Atlantic Coal PLC - ATC Result of General Meeting Released 16:45 11-Jan-2016
RNS Number : 5028L Atlantic Coal PLC
11 January 2016
11 January 2016
The Board of Atlantic Coal, the AIM listed opencast anthracite coal production and processing company with primary activities in Pennsylvania, USA, announces the results of the voting by poll on the resolutions put to its general meeting held earlier today.
The Board announces that both resolutions put to shareholders at the meeting were successfully passed.
The results of the voting was as follows:
Resolution | For | Percentage For | Against | Percentage Against |
Special resolutions | (Number of votes) | (%) | (Number of votes) | (%) |
Resolution 1: To cancel the admission of the Company's ordinary shares to trading on AIM | 2,020,804,645 | 77.11 | 599,918,804 | 22.89 |
Resolution 2: To change the Company's name to Atlantic Carbon Group plc | 1,911,093,585 | 82.31 | 410,743,734 | 17.69 |
The number of ordinary shares of 0.07 pence each ("Ordinary Shares") in issue in the capital of the Company on 11 January 2016 (excluding shares held in Treasury - Nil) is 4,912,538,505.
The Company will now seek to proceed with the cancellation of the admission of Atlantic Coal's Ordinary Shares to trading on AIM ("Cancellation") and the change of the Company's name to Atlantic Carbon Group plc (the "Change of Name"). It is anticipated that Cancellation will take place at 7.00 a.m. on 21 January 2016 and that the Change of Name will become effective on or around 24 January 2016.
Post-Cancellation shareholders will still own their Ordinary Shares. However, one of the principal effects of Cancellation is that there will no longer be a formal market mechanism enabling Shareholders to trade their Ordinary Shares on AIM or any other recognised market or trading exchange.
Following the Cancellation, the Board intends to make available to shareholders an off-market trading facility for the Ordinary Shares, which will be administered by Capita Asset Services, based on matching bargains, where buyers' and sellers' price expectations match. Under this third party facility, shareholders or persons wishing to acquire or dispose of Ordinary Shares will be able to leave an indication with Capita Asset Services that they are prepared to buy or sell Ordinary Shares at an agreed price. In the event that Capita Asset Services is able to match that order with an opposite sell or buy instruction, it would contact both parties and then effect the bargain. This service is subject to Capita Asset Services' terms and conditions.
It is currently anticipated that this matched bargain facility will be in place shortly after the date of Cancellation. More details of the facility will be made available on the Company's website at that time. The Board intends to monitor the popularity of this arrangement amongst shareholders following Cancellation and will review it at regular intervals to consider whether it remains cost-effective and in the best interests of shareholders as a whole. The Company's CREST trading facility will remain in place for so long as doing so remains economically viable.
For further information on the Company, visit: www.atlanticcoal.com or contact:
Steve Best | Atlantic Coal plc | Tel: 0191 386 6392 |
Nick Naylor | Allenby Capital Limited | Tel: 020 3328 5656 |
John Depasquale | Allenby Capital Limited | Tel: 020 3328 5656 |
Alex Brearley | Allenby Capital Limited | Tel: 020 3328 5656 |
This information is provided by RNS
The company news service from the London Stock Exchange
END
Atlantic Coal plc issued this content on 2016-01-11 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-11 17:48:08 UTC
Original Document: http://www.atlanticcoal.com/News/News/2015/Result of General Meeting 11.1.16.pdf