TIDMGHL
RNS Number : 5252H
Churchill Mining plc
08 June 2017
8 June 2017
Churchill Mining plc
("Churchill" or the "Company)
Admission to the NEX Exchange Growth Market
Churchill Mining plc is pleased to announce that its entire
issued share capital, comprising 148,016,118 ordinary shares of 1p
each ("Ordinary Shares") has been admitted to trading on the NEX
Exchange Growth Market ("NEX Exchange") ("Admission").
Company Information
Since 2012, the Company's sole activity has been its
international arbitration claim against the Republic of Indonesia
for breaches of Indonesia's obligations under the Bilateral
Investment Treaty between the United Kingdom and Indonesia and
Australia and Indonesia. These breaches comprised unlawful
measures, including the revocation of mining licences that made up
the East Kutai Coal Project ("EKCP"). The Company's claim, which is
being conducted under the auspices of the International Centre for
Settlement of Investment Disputes ("ICSID") in Washington, is
quantified at US$1.315 billion (plus interest from July 2014). On 6
December 2016, the ICSID tribunal granted Indonesia's application
to dismiss the Churchill claims ("the Award"). The Award included
an order that the Company should pay a total of approximately
US$9.4m in costs and arbitration tribunal fees ("the Costs Order").
Following a detailed analysis of the Award, the Company lodged an
application to annul the Award under Article 52 of the ICSID
Convention. ICSID has constituted an ad hoc Committee to consider
the Company's annulment application. The Costs Order has been
provisionally stayed as a result of the annulment application.
A copy of the Company's Annulment Application and information on
the progress of the Company's claim can be found at
http://www.churchillmining.com/
Suspension
Trading in the Ordinary Shares will be suspended with effect
from Admission. The suspension in trading will be reviewed
following the ad hoc Committee's decision as to whether it should
grant a continued stay of enforcement of the Award including the
Costs Order. This is currently anticipated to be shortly after the
first session of the ad hoc committee which is programmed for 20
June 2017.
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. In due course, following
the commencement of dealings in the Company's shares, it will also
provide shareholders with a market for trading their shares in the
Company.
The Company has not raised any funds in connection with the
Admission.
Details of Directors
David Francis Quinlivan (Executive Chairman)
Mr Quinlivan is a Mining Engineer and Principal of Borden Mining
Services. Mr Quinlivan has over 35 years' experience on projects
throughout the world. He has significant mining and executive
leadership experience with 11 years of service at WMC Resources
Ltd, followed by a number of high-profile mining development
positions. Since 1989, Mr Quinlivan has served as CEO of Sons of
Gwalia Ltd (during the corporate reconstruction of the company and
post appointment of administrators), CEO and COO of Mt. Gibson
Mining Iron Ltd. He also served as President and CEO of Alacer Gold
Corp from August 2012 to August 2013 and is currently Chairman of
ASX listed Silverlake Resources Limited.
Mr Quinlivan is a Fellow of the Australian Institute of Mining
and Metallurgy, Fellow of the Financial Services Institute of
Australia, Member of the Mining Industry Consultants Association
and Member of the Institute of Arbitrators & Mediators
Australia.
James Nicholas Smith (Managing Director)
Mr Smith has some 35 years' experience in the international
resource/resource development industry, including significant
experience in project management of major international litigation
and arbitration disputes. He also has significant experience in
mergers and acquisitions as well as project financing.
Mr Smith holds a Bachelor of Laws from the University of Western
Australia and was admitted to practice as a Barrister and Solicitor
of the Supreme Court of Western Australia in 1975. His previous
experience includes more than 10 years as Group General Counsel for
Normandy Mining Limited which, prior to its merger with Newmont
Mining Corporation, was Australia's largest gold producer and had
interests in a number of international projects enjoying the
protection of bilateral investment treaties. He has also served as
a director of a number of ASX listed companies including Red 5
Limited, Mindax Limited and NiQuest Limited
Nikita Rossinsky (Non-Executive Director)
Mr. Rossinsky commenced his banking career at Deutsche Bank AG
in New York, subsequently holding corporate assignments at Deutsche
Bank AG in Essen, Germany and, as Deputy General Manager, at
Deutsche Bank AG in Jakarta, Indonesia. Relocating to Singapore in
2000, and until joining Lumen Capital Investors Pte Ltd as a
co-founding Director at inception nearly four years ago, he spent
the majority of his time developing the private wealth management
business for Societe Generale as Managing Director, South East
Asia.
A native of New York, Mr. Rossinsky holds a Masters Degree in
International Affairs from Columbia University. He has been living
in Asia since 1995. Mr Rossinsky has been appointed as a nominee of
GL Global Investments Ltd which holds 19,723,123 shares in
Churchill (13.32%).
Luwia Farah Utari (known as Fara Luwia) (Non-Executive
Director)
Ms Luwia is a successful Indonesian businesswoman. As President
Director and owner of PT. Lumbung Padi Indonesia, she leads one of
the largest modern rice mills in Indonesia. Ms Luwia signed a joint
venture agreement with Satake Corporation Japan, the biggest
machineries manufacturer within the agriculture industry. She is
positively impacting the world through her involvement in the
production of rice, one of the world's largest staple foods
consumed.
Gregory Jonathan Radke (Non-Executive Director)
Mr. Radke is currently General Counsel of IntegraMed Fertility,
the largest fertility centre network in North America. For seven
years through the end of 2013 he was General Counsel of Pala
Investments Limited, a multi-strategy investment company dedicated
to investing in, and creating value across, the mining sector in
both developed and emerging markets.
Prior to joining Pala, Mr. Radke was a Vice President and
Corporate Counsel at Prudential Financial, Inc., responsible for
all aspects of legal and transactional oversight of the pan-Asian
and Mexican/Latin American asset management businesses of its
Pramerica Real Estate Investors division. He is a member of the New
York Bar.
Mr Hari Kiran Vadlamani (Non-Executive Director)
Mr Vadlamani is an investor based out of Singapore. He was
previously involved in building two companies in the Indian power
sector. Mr Vadlamani has been appointed as a nominee of Cause First
Ventures Ltd, which holds 18,939,686 shares in Churchill (12.8%)
plus 1,786,800 warrants. Mr Vadlamani is the controlling
shareholder of Cause First Ventures Ltd.
Substantial shareholdings
The Company is aware of the following persons/entities who
directly or indirectly hold an interest in the Company representing
3 per cent. or more of the issued ordinary share capital of the
Company:
Aurora Nominees Limited
(Pala Investments) 31,492,388 21.28%
GL Global Investment
Ltd 19,723,123 13.32%
Cause First Ventures
Limited 18,939,686 12.80%
David Quinlivan 5,037,065 3.40%
The percentage of shares in public hands is 47.39%
The Company has 30,708,616 warrants and options outstanding.
Settlement
Settlement of transactions in ordinary shares held in
uncertificated Form is enabled within the CREST system
UK Takeover Code
The Company is subject to the City Code on Takeovers and
Mergers.
The Directors of the Company are responsible for the contents of
this announcement.
For further information, please contact:
Churchill Mining plc Northland Capital Partners
Limited
David Quinlivan NEX Corporate 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
MSCEAXKPEASXEEF
(END) Dow Jones Newswires
June 08, 2017 03:30 ET (07:30 GMT)
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