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| Date/Time | Headline | Source |
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| 12-11-09 | RNS |
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RNS Number : 3710C Atlantic Coal PLC 12 November 2009 Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining 12 November 2009 Atlantic Coal plc ('Atlantic' or 'the Company') Trading Update Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, is pleased to provide an update on activities, including positive developments at its primary asset, the Stockton opencast anthracite mine ('Stockton') in Pennsylvania. This trading update covers the 4 month period from 1 July 2009 through to 30 October 2009. Figures in the announcement are measured against the 6 month period from 1 January 2009 to 30 June 2009. Overview:
Strong progress continues to be made at Stockton as the Company reaps the rewards from the introduction of a new mine plan and a restructuring process aimed at refining the business in order to maximise production at Stockton, which has a current defined reserve of 4 million tons. The associated cost cutting measures implemented, the investment in new machinery, and a recovery in coal demand following a dramatic softening subsequent to the global economic crisis, has enabled the Company to raise production levels, increase revenues and become cash flow positive. Stockton has a historic production capability of 450,000 tons of run of mine coal per annum, a figure that the Board is aiming to achieve when all the benefits of investment are realised. For the 4 month period from July 2009 to October 2009, 109,257 ROM tons and 33,070 tons Clean Coal were produced. This is a distinct improvement on the 110,123 ROM tons and the 31,002 tons of Clean Coal produced reported in the interim results for the 6 month period to June 2009. The Company's on site coal preparation facility is now running at 95% of its current single shift capacity, producing over 450 tons of washed and sized coal per day, a 50 tons per day improvement on the figures announced in the interims. The installation of a new Gator Jaw Crusher at the plant is improving efficiencies, allowing for more control over sizing. This has also benefited production and the Company continues to look at ways of increasing hours at the facility to meet increased demand for product. The potential of the Stockton mine and introduction of a new mine plan have had the desired effect with the mine becoming cash flow positive from its operations. Revenues of circa $4 million were achieved from sales of 32,348 tons for the four months to October, compared to revenues of circa $3.4 million from 27,223 tons sold during the 6 months to June 2009. Importantly, following accumulation over the summer months, the Company has stock piles on site as at 31 October 2009 of 71,386 ROM tons and 6,365 tons of Clean Coal. This will be sold in the coming months and will have a positive impact on revenues going forward. As mentioned in the interims, demand for anthracite was affected by the global economic downturn, particularly from the steel industry which represents approximately 40% of our annual sales. Many steel plants within the USA and Canada shut down over the summer period affecting both demand and pricing. The recovery in these markets is now evident and we continue to remain optimistic in respect of both price and demand. Additionally, demand from the domestic heating sector during the winter months is historically high and with both production increasing and stock piles available, the Company anticipates being able to boost delivery through its network of brokers supplying the states of Pennsylvania and New York. As reported in July 2009, work on the relocation of the Norfolk and Southern railway line was halted to conserve working capital and to move the focus back to production. The new mine plan allowed us to continue the development of the mine without being hindered by the railway line's location. It is intended that work on the relocation will re-commence during the spring of 2010, which, when completed, will open up significant resources to mine. The Company remains highly active in sourcing acquisition and investment opportunities where it believes it can utilise its cash generation at Stockton and mining expertise, to create increased shareholder value. It is currently evaluating a number of opportunities in both the United States of America and the United Kingdom which it believes have strong potential and will update shareholders in due course on progress made. With regards to the Company's shareholding in Strategic Natural Resources Plc ('SNR'), following further discussions with the SNR board and additional synergistic evaluation, the Board has decided not to pursue this acquisition opportunity. As a result the Company sold all of its shares in SNR, generating a profit of £85,000. Atlantic Coal Managing Director Steve Best said, "The outlook for the Company remains extremely positive. The Board has implemented an extensive restructuring programme and Atlantic is directly benefiting from this in terms of production, revenues and margin. With further machinery and upgrades due to arrive on site in the next six months, we are closing in on our target of producing 450,000 ROM tons per annum. With a significant improvement in our financial position we can further improve on the economics of Stockton and build on our successes as we look to take advantage of an improving market for our product. Furthermore we can leverage our cash and expand our operations through strategic acquisitions and act as a consolidator in what is still a fragmented market."
