LONDON (Alliance News) - Asia Resource Minerals PLC Monday said it is yet to receive a takeover offer, just shy of a week after a vehicle backed by hedge fund Argyle Street Management Ltd and Indonesia-based Sinarmas Group said it was mulling an offer.
Shareholders are due to vote on a separate refinancing backed by financier Nat Rothschild for Asia Resource Minerals. Rothschild, who controls about 18% of the company's shares to Argyle Street Management's 4.7%, has offered to underwrite a USD100 million equity raising as part of a broader refinancing that would also involve the restructuring of Asia Resource Minerals' debt.
Vehicle Asia Coal Energy Ventures Ltd last week said it was considering the launch of a takeover for the shares in Asia Resource Minerals not already owned by Argyle Street Management for 41 pence per share. That possibility was mooted alongside alongside proposals for an equity fundraising of USD150 million at 28 pence per share and a debt restructuring.
"To date, no offer has been forthcoming. The company will inform its shareholders if and when any such offer is received, as to the details thereof notified to the company and, following due consideration, as to the board's recommendation in relation thereto," Asia Resource Minerals said in a statement.
Asia Resource Minerals shares were down 5.9% at 26.69 pence shortly after the open on Monday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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