ARMS extends deadline for ACE offer

By Ruli Setiawan

LSE-listed mining company Asia Resource Minerals Plc (ARMS) said that it has agreed to extend the latest date for Asia Coal Energy Ventures Ltd (ACE) to post its offer document to June 11, 2015.

?The company supports this delay believing that it is more appropriate for shareholders to receive this document once ARMS's financial adviser has reached its conclusion on the fairness of the RBI Loans Acquisition pursuant to Rule 16 of the Code on the basis that ? the Rule 16 approval by independent shareholders remains a key condition to the ACE Cash Offer and the opinion is a necessary pre-requisite to progress this. The delay allows more time for the fairness work to be completed,? ARMS said in a statement Wednesday.

ACE, which is backed up by Indonesian Sinar Mas Group, plans to acquire ARMS and restructure its debt, valuing the company at about US$156 million. ARMS owns 84.7 percent stake in IDX-listed coal miner PT Berau Coal Energy Tbk.

Editing by Reiner Simanjuntak