News blog
ATH Resources
- BY: Andrew Hore |
- POSTED: 07/02/2012 |
Peter Gyllenhammar appears to have bought most of Alchemy’s stake in coal miner ATH Resources.
Alchemy has gone from owning 18.8% of ATH to less than 3%. Gyllenhammar has moved from holding 1.2m shares to just over 8m shares – 20% of ATH.
Alchemy helped the management team acquire the Skares Road mine and when the company was incorporated it made a follow-on investment to assist with the purchase of the Garleffan mine. Both mines are in East Ayrshire in Scotland. Prior to ATH joining AIM in June 2004, Alchemy owned 73.6% of ATH. A share sale raising £10m and the dilution of the £12.5m fundraising at 136p a share meant that this stake fell to 26.2%. Alchemy retained nearly all of that stake until now.
Last year, ATH moved from a profit of £4m to a loss of £5.85m. There was a small profit before exceptional charges. The dividend was passed.
ATH has renegotiated a legacy contract thereby increasing the price it receives for its coal but two other contracts at low prices remain in place. Net debt fell £3m to £31.5m last year.
At 30.88p a share, a 12 month low, ATH is valued at £12.4m. The latest net asset value is £22.2m, including intangible assets of £3.76m. Gyllenhammar is always keen on companies with strong asset backing.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf
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