For further information on the Company, visit: www.atlanticcoal.com or contact:
This information is provided by RNS The company news service from the London Stock Exchange END
TSTILFERLLLLLIA More |
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| 03-11-09 | RNS |
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RNS Number : 8440B Atlantic Coal PLC 03 November 2009 Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining 3rd November 2009 Atlantic Coal plc ('Atlantic' or 'the Company') Issue of Secured Loan Note & Warrants Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, has raised an additional £530,000 through the issue of a 12 month secured loan note ('the Loan Notes') with Cornhill Capital Limited. This takes the total funds raised via the Loan Notes to £1 million. The Loan Notes bear an annualised coupon rate of 15% payable upon maturity. Additionally, Cornhill Asset Management Limited has been issued with warrants totalling 50% of the total amount borrowed with an exercise price of 1p. These warrants may be exercised into new ordinary shares in the Company at any time within 5 years of issue. The funds generated from this transaction will enable the Company to continue capital investment into its operations at the Stockton Colliery and subsequently boost production levels at the mine.
For further information on the Company, visit: www.atlanticcoal.com or contact:
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 tons. Mining of raw coal is from the high quality mammoth seam, while washing and sizing takes place in the 150 ton 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') tons per annum. Based on historic production levels, the mine is capable of and is projected to produce approximately 450,000 ROM tons of coal per year. Mining operations are conducted by the use of hydraulic excavators. Uncovered raw coal is then loaded into 100 ton 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. This information is provided by RNS The company news service from the London Stock Exchange END
MSCFSWSUDSUSEEF More |
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| 23-10-09 | RNS |
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RNS Number : 2600B Strategic Natural Resources PLC 23 October 2009 23 October 2009 Strategic Natural Resources plc ("SNR" or the "Company") Holding(s) in Company SNR was advised on 21 October 2009 that, having placed its shareholding of 6,840,000 ordinary shares in SNR with institutional investors, Atlantic Coal plc no longer holds any interest in shares in the Company. For further information contact: The Company: Jeremy P. Metcalfe, Chief Executive Strategic Natural Resources plc Tel: +44 (0) 1303 874 798 Nominated Adviser: Rod Venables/James Reeve Allenby Capital Limited Tel: +44 (0) 203 328 5656 This information is provided by RNS The company news service from the London Stock Exchange END
HOLPUGCUUUPBGQP More |
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| 20-10-09 | AFX UK Focus |
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LONDON, Oct 20 (Reuters) - Strategic Natural Resources Plc:
recommended offer coal ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 20-10-09 | RNS |
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RNS Number : 0675B Atlantic Coal PLC 20 October 2009 20 October 2009 Atlantic Coal plc ("Atlantic" or the "Company") Termination of offer discussions The Board of Atlantic notes the announcement made earlier today by the Board of Strategic Natural Resources plc ("SNR") that discussions between the two companies have been terminated and confirms that it is no longer in discussions with the Board of SNR about making an offer for SNR.
For further information on the Company, visit: www.atlanticcoal.com or contact:
Atlantic Coal plc
Allenby Capital Limited
Fox Davies Capital Ltd
St Brides Media & Finance Ltd
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 tons. Mining of raw coal is from the high quality mammoth seam, while washing and sizing takes place in the 150 ton 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') tons per annum. Based on historic production levels, the mine is capable of and is projected to produce approximately 450,000 ROM tons of coal per year. Mining operations are conducted by the use of hydraulic excavators. Uncovered raw coal is then loaded into 100 ton 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. This information is provided by RNS The company news service from the London Stock Exchange END
OTTEAPEEAFPNFEE More |
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| 20-10-09 | RNS |
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RNS Number : 0665B Strategic Natural Resources PLC 20 October 2009 20 October 2009 Strategic Natural Resources plc ("SNR" or the "Company") End of talks and termination of Offer Period The Board of SNR announces that it has been unable to agree terms for Atlantic Coal plc ("Atlantic") to proceed with a recommended offer for SNR and accordingly talks between the two companies in relation to an offer have now ended. Therefore, SNR is no longer in an Offer Period, as defined under the City Code on Takeovers and Mergers. On 28 October 2008, SNR announced that its 74% owned subsidiary, Elitheni Coal (Pty) Ltd had agreed a 25 year coal supply agreement with IPSA Group plc ("IPSA") for the supply of 1 Million tonnes of Elitheni coal per annum for a proposed 250 MW power plant to be established and operated by IPSA at Elitheni. On 9 October 2009, IPSA announced that it is proceeding with the environmental impact assessment for the mine mouth power plant and has taken an option on a site for the power plant located adjacent to SNR's Elitheni Mine. IPSA intends to develop the plant based on a perceived shortage of electricity generation capacity in the South African market. In the light of this development and its own initiatives in the steam boiler and coal export markets, the Board of SNR feels it cannot recommend any offer which does not recognise the strategic nature of Elitheni's 97 million tonnes of in situ coal. For further information contact: The Company: Jeremy P. Metcalfe, Chief Executive Strategic Natural Resources plc Tel: +44 (0) 1303 874 798 Nominated Adviser: Rod Venables/James Reeve Allenby Capital Limited Tel: +44 (0) 203 328 5656 This information is provided by RNS The company news service from the London Stock Exchange END
OTTURVBRKARRURA More |
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| 19-10-09 | RNS |
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RNS Number : 0116B Fox-Davies Capital Limited 19 October 2009 The following amendment has been made to the 'Rule 8.1 - Atlantic Coal Plc' announcement released on 19/10/2009 at 11:27 under RNS No 0085B.
