Statement re press speculation (4646X)
February 15 2012 - 5:35AM
UK Regulatory
TIDMATC
RNS Number : 4646X
Atlantic Coal PLC
15 February 2012
15 February 2012
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
Atlantic Coal plc ("Atlantic" or the "Company")
Statement re press speculation
Atlantic Coal plc, the AIM listed open cast coal production and
processing company with activities in Pennsylvania, USA, notes the
recent press speculation concerning a potential acquisition of
additional anthracite mining assets.
The Company confirms that it has entered into an option
agreement to acquire anthracite mining assets in Pennsylvania. The
option, which is exercisable entirely at the Company's discretion,
has an exercise price of US$35 million and the exercise period ends
on 31(st) October 2012. Due to the size of the exercise price, the
acquisition of the assets in question would be likely to constitute
a reverse transaction under the AIM Rules for Companies and would
therefore, inter alia, be subject to shareholder approval.
However, the Company has yet to commence the in-depth due
diligence process incorporating, inter alia, legal and accounting
due diligence and the preparation of as Competent Persons Report.
This process is likely to take a number of months to complete.
There is also no guarantee that the option will be exercised and
that an acquisition will ultimately be concluded. The Company will
update shareholders as and when appropriate.
**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
Mark Connelly Allenby Capital Limited Tel: 020 3328 5656
Simon Leathers Fox Davies Capital Limited Tel: 020 3463 5010
Andy Frangos Cornhill Capital Ltd Tel: 020 7710 9618
Hugo de Salis St Brides Media & Finance Tel: 020 7236 1177
Ltd
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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