The Asia Resource Minerals PLC’s board decided to go ahead with the takeover proposal from the Nat Rothschild's NR Holdings Ltd and SUEK PLC. The competition for the ownership of the company is increasing day by day. Asia Coal Energy Ventures Ltd is also in the race for the same company. Rothschild’s NR Holdings Ltd and SUEK are backing share holders to push for recapitalization and the company is also working on a potential cash offer to take over the Asia Resource Minerals. Russian Coal giant OJSC Siberian Coal Energy Company’s SUEK is also looking forward to better holdings. Argyle Street Management Ltd and Sinarmas Group from Indonesia are supporting Asia Coal Energy Ventures for the takeover but the Asia Resource Minerals officials informed press that there has been no concrete decision over the offer from the said company.
USD100 million equity fundraising has been offered by Rothschild along with the price of 25 pence per share. The large scale refinancing is also on the list which will eventually restructure the Asia Resource Mineral’s default debt. Preserving value for ARMS shareholder is the important medium term goal and refinancing is the only way to achieve it, according to NR Holding’s official. The recapitalization is the only way to ensure certainty to the shareholders and the company, according to the NR Holdings. They also criticized the offer by Asia Coal Energy Ventures.
The Argyle Street controls only 4.7 percent of the company’s share where as Rothschild leads the race with 18 percent share control.