All other details remain unchanged. The full amended text is shown below.
DEALINGS BY OFFERORS, OFFEREE COMPANIES OR THEIR ASSOCIATES
FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS (Rules 8.1(a) and (b)(i) of the Takeover Code)
being disclosed relate (Note 2)
(2) Derivatives (other than options) (3) Options and agreements to purchase/sell
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total
Class of relevant security: Details
Purchase/sale Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
(c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying
Product name, e.g. call option Number of securities Exercise price per unit (Note 5) (d) Other dealings (including new securities) (Note 4) Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5)
Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.
(Note 10) Notes The Notes on Form 8.1 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END
DCCEAEENFSLNFFE More |
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| 19-10-09 | RNS |
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RNS Number : 0085B Fox-Davies Capital Limited 19 October 2009
DEALINGS BY OFFERORS, OFFEREE COMPANIES OR THEIR ASSOCIATES
FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS (Rules 8.1(a) and (b)(i) of the Takeover Code)
being disclosed relate (Note 2)
(2) Derivatives (other than options) (3) Options and agreements to purchase/sell
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total
Class of relevant security: Details
Purchase/sale Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
(c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying
Product name, e.g. call option Number of securities Exercise price per unit (Note 5) (d) Other dealings (including new securities) (Note 4) Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5)
Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.
(Note 10) Notes The Notes on Form 8.1 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END
DCCBGBDGLDBGGCC More |
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| 02-10-09 | RNS |
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RNS Number : 1938A Fox-Davies Capital Limited 02 October 2009
DEALINGS BY OFFERORS, OFFEREE COMPANIES OR THEIR ASSOCIATES
FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS (Rules 8.1(a) and (b)(i) of the Takeover Code)
being disclosed relate (Note 2)
(2) Derivatives (other than options) (3) Options and agreements to purchase/sell
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total
Class of relevant security: Details
Purchase/sale Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
(c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying
Product name, e.g. call option Number of securities Exercise price per unit (Note 5) (d) Other dealings (including new securities) (Note 4) Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5)
Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.
(Note 10) Notes The Notes on Form 8.1 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END
DCCBRBDGLBGGGCD More |
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9055Z
Atlantic Coal PLC
30 September 2009
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
30th September 2009
Atlantic Coal plc ('Atlantic' or 'the Company')
Interim Results
Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, announces its interim results for the six months ended 30th June 2009.
Overview:
* Production increase of 284% on the six months ended 30th June 2008 - 110,123 tons of coal produced during the period
* Finalised new mine plan at Stockton to accelerate production and reduce costs
* On-site preparation plant producing over 400 tons of washed and sized coal per day on a single shift
* Actively seeking to acquire undervalued assets in North America and the rest of the world
* Upturn in sales anticipated, driven by increasing demand from the home heating sector over winter months
Atlantic Coal Managing Director Steve Best said, "I am pleased to report that I believe we are entering a new phase in our development which I hope will transfer into increased value for the Company. We began the year having resolved many of the issues that have hindered production in the past, and raised additional capital allowing us to update old and purchase new equipment. We continued to 'tweak' the Parnaby washing plant, improving efficiencies as well as the quality of the finished product, and increased production to 80% of single shift capacity. As demand increases we will look to running additional shifts on the washing plant to ensure a continuous supply of clean coal.
"With the production issues now mostly resolved, we are well positioned to take advantage of the upturn in demand from the home heating market over the winter period as well as the improving industrial markets. With this in mind we are looking to leverage the cash flow to expand our operations and acquire additional assets to build shareholder value. We believe that the Company has a very bright future and look forward to updating shareholders as the year progresses and as we deliver value from Stockton."
