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3 Apr 2009 09:42
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
3 April 2009
Atlantic Coal plc ('Atlantic' or 'the Company')
Directors' Dealings
Atlantic Coal plc, the AIM quoted open cast coal production and processing company with activities in Pennsylvania, USA, was notified on 2 April 2009 of the following sale which is a dealing by Stephen Best, a director of the Company. The Ordinary Shares of 0.07p in the Company were sold at a price of 2.5p per share.
|
Name of Director |
Number of shares held prior to disposal |
Percentage of ISC* held prior to disposal |
Number of Ordinary shares sold |
Number of Ordinary Shares held following share disposal |
Percentage Of ISC* held following share disposal |
|
American Investments Limited** |
77,690,418 |
6.32% |
4,000,000 |
73,960,418 |
5.99% |
* Issued Ordinary Share capital
** American Investments Limited is a company controlled by Stephen Best, the Managing Director of the Company.
This transfer is in settlement of a loan to American Investments Limited from Rochas Holdings Limited relating to the operations of the Stockton Coal Group prior to its acquisition by Atlantic Coal Plc in November 2007.
**ENDS**
For further information on the Company, visit: www.atlanticcoal.com or contact:
|
Atlantic Coal plc |
Stephen Best / Greg Kuenzel |
Tel: 020 7182 1747 |
|
HB Corporate |
Rod Venables / James Reeve |
Tel: 020 7510 8600 |
|
Fox Davies Capital |
Daniel Fox-Davies |
Tel: 020 7936 5230 |
|
St Brides Media & Finance Ltd |
Hugo de Salis / Victoria Thomas |
Tel: 020 7236 1177 |
About the Company:
Atlantic Coal owns and operates the Stockton Colliery which comprises an opencast anthracite mine and an adjacent anthracite washing plant. The mine is an established non-union surface mine encompassing circa 900 land acres in the Hazle Creek Valley, Pennsylvania and has an estimated proven reserve of 4 million tonnes. Mining of raw coal is from the high quality mammoth seam, while washing and sizing takes place in the 150 tonne per hour coal preparation plant. J T Boyd Company, the Company's Competent Person, estimated that there is over 10 years of mine life from existing reserves at an average production rate of 400,000 Run of Mine ('ROM') tonnes per annum. Based on historic production levels, the mine is capable of and is projected to produce approximately 450,000 ROM tonnes of coal per year. Mining operations are conducted by the use of hydraulic excavators. Uncovered raw coal is then loaded into 100 tonne trucks for delivery to the onsite preparation plant. As each section of the mine is developed, mining progresses from the northern and southern faces into the basin. This yields a constant flow of raw coal to the preparation plant.
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