2nd Jul 2015 14:50
LONDON (Alliance News) - Asia Coal Ventures Ltd, the company in the process of taking over Asia Resource Minerals PLC, Thursday said it has secured a USD30 million loan facility to help fund the acquisition.
On Wednesday, Asia Coal said its USD200 million takeover bid for Asia Resource Minerals PLC had been declared wholly unconditional.
Asia Coal Energy Ventures, a vehicle backed by the Indonesian Widjaja family's Sinarmas Group and managed by hedge fund Argyle Street Management Ltd, said it had received acceptances from 68.2% of Asia Resource Minerals shareholders on Wednesday.
On Thursday, Asia Coal said it had secured the USD30 million facility from PT Golden Energy Mines TBK and ASM Administration, and will be used for the purpose of the takeover offer.
The takeover deal took a step forward in June after Asia Coal managed to secure the support of the company and financier Nathaniel Rothschild, who holds a 17.2% stake in Asia Resource Minerals through his NR Holdings Ltd vehicle.
Asia Resource Minerals shares are currently suspended.
Following the offer becoming unconditional, Asia Resource Chairman Wal King and Chief Executive Hamish Tyrwhitt resigned and the company confirmed Kim Chan, the founding shareholder of Argyle Street Management, as its non-executive chairman. Dwi Prasetyo Suseno, the managing director of Sinarmas Mining and Energy, was named as chief executive, with Fuganto Widjaja, the president director of PT Golden Energy Mines Tbk and director of PT Sinar Mas Multiartha Tbk, becoming a non-executive director.
By Joshua Warner; [email protected]; @JoshAlliance
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