For further information on the Company, visit: www.atlanticcoal.com or contact:
Greg Kuenzel / Stephen Best Atlantic Coal plc Tel: 020 7182 1747
Imran Ahmad / Nick Athanas Allenby Capital Limited Tel: 020 7510 8600
Daniel Fox Davies Fox Davies Capital Ltd Tel: 020 7936 5230
Hugo de Salis / Chris Welsh St Brides Media & Finance Tel: 020 7236 1177
Ltd
Chairman's Statement
With the nascent recovery of markets and the renewed interest and demand for commodities, I believe Atlantic remains an attractive opportunity for investors. Our primary asset, the Stockton Colliery, Pennsylvania, continues to be productive, with an updated mine plan and new machinery ordered that will increase production and recovery rates. Although demand for product during the period was affected by the general economic environment, we now have in stock cleaned and sized anthracite coal ready for sale which, as industrial demand recovers and the seasonal winter domestic heating market increases, we anticipate healthy cash generation going forward.
With this in mind, we have broadened our strategic focus, with the Board aiming to leverage the future cashflow potential of its existing assets, by investing and/or acquiring significant stakes in high potential coal projects in geographic areas both in and outside of the US. We believe this is an opportune time to acquire assets which we believe are undervalued more due to market mechanics than fundamental asset quality, and there are a number of excellent and undervalued opportunities which the Board believes could generate considerable returns for the Company and subsequent value for shareholders. In line with our expansion strategy we are currently considering an offer for Strategic Natural Resources plc ('SNR'). On 7 August 2009, Atlantic acquired a 9.99% stake in SNR. Further announcements will be made in due course but there can be no certainty that this approach will lead to an offer being made for SNR. We will continue to evaluate other opportunities in the coal sector including a number in Pennsylvania which we believe would be highly synergistic to our existing operations.
Operations Report
In spite of the market conditions, Atlantic has continued in its aim to maximise production at Stockton throughout 2009. Stockton has a defined reserve of 4 million tons and a historic production capability of over 400,000 tons of run of mine coal per annum. Following an extensive review, we made a number of significant advances at the site during this time, including the achievement of increased production volumes, improved efficiency and a continued programme of investment in high quality equipment at the site. Indeed we finalised a complete new mine plan to accelerate developments and reduce costs at Stockton.
Production at Stockton for the period under review stood at 110,123 tons of coal. This represents a 284% increase on production tonnages recorded at the same point last year. The Company's on site coal preparation facility is now running at 80% of its current single shift capacity, producing over 400 tons of washed and sized coal per day. These improved figures can be attributed to a number of developments at the Colliery, including the commencement of continuous production at the Mammoth seam on the northern face of the Colliery in February 2009. Exploitation of this seam has resulted in greatly increased yields as mining progresses towards lower elevations and the basin of the mine.
Coal recovery levels at the Mammoth seam were further bolstered in March 2009 following the discovery of an anomaly in the seam. This contains an estimated 80,000 tons of extremely high yield anthracite of which the Group has so far extracted 25,000 tons. Much of the coal extracted over the summer months has been stockpiled in anticipation of an increase in demand from the domestic heating sector during the winter months. As of 30th June 2009 the Group had 5,623 tons of clean coal and 35,083 tons of run-of-mine coal in inventory.
The discovery of the Mammoth seam anomaly and the subsequent increase in production levels led the Board to undertake a decision to temporarily suspend work on the ongoing diversion of the Norfolk Southern Railway, the location of which had prevented access to a proportion of the northern pit area. The decision was taken primarily to conserve working capital for the Group. The Board will continue to assess the situation with regard to the suspension of work at the site, which will recommence when conditions are once again deemed suitable to do so.
Demand for anthracite has been affected by the global economic downturn, particularly from the steel industry which represents approximately 40% of our annual sales. Many steel plants within the USA and Canada shut down over the summer period affecting both demand and pricing. We have seen the beginnings of a recovery over the past month and whilst cautiously optimistic have also used this time to increase our focus on other markets. These include alternative industrial customers and the dealer market, as well as working with brokers supplying the states of Pennsylvania and New York.
Fundraising Activities
Atlantic has engaged in a number of fundraising activities throughout the year including the placing of new ordinary shares on two occasions; raising £500,000 through the issue of 100,000,000 new ordinary shares in April 2009 and, more recently, raising £280,000 from the placing of 42,750,000 new shares in August 2009. In addition, the Company announced on 1 September 2009 that they had raised a further £470,000 (with an option to increase to £1,000,000) through the issue of a 12 month secured loan note with Cornhill Capital.
