Atlantic Coal PLC Director/PDMR Shareholding (4969X)
November 20 2014 - 02:01AM
UK Regulatory
TIDMATC
RNS Number : 4969X
Atlantic Coal PLC
20 November 2014
Atlantic Coal plc ("Atlantic" or the "Company")
Director dealing
Atlantic Coal, the AIM listed opencast anthracite coal
production and processing company with primary activities in
Pennsylvania, USA announces that Mount Charles (Mayfair) Ltd
("Mount Charles"), a company owned equally by Adam Wilson, the
Company's Executive Chairman, and Mary Best, the wife of the
Company's Managing Director Steve Best, has agreed to acquire
334,500,000 ordinary shares in the Company (the "Shares") from YA
Global Master SPV, Ltd ("Yorkville") at a price of 0.13 per
ordinary shares.
192,307,692 of the Shares, were acquired on 19 November 2014
with the remaining 142,192,308 Shares (the "Remaining Shares") to
be acquired on 19 November 2015. Yorkville have entered into
certain undertakings not to, sell, transfer or otherwise dispose
of, any of the Remaining Shares during this 12 month subject only
to certain limited exceptions or the consent of Mount Charles.
Mount Charles will not have voting rights in respect of the
Remaining Shares during the 12 month period.
At the same time as acquiring the Shares, Mount Charles has
entered into an agreement with Spring Capital Ltd ("Spring
Capital") under which Spring Capital has acquired 96,153,846 of the
Shares from Mount Charles immediately following their acquisition
from Yorkville at the same price of 0.13 per ordinary shares.Mount
Charles has also granted Spring Capital a call option in relation
to the purchase of 71,096,154 of the Remaining Shares at the same
price following their acquisition from Yorkville.
Following the acquisition of the Shares, the interests of Mount
Charles, Yorkville, Adam Wilson, Steve Best and Spring Capital will
be as follows:
Shareholder Current interest Current Interest Interest % in
interest in 12 months 12 months time
% time assuming
the call
option is
exercised
in full
Mount Charles* 96,153,846 2.06 167,250,000 3.59
----------------- ---------- --------------- ----------------
Yorkville** 142,192,308 3.05 0 0
----------------- ---------- --------------- ----------------
Adam Wilson*** 138,807,070 2.98 138,807,070 2.98
----------------- ---------- --------------- ----------------
Steve Best**** 21,826,148 0.47 21,826,148 0.47
----------------- ---------- --------------- ----------------
Spring Capital 362,820,513 7.78 433,916,667 9.31
----------------- ---------- --------------- ----------------
* Mount Charles is legally and beneficially owned by Adam Wilson
and Mary Best, the wife of Steve Best, in equal proportions and who
are also its only directors.
** In addition to their share interests, Yorkville were issued
with warrants to subscribe for 84,491,300 new shares in the Company
on 24 July 2013 for a period of 3 years from that date at an
exercise price of 0.18 pence per new share. Yorkville were also
issued with warrants to subscribe for 35,356,600 new shares in the
Company on 31 October 2013 for a period of 3 years from that date
at an exercise price of 0.28 pence per new share.
***In addition to the 138,807,070 shares registered in his own
name, Adam Wilson beneficially owns 50 per cent. of Mount
Charles.
**** Steve Best holds 3,730,000 shares in his own name. He holds
18,096,148 via Willoughby (465) Limited a company of which he is
sole director and shareholder. He is also interested in 279,573,300
shares held by his wife, Mary Best, together with the shares held
by Mount Charles of which Mary Best beneficially owns 50 per
cent.
**ENDS**
For further information on the Company, visit:
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
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