Normally it wouldn’t merit mentioning the share buying activity of the wife of the MD and a non-executive director.
However in the case of Atlantic Coal (LON:ATC), they are two in a series of stock purchases dating back to October that have piqued the interest of investors.
In that time the share price has advanced around 45%, though it’s a quirk of the market making system that boss Steve Best (and his wife Mary), chairman Adam Wilson, non-exec Peter Chinneck don’t seem to have profited from the uplift.
They bought at 0.24p, 0.26p and 0.27p with the share price currently bobbing around the 0.27p mark. It leaves the Best clan with 4.41% of the coal business, which has its operations in Stockton Pennsylvania and Chinneck with 4.48%. Wilson, meanwhile, has 2.98%.
One would suggest the Atlantic board is fairly confident about the future of the mine – although cash sums involved aren’t exactly huge.
Shares in group shot up in November after it revealed a deal which will see its Pennsylvania-mined anthracite coal exported to energy-hungry China.
Its joint venture and coal sale agreement with CIC Brancepeth Coal, based in the People’s Republic, will see Atlantic sell at least 100,000 tonnes a year via this route.
In return for clearing this path to this major new market, the AIM-listed miner will provide coal mining and processing expertise to CIC, which is run by London-listed CIC Capital.
It followed this by tapping its equity drawdown facility for £1.45mln in order to increase its coal stocks ahead of export.
So the scene seems to be set for a very exciting.