Last checked at 7 Jun 2017 12:00
7 June 2017
AIM: CHL
CHURCHILL MINING PLC
("the Company" or "Churchill")
Cancellation of AIM admission
Application for admission to the NEX Exchange Growth Market
Applicability of the Takeover Code
Update on Annulment Application
Cancellation of AIM admission
Churchill's shares were initially suspended from trading on AIM at the Company's request on 6 December 2016 pending the handing down of a decision by an ICSID Tribunal on the question of Document Authenticity in relation to the Company's ongoing claim for compensation for the unlawful expropriation of its Indonesian mining licences by the Republic of Indonesia. An unfavourable decision and a punitive costs order by the ICSID Tribunal on 7 December 2016 has resulted in the Company's shares remaining in suspension continuously since 6 December 2016.
As the length of time to undertake and determine the outcome of the Company's Annulment Application will exceed the six month suspension time limit specified in AIM Rule 41, the Company's admission to trading on AIM will cease with effect from 7.30am on 8 June 2017.
Application for admission to the NEX Exchange Growth Market
The Company has made application for admission to the NEX Exchange Growth Market ("NEX Exchange"). The Company's shares will be suspended on admission to the NEX Exchange which is expected to take place at 7.30am on 8 June 2017. The suspension will be reviewed following the ICSID committee's decision as to whether to grant a continued stay of enforcement of the costs order.
Applicability of the Takeover Code
Admission to NEX Exchange will ensure that the Company remains subject to the City Code on Takeovers and Mergers ("the Takeover Code") and that shareholders will therefore continue to enjoy the protections afforded by the Takeover Code.
Update on Annulment Application
On 31 March 2017, the Company filed an application seeking the annulment of the 7 December 2016 ICSID decision and this Annulment process is now in progress.
The first session of the ad hoc committee's annulment proceedings is scheduled to occur on 20 June 2017. It is anticipated that the ad hoc committee will consider the Company's request for a stay of enforcement of the Award on or shortly after the first session on 20 June 2017.
ENDS
For further information, please contact:
Churchill Mining plc | Northland Capital Partners Limited |
David Quinlivan Nicholas Smith Russell Hardwick | Nominated adviser Edward Hutton/Gerry Beaney Broking John Howes |
+ 61 8 6380 9670 | +44 (0)20 3861 6625 |