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Offer to buy out coal miner ARMS

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World Coal,

Hedge fund Argyle Street Management Ltd together with Asia Coal Energy Ventures Ltd have offered to buy out the stake they do not already possess in coal miner Asia Resource Minerals Plc for 41 pence per share.

The offer is a 7.2% premium to the stock's closing price on 6 May.

The offer values ARMS at £98.8 million.

ACE and Argyle have announced that they would also invest US$150 million in ARMS and implement a bond restructuring.

Argyle Street Management holds a 4.65% stake in ARMS, the companies said in a joint statement.

ACE is managed by Argyle Street Management and funded by Indonesia's Sinarmas Group.

Edited from source by Joseph Green

Source: Reuters 

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