Julian McIntyre Amends ADES Stake, Signals Continued Influence

TL;DR

**Julian McIntyre is still a major player in ADES, watch for potential activist moves.**

AI Summary

Julian Alexander McIntyre, a UK citizen, has filed an Amendment No. 1 to Schedule 13D regarding his ownership in Advanced Emissions Solutions, Inc. (ADES). This filing, dated January 31, 2024, updates his previous disclosure, indicating his continued significant stake in the company. Investors should note that McIntyre's involvement could signal potential future activist actions or influence on company strategy, as 13D filings are typically associated with investors seeking to exert control or influence over a company.

Why It Matters

This filing indicates a significant shareholder, Julian Alexander McIntyre, is maintaining or adjusting his influential position in Advanced Emissions Solutions, Inc., which could lead to strategic changes or shareholder activism impacting the stock price.

Risk Assessment

Risk Level: medium — The risk is medium because a significant shareholder's intentions, while not fully disclosed in this amendment, could lead to either positive strategic changes or disruptive activist campaigns.

Analyst Insight

Investors should monitor future filings by Julian Alexander McIntyre for any indications of changes in his stake or stated intentions, as these could signal potential strategic shifts or activist campaigns at Advanced Emissions Solutions, Inc.

Key Players & Entities

• Julian Alexander McIntyre (person) — Reporting Person and significant shareholder
• Advanced Emissions Solutions, Inc. (company) — Issuer of the common stock
• Arq Limited (company) — Entity associated with Julian Alexander McIntyre's contact information
• March 9, 2023 (date) — Date of Event Which Requires Filing of this Statement
• United Kingdom (person) — Citizenship or Place of Organization of Julian Alexander McIntyre

Forward-Looking Statements

• Julian Alexander McIntyre will continue to be an active shareholder in Advanced Emissions Solutions, Inc. (Julian Alexander McIntyre) — high confidence, target: Q3 2024

FAQ

Key Financial Figures

• $0.001 — me of Issuer) Common stock, par value $0.001 per share (Title of Class of Securiti

Filing Documents

• ea192582-13da1mcin_advanced.htm (SC 13D/A) — 116KB
• 0001213900-24-008388.txt ( ) — 117KB

Security and Issuer

Item 1. Security and Issuer This Amendment no. 1 (this “ Amendment ”) is being filed by Mr. Julian Alexander McIntyre (“ Mr. McIntyre ”) and amends the initial statement on Schedule 13D filed on March 13, 2023 (the “ Initial Statemen t”, and together with this Amendment, the “ Statement ”). This Statement is being filed by the Reporting Persons, to report purchases by the Reporting Persons of shares of common stock, par value $0.001 per share (“ Common Stock ”), of Advanced Emissions Solutions, Inc., a Delaware corporation (the “ Issuer ”). Capitalized terms used herein that are not otherwise defined shall have the respective meanings assigned thereto in the Initial Statement. Except as modified by the information provided in this Item 1, the information set forth in Item 1 of the Initial Statement, is incorporated by reference herein in response to the disclosure requirements of Item 1 of Schedule 13D.

Identity and Background

Item 2. Identity and Background This Amendment is being filed by Mr. McIntyre, Allard Services Limited (“ Allard ”), Stannard Limited (“ Stannard ”), Markham Fuels Management Limited (“ Markham ”) and MWB Limited (“ MWB ”), collectively the “ Reporting Persons ”. The information set forth in the Initial Statement in response to: - paragraphs (b)-(c) and (f) of Item 2, concerning Mr. McIntyre, Allard and Stannard - paragraphs (a), (b), (c) and (f) of Item 2, concerning Allard’s and Stannard’s executive officers and directors; is in each case incorporated by reference herein in response to the disclosures required by the corresponding paragraphs of this Amendment. Criminal Proceedings : The information set forth in the corresponding paragraph of the Initial Statement with respect to the Mr. McIntyre, Allard, and Stannard is incorporated by reference herein. Civil Proceedings : The information set forth in the corresponding paragraph of the Initial Statement with respect to the Mr. McIntyre, Allard, and Stannard is incorporated by reference herein. The business address for Allard, Stannard and Markham is 1 st Floor South, 101 New Cavendish Street, London W1W 6XH, United Kingdom. Allard is a tax resident of the United Kingdom and incorporated under Isle of Man. Markham is incorporated under the laws of England and Wales. The business address of MWB is 36 Hope Street, Douglas, Isle of Man, IM1 1AR. MWB is incorporated under the laws of the Isle of Man. Positions at Allard: Name Position Citizenship Jamie Kean Director UK Positions at Stannard: Name Position Citizenship Jamie Kean Director UK 8 Positions at Markham: Name Position Citizenship Julian Alexander McIntyre Director UK Venkatraghavan Sivaramakrishnan Director UK Markham is owned by Mr. McIntyre’s spouse, Mrs. Yumi McIntyre. Mr. McIntyre and Mrs. Yumi McIntyre may be deemed to

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration The information set forth in Item 3 of the Initial Statement, is incorporated by reference herein in response to the disclosure requirements of Item 3 of Schedule 13D. Included in the amount beneficially owned by the Reporting Persons in this Amendment are 778,061 shares of Common Stock that were issuable upon conversion of the Preferred Stock (as described in the Initial Statement), and subsequently converted pursuant to Issuer’s shareholder approval on June 13, 2023. In addition, the shares Common Stock held by Markham and MWB have been included in this Amendment.