The funds generated from these activities have enabled Atlantic to continue capital investment into the Stockton Colliery including the purchase of equipment key to the success of operations at the mine. In June 2009, the Company announced the signing of a four year lease agreement for a new 21 yard bucket hydraulic excavator worth US$3.49m dollars. Delivery of the new excavator, which the Company anticipates will have a significant impact on its production capability, is expected for early 2010.
Financial Review
The Group reports revenue of $3,417,700 (H1 2008: $1,692,434) and a loss of $2,641,313 (H1 2008: loss of $4,030,008) for the period under review. Revenue during the first half of the year has increased by 102% compared to the comparable period in 2008.
The results were impacted by movements in foreign currency contributing $1.6 million to the Group loss from operations.
Revenues in the period have been impacted by the downturn in demand from our industrial clients, particularly those operating in the steel industry. We are expecting revenues to increase over the second half of 2009 as we move into the winter months and experience an increase in demand from the dealer market as well as experiencing signs of recovery from our industrial customers.
Directorate Changes
In an effort to preserve working capital when the market was distressed, the Company announced the resignation of Non-executive Board members Max Crossland and Ken Ford in June 2009. The Board would like to thank Max and Ken for their contributions during their time with Atlantic Coal, and wish them well in their future endeavours.
Also in June, Ray Petrilla announced that he would be stepping down from the Board of Atlantic to focus on his role as the Chief Operations Officer of the Company's subsidiary, the Stockton Coal Group.
Outlook
Overall, I believe that the outlook for the Company remains extremely positive. As I previously mentioned, increases in production levels stimulated by improved efficiency at Stockton and the discovery of the Mammoth Seam anomaly have allowed us to stockpile large quantities of our premium anthracite in anticipation of a resurgence in sales over the winter months from the domestic heating and steelmaking markets. We are fortunate to have a high quality and versatile product at Stockton, which has applicable uses in a number of other industries, and we look forward to benefitting from increased cash flow as these key markets begin to recover in line with the general macro economic situation.
This expected increase in cash generation will allow us to pursue more readily our new strategy of undertaking strategic acquisitions in undervalued coal assets both within the US and abroad. We look forward to updating shareholders on further developments as we continue to investigate potential investments and continue to maximise profitability at our current operations during the coming months.
Adam Wilson
Chairman
Condensed Consolidated Income
Statement
6 months to 6 months to Year ended December
30 June 09 30 June 08 2008
Unaudited Unaudited Audited
$ $ $
Turnover 3,417,700 1,692,434 2,229,746
Cost of sales (3,466,513) (4,548,711) (7,520,732)
Gross profit / (loss) (48,813) (2,856,277) (5,290,986)
Administration expenses (850,212) (909,263) (1,661,768)
Other (losses) / gains - net (1,570,212) (65,948) 3,444,188
Other income - 27,474 -
Loss from operations (2,469,237) (3,804,014) (3,508,566)
Finance income 13,290 10,718 54,469
Finance costs (185,366) (236,712) (473,368)
Loss from ordinary activities (2,641,313) (4,030,008) (3,927,465)
before tax
Corporation tax expense - - -
_____ ___ _____ ___ _____ ___
Retained loss for the period (2,641,313) (4,030,008) (3,927,465)
attributable to shareholders
Loss per share - basic and (0.21) cents (0.53) cents (0.44) cents
diluted
Condensed Consolidated Balance
30 June 09 30 June 08 31 December 08
Sheet Unaudited Unaudited Audited
$ $ $
ASSETS
Non-current assets
Property, plant & equipment 4,685,370 5,609,222 5,097,627
Land, coal rights and 7,518,244 6,391,821 7,656,260
restoration
12,203,614 12,001,043 12,753,887
Current assets
Inventories 1,352,840 257,030 480,191
Trade and other receivables 941,831 1,346,080 672,216
Other assets 740,728 653,668 736,944
Bank balances and cash 318,485 380,707 327,090
3,353,884 2,637,485 2,216,441
Total assets 15,557,498 14,638,528 14,970,328
EQUITY & LIABILITIES
