12th Jan 2015 17:59
LONDON (Alliance News) - Asia Resource Minerals PLC Monday said a general meeting will be held next month at which shareholders will be able to vote on proposals by a vehicle controlled by Samin Tan, the company's former chairman, calling for a board shake-up at the Indonesian coal mining company.
In a statement, Asia Resource Minerals said the general meeting will take place at 1100 GMT on February 4 in London, UK.
A circular made available through Asia Resource Minerals' website noted "unanimous recommendation of your board to vote against all the proposed resolutions".
On December 23 last year, Asia Resource Minerals said that Borneo Bumi Energi and Metal Pte Ltd, the controller of 23.8% of the company's voting rights, had asked to make changes to the board that would result in its nominated directors being in the majority.
Asia Resource Minerals has since raised concerns over the proposals, saying on January 6 that "unnecessary uncertainty" had already been caused.
On January 9, Asia Resource Minerals said that Bob Kamandanu had resigned, with his successor identified as Independent Non-Executive Director Wallace King, who is to take up the role on an interim basis until a permanent appointment is made.
Asia Resource Minerals shares closed down 1.5% at 9.75 pence on Monday.
By Samuel Agini; [email protected]; @samuelagini
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