Purpose of Transaction

Item 4. Purpose of Transaction The information set forth in Item 4 of the Initial Statement, is incorporated by reference herein in response to the disclosure requirements of Item 4 of Schedule 13D. Mr. McIntyre, a member of the Issuer’s our board of directors, is the beneficial owner of 3,044,836 shares of Common Stock, of which 2,636,370 shares are held by Allard, 39,271 shares are held by Markham, 20,563 shares are held by Stannard and 348,632 shares are held by MWB. In addition, Allard owns 80% of MWB but has an arrangement with the other 20% shareholder that on a wind-up of MWB, Allard will receive 318,632 shares of Common Stock (i.e., 91% of Common Stock held by MWB) while the other 20% shareholder will receive 30,000 shares of Common Stock (i.e., 9% of Common Stock held by MWB) (the “ MWB Arrangement ”). The securities reported herein do not include those shares of Common Stock that Mr. McIntyre may receive upon the release of an aggregate of 844,698 shares of Common Stock held in escrow pending the resolution of a tax matter related to the Arq Transaction (as described in the Initial Statement). 9 The Reporting Persons reserve the right to revise their plans or intentions and/or to formulate other plans, and take any and all actions with respect to their investment in the Issuer they may deem appropriate, including any or all of the actions set forth in paragraphs (a) through (j) of Item 4 of Schedule 13D/A, or acquire additional shares of Common Stock or dispose of some or all of the shares beneficially owned by the Reporting Persons, in open market or private transactions, block sales or purchases or otherwise, in each case, to maximize the value of their investment in the Issuer in light of its general investment policies, market conditions and subsequent developments affecting the Issuer. The Reporting Persons may at any time reconsider and change their plans relating to the foregoing.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer The information set forth in Item 5 of the Initial Statement, is incorporated by reference herein in response to the disclosure requirements of Item 5 of Schedule 13D. The information provided in response to Item 4 above is incorporated herein by reference. All calculations of beneficial as of February 2, 2023. Allard is the beneficial owner of 2,636,370 shares of Common Stock of the Issuer, constituting 9.82% of the issued and outstanding shares of Common Stock of the Issuer. Stannard is the beneficial owner of 20,563 shares of Common Stock of the Issuer, constituting 0.07% of the issued and outstanding shares of Common Stock of the Issuer. Markham is the beneficial owner of 39,271 shares of Common Stock of the Issuer, constituting 0.146% of the issued and outstanding shares of Common Stock of the Issuer. MWB is the beneficial owner of 348,632 shares of Common Stock of the Issuer, constituting 1.29% of the issued and outstanding shares of Common Stock of the Issuer. Mr. McIntyre controls Allard and Allard controls MWB, therefore Mr. McIntyre is deemed to be an indirect beneficial owner of the securities of Allard and MWB. Further, Mr. McIntyre’s spouse controls Stannard and Markham, therefore Mr. McIntyre may be deemed to be an indirect beneficial owner of the securities of Stannard and Markham. (c) Except as reported in this Amendment, the Reporting Persons have not effected any transactions in the Issuer’s securities within the past 60 days. (d) Not applicable. (e) Not applicable.

Contracts, Arrangements, Understandings or Relationships

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer The information set forth in Item 6 of the Initial Statement, is incorporated by reference herein in response to the disclosure requirements of Item 6 of Schedule 13D. In October 2022, the shareholders of MWB agreed to the MWB Arrangement as described in Item 4 above for shares of Common Stock held by MWB. The information provided in response to Item 4 above is incorporated herein by reference.

Material to be Filed as Exhibits

Item 7. Material to be Filed as Exhibits Not applicable. 10 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. Dated: January 31, 2024 /s/ Julian Alexander McIntyre Julian Alexander McIntyre /s/ Yumi McIntyre Yumi McIntyre Allard Services Limited By: /s/ Jaime Kean Name: Jaime Kean Title: Director Stannard Limited By: /s/ Jaime Kean Name: Jaime Kean Title: Director Markham Fuels Management Limited By: /s/ Julian Alexander McIntyre Name: Julian Alexander McIntyre Title: Director MWB Limited By: /s/ Victoria Anne Reynolds Name: Victoria Anne Reynolds Title: Director 11

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