1st Jul 2015 09:37
LONDON (Alliance News) - Asia Coal Ventures Ltd on Wednesday said its USD200 million takeover bid for Asia Resource Minerals PLC has been declared wholly unconditional.
Asia Coal Ventures said it has now received acceptances from 68.2% of Asia Resource Minerals shareholders.
The 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 Asia Coal's statement that the offer has been declared unconditional, Asia Resource Minerals confirmed the situation and said that its chief executive and chairman have both stepped down following the deal.
Wal King, the chairman, and Hamish Tyrwhitt, the chief executive and executive director, have both stepped down. Senior Independent Director Richard Gozney also has left.
"The company continues to face many challenges. The outgoing board is pleased to have delivered to shareholders the ability to exit at a significant premium. We would like to thank the employees of the company for their continued commitment in very difficult circumstances, and we wish the new board and controlling shareholder every success in moving the company forward," said King.
By Sam Unsted; [email protected]; @SamUAtAlliance
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