Equity
Called up share capital 1,743,971 1,057,101 1,640,945
Share premium account 16,203,854 12,108,661 15,604,095
Merger reserve 15,326,850 17,112,462 15,326,850
Reverse acquisition reserve (12,999,288) (12,562,742) (12,999,288)
Other reserves 121,786 78,381 121,786
Foreign currency translation (2,002,260) (229,185) (3,322,014)
reserve
Retained losses (21,226,510) (20,473,352) (18,585,197)
(2,831,597) (2,908,674) (2,212,823)
Non-current liabilities
Borrowings 2,614,678 3,720,045 3,186,327
Accrued restoration costs 5,183,556 6,718,413 5,080,927
7,798,234 10,438,458 8,267,254
Current liabilities
Trade and other payables 4,214,683 3,759,722 3,556,904
Provisions 2,592,000 1,512,000 2,160,000
Borrowings 2,097,473 1,409,022 1,098,993
Accrued restoration costs 1,686,705 428,000 2,100,000
10,590,861 7,108,744 8,915,897
Total equity and liabilities 15,557,498 14,638,528 14,970,328
Condensed Statement of
Comprehensive Income 30 June 09 30 June 08 31 December 08
Unaudited Unaudited Audited
$ $ $
Loss for the year (2,641,313) (4,030,008) (3,927,465)
Other comprehensive income:
Exchange differences on 1,319,754 48,783 (3,044,046)
translating foreign operations
Total comprehensive income for (1,321,559) (3,981,225) (6,971,511)
the period
Condensed Consolidated Statement of
Changes in Equity
Share Share Merger Share Translation Profit &
Option Reverse
Capital Premium Reserve Reserve Acquisition reserve Loss Account Total
$ $ $ $ $ $ $ $
As at 1 January 2008 1,057,101 12,108,661 17,112,462 78,381 (12,562,742) (277,968) (16,443,344) 1,072,551
Total comprehensive income for - - - - - 48,783 (4,030,008) (3,981225)
the period
. . . . . . . .
As at 30 June 2008 1,057,101 12,108,661 17,112,462 78,381 (12,562,742) (229,185) (20,473,352) (2,908,674)
Share Share Merger Share Translation Profit &
Option Reverse
Capital Premium Reserve Reserve Acquisition reserve Loss Account Total
$ $ $ $ $
$ $ $
As at 1 January 2009 1,640,945 15,604,095 15,326,850 121,786 (12,999,288) (3,322,014) (18,585,197) (2,212,823)
Share capital issued 103,026 599,759 - - - - - 702,785
- - - - - 1,319,754 (2,641,313) (1,321,559)
Total comprehensive income for
the period
. . . . . . . .
As at 30 June 2009 1,743,971 16,203,854 15,326,850 121,786 (12,999,288) (2,002,260) (21,226,510) (2,831,597)
Condensed Consolidated Cash
Flow Statement
6 months to 6 months to Year ended December
30 June 09 30 June 08 2008
Unaudited Unaudited Audited
$ $ $
Cash flows from operating
activities
Loss from operations (2,469,237) (3,804,014) (3,508,566)
Depreciation 528,405 549,963 1,096,054
Amortisation 168,205 (21,904) 77,199
Share options expensed - - 43,405
Accretion, accrued restoration 102,630 94,203 195,621
costs
Reclamation work performed (413,295) - -
Foreign exchange loss/(gain) 1,570,212 65,948 (3,444,188)
Decrease/(Increase) in trade (260,046) 788,888 566,766
and other receivables
(Increase) / decrease in (872,649) 494,559 271,398
inventories
(Decrease)/Increase in trade 399,781 234,566 222,658
and other payables
Increase in provisions 432,000 432,000 1,080,000
Net cash used in operating (813,994) (1,165,791) (3,399,653)
activities
Cash flows from investing
activities
Purchase of property, plant (146,308) - (1,390,094)
and equipment
Payment for deposits (3,784) - (83,728)
Interest paid (28,969) (236,712) (441,218)
Interest received 13,290 10,719 54,469
Net cash used in investing (165,771) (225,993) (1,860,571)
activities
Cash flows from financing
activities
Proceeds from equity - - 750,000
contribution
Proceeds from issue of share 826,000 - 2,998,159
capital
Transaction costs of share (37,170) - (67,937)
issue
Proceeds from borrowings 340,407 549,313 666,687
Repayments of borrowings (130,724) (359,159) (1,035,677)
Net cash from financing 998,513 190,154 3,311,232
activities
Net increase/(decrease)
in cash and cash equivalents 18,748 (1,201,630) (1,948,992)
Effect of foreign exchange (27,353) (8,963) 684,782
rate changes
Cash and cash equivalents at 327,090 1,591,300
the beginning of the period 1,591,300
Cash and cash equivalents at 318,485 380,707 327,090
the end of the period
Notes to the unaudited financial statements
1. General information
The principal activity of Atlantic Coal plc ('the Company') and its subsidiaries (together 'the Group') is the development and operation of the Stockton Colliery which comprises the Stockton Mine and an anthracite washing plant in Pennsylvania.
