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Atlantic Coal executives buy out Yorkville interest

Coal News - Published on Sat, 22 Nov 2014

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Atlantic Coal’s senior executives are to buy out the remainder of financier Yorkville’s interest in the US –based coal producer.

Mount Charles, a company owned jointly by chairman Mr Adam Wilson and Ms Mary Best, the wife of MD Mr Steve Best, has agreed to acquire 334.5 million shares from Yorkville at 0.13p per share.

Of these, major investor Spring Capital will buy 96.1 million and in addition has been granted an option to buy a further 71 million.

Just over half of the shares have already been acquired from Yorkville with the remainder to be bought in a year’s time.

When completed in November 2015, Mount Charles will own 3.59% of Atlantic, Mr Adam Wilson 2.98%, Mr Steve Best 0.47% and Spring Capital 9.31%.

Source – Proactive Investors

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Posted By : admin on Sat, 22 Nov 2014
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