LONDON (Yosefardi) – Asia Resource Minerals plc (ARMS), previously Bumi Plc, and the Bakrie Group have now agreed to extend the date by which certain conditions need to be satisfied in order to complete the Separation Transaction from 15 January to 17 January 2014.
Without such an extension, the Separation Transaction would have terminated Wednesday (Jan 15). The reason for this short extension is to provide sufficient time for ARMS to engage with the Bakrie Group in order to understand and consider the reasons for the delay, whether a longer extension is appropriate and, if so, until what date.
In its announcement on 19 December 2013, ARMS stated its intention not to participate in the PT Bumi Resources Tbk (PT Bumi) EGM on 20 December 2013 relating to the approval of certain transactions relating to its ongoing debt restructuring.
The PT Bumi EGM on 20 December 2013 failed to reach a quorum and was adjourned until 10 January 2014. For the reasons set out in the announcement on 19 December 2013, ARMS has decided not to attend this adjourned EGM and hereby confirms that it has not voted, and will not vote, by proxy on any of the agenda items at the 10 January PT Bumi EGM. ARMS holds 29% shares in PT Bumi.