The address of its registered office is 200 Strand, London WC2R 1DJ.
2. Basis of preparation
The interim financial information set out above does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. It has been prepared on a going concern basis in accordance with the recognition and measurement criteria of the International Financial Reporting Standards (IFRS) as adopted by the European Union. The accounting policies applied in preparing the financial information are consistent with those that have been adopted in the Group's 2008 audited statutory accounts. Statutory accounts for the year ended 31 December 2008 were approved by the Board of Directors on 29 June 2009 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under section 237(2) or 237(3) of the Companies Act 1985.
The financial information for the 6 months ended 30 June 2009 and the 6 months ended 30 June 2008 has not been audited. As permitted, the Group has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information.
The 2009 interim financial report of the Company has not been audited but has been reviewed by the Company's auditor, Littlejohn LLP, whose independent review report is included in this Interim Report.
3. Accounting policies
Except as described below, the same accounting policies, presentation and methods of computation are followed in this condensed consolidated financial information as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2008.
Change in accounting policies
The following new amendments to standards are mandatory for the first time for the financial year beginning 1 January 2009.
IAS 1 (revised), 'Presentation of financial statements'. The revised standard prohibits the presentation of items of income and expenses (that is 'non-owner changes in equity') in the statement of changes in equity, requiring 'non-owner changes in equity' to be presented separately from owner changes in equity. All 'non-owner changes in equity' are required to be shown in a performance statement. Entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income).
The group has elected to present two statements: an income statement and a statement of comprehensive income. The interim financial statements have been prepared under the revised disclosure requirements.
4. Dividends
No dividend is proposed for the period.
5. Loss per share
The calculation of loss per share is based on a retained loss of $2,641,313 for the period ended 30 June 2009 (30 June 2008: $4,030,008; 31 December 2008: $3,927,465) and the weighted average number of shares in issue in the period 30 June 2009 of 1,267,966,144 (30 June 2008: 762,000,000; 31 December 2008: 891,603,541). No diluted earnings per share is presented as the effect on the exercise of share options would be to decrease the loss per share.
6. Provisions
In connection with the acquisition of the Stockton Mine real estate in November, 2000, the Stockton Coal Group entered into a ROM Coal Sale and Purchase Agreement to supply coal to Jeddo, an affiliate of the vendor of the property, Pagnotti Enterprises, Inc.. It grants Jeddo the option to purchase up to 100,000 standard long tons of coal annually, divided into an "annual" amount of at least 50,000 tons, provided that Jeddo gives notice of its election to exercise by 31 December of the previous year, and a quarterly optional amount where Jeddo can buy up to 50,000 tons more per year by exercising quarterly increase rights of up to 5,000 tons per month. The term of the Group's obligation under this agreement lasts until all the coal reserves at the Stockton mine are depleted.
As a result, a provision has been recognised for the Group's obligations under this agreement.
A charge of $432,000 has been recognised in the current period (30 June 2008: $432,000; 31 December 2008: $1,080,000).
7. Called up share capital
Number £
Authorised
Ordinary shares of 0.07 p each 20,000,000,000 14,000,000
There has been no movement in the authorised share capital during the period.
Issued Number of shares Ordinary shares Share premium Total
$ $ $
At 1 January 2009 1,233,712,000 1,640,945 15,604,095 17,245,040
Issue of new shares - 30 April 100,000,000 103,026 599,759 702,785
2009
At 30 June 2009 1,333,712,000 1,743,971 16,203,854 17,947,825
8. Capital commitments
On 4 June 2009, the Stockton Coal Group agreed the purchase of a new excavator at a total cost of $3.49 million via a finance lease facility over a four year period. A down payment of $349,000 is payable on delivery, scheduled for March 2010. The commitments as disclosed in the Group's annual financial statements for the year ended 31 December 2008 remain unchanged.
9. Events after balance sheet date
Exercise of warrants
On 31 July 2009 the Company issued 9,384,350 new ordinary shares as a result of an exercise of warrants by Fox-Davies Capital.
Purchase of interest in Strategic Natural Resources plc
On 7 August 2009 the Company purchased 6,840,000 ordinary shares of 1p each in Strategic Natural Resources plc representing 9.99% of SNR's issued share capital, for cash at 8.25p per share.
Placing
On 10 August 2009 the Company raised £280,000 through the placing of 42,750,000 new ordinary shares at a price of 0.66p per share.
Secured loan note
On 1 September the Company announced that it had raised £470,000, with an option to increase to £1,000,000 at the discretion of the Company, through the issue of a 12 month secured loan note with Cornhill Capital Limited.
