Fast Track7 Jun 2017 14:09
7 June 2017
Churchill Mining plc
("Churchill" or the “Company)
Application for Admission to the NEX Exchange Growth Market
Churchill Mining plc has today applied for admission of its entire issued share capital, comprising 148,016,118
ordinary shares of 1p each (“Ordinary Shares”), to trading on the NEX Exchange Growth Market (“NEX Exchange”)
(“Admission”). Admission is expected to take place on or around 8 June 2017.
Company Information
Since 2012, the Company’s sole activity has been its international arbitration claim against the Republic of Indonesia
for breaches of Indonesia’s obligations under the Bilateral Investment Treaty between the United Kingdom and
Indonesia and Australia and Indonesia. These breaches comprised unlawful measures, including the revocation of
mining licences that made up the East Kutai Coal Project ("EKCP"). The Company’s claim, which is being conducted
under the auspices of the International Centre for Settlement of Investment Disputes (“ICSID”) in Washington, is
quantified at US$1.315 billion (plus interest from July 2014). On 6 December 2016, the ICSID tribunal granted
Indonesia’s application to dismiss the Churchill claims (“the Award”). Following a detailed analysis of the Award, the
Company lodged an application to annul the Award under Article 52 of the ICSID Convention
A copy of the Company’s Annulment Application and information on the progress of the Company’s claim can be
found at http://www.churchillmining.com/
Suspension
The Company does not intend to raise additional funds as part of its application for admission to NEX Exchange.
Trading in the Ordinary Shares on AIM was temporarily suspended on 6 December 2016 ahead of the ICISD
Tribunal’s ruling on Indonesia’s application to dismiss the Company’s claims. The suspension remained in place
following the Award which included an order that the Company should pay a total of approximately US$9.4m in
costs and arbitration tribunal fees (“the Costs Order”). ICSID has constituted an ad hoc Committee to consider the
Company’s annulment application. The Costs Order has been provisionally stayed as a result of the annulment
application.
If the application for Admission is successful, trading in the Ordinary Shares will be suspended with effect from
Admission. The suspension in trading on NEX Exchange will be reviewed following the ad hoc Committee's decision
as to whether it should grant a continued stay of enforcement of the Award including the Costs Order. This is
currently anticipated to be shortly after the first session of the ad hoc committee which is programmed for 20 June
2017.
Today is the last day of the Company’s AIM admission. Admission to NEX Exchange will ensure that the Company
remains subject to the City Code on Takeovers and Mergers (“the Takeover Cod