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Asia Resource Minerals postpones vote on recapitalisation

Reuters - UK Focus

May 14 (Reuters) - Asia Resource Minerals Plc (LSE: ARMS.L - news) said it postponed a shareholder vote on its recapitalisation plan to no later than the end of July.

Asia Resource Minerals (ARMS), parent of Indonesian miner Berau Coal Energy, is at the centre of a takeover battle between financier Nathaniel Rothschild and Asia Coal (HKSE: 0835.HK - news) Energy Ventures (ACE), a vehicle backed by hedge fund Argyle Street Management and funded by Sinar Mas.

The meeting to vote on Asia Resource's $100 million recapitalisation plan proposed by Rothschild's trust, NR Holdings, was adjourned indefinitely on Tuesday, effectively blocking ACE's bid.

ACE's offer, which values the company at 98.8 million pounds ($156.0 million), is conditional on ARMS shareholders voting against Rothschild's proposal. ($1 = 0.63 pounds) (Reporting by Abhiram Nandakumar in Bengaluru; Editing by Sriraj Kalluvila)