The Loan Notes will bear an annualised coupon rate of 15% payable upon maturity. Additionally, Cornhill Asset Management Limited was issued with warrants totalling 50% of the total amount borrowed with an exercise price of 1p. These warrants may be exercised into new ordinary shares in the Company at any time within 5 years of issue.
In addition, the Company issued Allenby Capital Limited with warrants to subscribe for 13,337,120 new ordinary shares in Atlantic Coal. The exercise price is 0.5 pence per ordinary share and the warrants are exercisable at any time within five years from issue.
10. Copies of report:
Copies of these Interim results will be sent to shareholders upon request. Otherwise, shareholders will be able to download a copy of the interim results from the Company's website www.atlanticcoal.com. Further copies will be available from the Company Secretary, Gregory Kuenzel, at Atlantic Coal Plc, 200 Strand, London WC2R 1DJ.
Independent Review Report to Atlantic Coal Plc
Introduction
We have been engaged by Atlantic Coal Plc to review the condensed set of Financial Statements in the half-yearly financial report for the six months ended 30 June 2009 which comprise the consolidated income statement, consolidated statement of comprehensive income, consolidated balance sheet, consolidated statement of changes in equity, consolidated cash flow statement and related notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of Financial Statements.
Directors' Responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the AIM Rules for Companies.
The annual Financial Statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of Financial Statements included in this half-yearly financial report has been prepared in accordance with the requirements of the AIM Rules for Companies.
Our Responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of Financial Statements in the half-yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the AIM Rules for Companies and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of review
We conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of Financial Statements in the half-yearly financial report for the six months ended 30 June 2009 is not prepared, in all material respects, in accordance with the AIM Rules for Companies.
Littlejohn LLP
Chartered Accountants and Registered Auditors
1 Westferry Circus
Canary Wharf
London
E14 4HD
29th September 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 01-09-09 | RNS |
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RNS Number : 3295Y Atlantic Coal PLC 01 September 2009 Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining 1st September 2009 Atlantic Coal plc ('Atlantic' or 'the Company') Issue of Secured Loan Note & Warrants Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, has raised £470,000, with an option to increase to £1,000,000 at the discretion of the Company, through the issue of a 12 month secured loan note ('the Loan Notes') with Cornhill Capital Limited. The Loan Notes will bear an annualised coupon rate of 15% payable upon maturity. Additionally, Cornhill Asset Management Limited has been issued with warrants totalling 50% of the total amount borrowed with an exercise price of 1p. These warrants may be exercised into new ordinary shares in the Company at any time within 5 years of issue. The funds generated from this transaction will primarily enable the Company to continue capital investment into its operations at the Stockton Colliery and subsequently boost production levels at the mine. It will also assist in the Company's new strategy of acquiring strategic stakes in additional coal projects to expand its current US focused portfolio. In addition, the Company has issued Allenby Capital Limited with warrants to subscribe for 13,337,120 new ordinary shares in Atlantic Coal. The exercise price is 0.5 pence per ordinary share and the warrants are exercisable at any time within five years from issue. Atlantic Coal Chairman Adam Wilson said, "This additional injection of capital will assist the Company in achieving its aim of complimenting near term coal production and dollar revenues with exposure to substantial new coal resources in additional locations. The Board believes that this strategy, demonstrated by both our increased production figures in the USA and our recent acquisition of 9.9 percent of the South African coal business Strategic Natural Resources plc, will enable the Company to deliver increased long term value for shareholders."
For further information on the Company, visit: www.atlanticcoal.com or contact:
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 tons. Mining of raw coal is from the high quality mammoth seam, while washing and sizing takes place in the 150 ton 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') tons per annum. Based on historic production levels, the mine is capable of and is projected to produce approximately 450,000 ROM tons of coal per year. Mining operations are conducted by the use of hydraulic excavators. Uncovered raw coal is then loaded into 100 ton 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. This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-08-09 | RNS |
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RNS Number : 2011Y Atlantic Coal PLC 28 August 2009 Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining 28th August 2009 Atlantic Coal plc ('Atlantic' or the 'Company') Total Voting Rights Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, notes that for the purpose of the Financial Services Authority's Disclosure and Transparency Rules, the total issued share capital in the Company at the date of this announcement consists of 1,385,846,350 ordinary shares of 0.07p each, each carrying the right to one vote. Therefore the total number of voting rights in the Company is 1,385,846,350. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
For further information on the Company, visit: www.atlanticcoal.com or contact:
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. This information is provided by RNS The company news service from the London Stock Exchange END
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