The drama at Asia Resource Minerals (ARMS) seems to be nearing a conclusion. The cash-strapped coal miner is still fighting for control of Indonesian subsidiary PT Berau, but an improved cash offer of 56p from Asia Coal Energy Ventures should pave the way for a refinancing of the $450m (£291m) bond payment due on 8 July. Crucially, major shareholder and rival suitor Nathaniel Rothschild has agreed to sell.
In May, former Berau chief Amir Sambodo barred company bosses from entering the regional head office, preventing them from accessing the subsidiary's IT systems and bank accounts. He has continued his "unlawful inter-meddling", according to ARMS, leading to delays in the payment of several contractors that could lead to the suspension of mining operations and the company being taken to court. Management has taken legal action in the UK, but to no avail.
