https://www.engineeringnews.co.za

Atlantic shares dive on finance news

18th February 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) - The shareholders of ASX-listed Atlantic responded unfavourably to news that the company had 45 days to either replenish its interest reserve account (IRA) or reach an agreement with the majority note holders on revised IRA minimum holding requirements.

Atlantic in November launched discussions with the majority holders of Midwest Vanadium’s $335-million senior secured notes, which were due in February 2018, with a view to reducing the minimum holding requirement in the existing IRA.

With the dialogue still ongoing, Midwest Vanadium was required to make the February 15 interest coupon payment of $19.3-million on the notes, partly using funds in the IRA, which resulted in the IRA balance being below the $14.3-million currently required under the indenture.

Atlantic told shareholders on Monday that Midwest Vanadium’s board was confident that it could put arrangements in place to address the shortfall within the allocated timeframe.

Atlantic shares dropped by 4.26% on Monday, to trade at a low of 21c a share.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.051 0.894s - 140pq - 2rq
Subscribe Now