Churchill Mining plc Cancellation of AIM admission (4255H)
07 Junio 2017 - 6:00AM
UK Regulatory
TIDMCHL
RNS Number : 4255H
Churchill Mining plc
07 June 2017
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 Nominated adviser
Nicholas Smith Edward Hutton/Gerry Beaney
Russell Hardwick Broking
John Howes
+ 61 8 6380 9670 +44 (0)20 3861 6625
This information is provided by RNS
The company news service from the London Stock Exchange
END
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June 07, 2017 07:00 ET (11:00 GMT)
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