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ARMS Requests Temporary Share Suspension

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RNS Number : 0205O
Asia Resource Minerals PLC
22 May 2015
 

 

 

 

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

 

 

22 May 2015

For Immediate Release

 

Asia Resource Minerals plc ("ARMS" or the "Company")

 

ARMS Requests Temporary Share Suspension

 

Further to the Company's announcements of 5 and 19 May concerning the current actions of the former President Director of Berau, Amir Sambodo, and the consequences of those actions, the Board of ARMS has requested that the UK Listing Authority temporarily suspend trading in the Company's shares. This suspension has now taken effect.

 

The Company continues to take all reasonable steps to maintain and regain where possible control over the Company's procedures, systems and controls in relation to PT Berau Coal Energy Tbk (PT Berau) and the remainder of the ARMS Group that is controlled by PT Berau.

 

Nevertheless, following a review of the Company's ability to receive verifiable and accurate information in relation to PT Berau and the companies controlled by it, the Company is concerned with its ability adequately to ensure that all of its obligations under the Listing Rules are capable of being complied with. The Company therefore believes that a suspension of trading in the shares in the Company is warranted until such time as a restoration of the trading in shares has been agreed with the UKLA as being appropriate.

 

This is likely to require the Company having regained its information sources at PT Berau by means of its systems, procedures and controls over PT Berau having been adequately restored.

 

The Company also announces that it yesterday commenced proceedings in the High Court of Justice against Amir Sambodo, the former CEO of the Company, and former President Director of PT Berau. The main claims against Mr Sambodo relate to breaches of various agreements entered into by Mr Sambodo in relation to his resignation from those roles, restraints promised to be observed by him following his resignations, and failure to observe certain promises relating to facilitating the transition of the President Director role in PT Berau and its subsidiaries. The Company is claiming damages, and injunctions restraining Mr Sambodo from (a) holding himself out as a director or officer, or intermeddling in the affairs, of PT Berau and its subsidiaries, and (b) disclosing confidential information of the Company, PT Berau and other subsidiaries.

 

 

- ENDS-

 

For enquiries, please contact:

 

Asia Resource Minerals plc

 

Sean Wade                             

+44 (0) 20 7201 7511


 

Disclosure requirements of the Code

 

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

 

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

 

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

 

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

 

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44(0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

 

Publication on website

 

A copy of this announcement will be made available, free of charge subject to certain restrictions relating to persons resident in restricted jurisdictions, at wwwasiarmplc.com by no later than 12 noon (London time) on the Business Day following the date of this announcement. Neither the content of the website referred to in this announcement nor the content of any websites accessible from hyperlinks on the Company's website (or any other websites) is incorporated into, or forms part of, this announcement.

 

 

 

 

Responsibility

 

The directors of the Company accept responsibility for the information contained in this announcement relating to the Company. To the best of the knowledge and belief of the directors of the Company (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

 

Information relating to shareholders

 

Please be aware that addresses, electronic addresses and certain information provided by Company shareholders, persons with information rights and other relevant persons for the receipt of communications from the Company may be provided to ACE during the offer period where requested under Section 4 of Appendix 4 of the Takeover Code.

N.M. Rothschild & Sons Limited ("Rothschild"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting exclusively for the Company and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in connection with the subject matter of this announcement.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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