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ATH Resources

  • BY: Andrew Hore |
  • POSTED: 19/11/2012 |

Coal producer ATH Resources appears to have little or no value following the acquisition of bank facilities and certain rights by John Moulton’s BECAP Fund.

BECAP Fund is committing £15m to the special purpose vehicle which is acquiring these facilities and rights. A restructuring of the business is required and BECAP Fund believes that “it is unlikely that existing shareholder value will be maintained”.

ATH’s bank facilities expire in May 2013. They were £18m at the end of September but they needed to be increased. The banks involved are HSBC and Clydesdale.

The share price almost halved to 0.42p, which values ATH at £170,000. ATH’s only real hope is to continue in existence as a shell after the coal mining assets are transferred to the new corporate vehicle.

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