RTO is designed to create a shareholder list with liquidity ahead of a Standard Listing. "
Add my 1.3m
The Annual General Meeting ("AGM") of the Company will be held at 30/F & 31/F, Entertainment Building, 30 Queen's Road, Central, Hong Kong, on 16 January 2018 at 9.30 a.m. Hong Kong Time (1.30 a.m. GMT). Electronic copies of the Annual Report and Financial Statements, and the Notice of AGM will be available shortly on the Company's website at www.poloresources.com.
Interesting to know where he bought the shares from. The RNS states he bought 2.4m at 1.25p on the 22nd. The "Place of the transaction" was "Outside a trading venue". Volume traded on AIM on 22nd was 916k, at a VWAP of 1.284p.
Extended until 3rd January. Assume alternative finance still being sought.
Major shareholders ( > 3% ) as of 12 Nov 2017 (Per Ariana Website) Shareholder Issued Share Capital (%) Hargreaves Lansdown Ltd 14.3 Barclays Wealth 8.8 Halifax Share Dealing 6.8 Management 5.4 TD Direct Investing 5.9 Beaufort Nominees Ltd 4.1 Interactive Investor 3.5 SVS Securities 3.3 Jarvis Investment Management 3.2 A J Bell Securties 3.1 This would seem to indicate that PI's are the majority investors and that the BOD can probably get away with anything they want as they have no major institutional investors to worry about. I would think that very few shareholders would have approved this bonus declaration "in recognition of their dedication and commitment, over many years", with the current direction of the share price and without first having sight of the trading results for 2017. The company used to issue interim results to June, the last being 30 June 2016, though I note that no interims were issued for June 2017. I also note that 3 of the 4 recipients of the Bonus are the Remuneration Committee.
I have tried twice to contact our "Investor Relations Contact", Kudzayi Denenga (kudzayi@poloresources.com), once before, and subsequently, since our suspension, without any success (not even a "we are working on it"). Given that we are unable to trade in the shares until we either have the suspension removed or are delisted, there would appear to be little to prevent the company from responding to any correspondence on progress made to date to replace the company's NOMAD. It would appear, from the non-response thus far, that the company is unwilling to interact with its investors and that its ultimate goal is a delisting.
************* comment: Though it sticks in the craw and I apologise for not advising you to bank profits when we could, I’m going to say average down BUY. With news to come and no placing in the wings my hope is that 2p will be back in short order. On that basis a near 50% upswing looks good.
SG, They also have 6.5m warrants @ USD 3.50 expiry Oct 2020 and 857k warrants @ CAD 4.00 expiry Nov 2020. Most recent short transaction 95k @ circa CAD 4.97