DJ Churchill Mining plc Appointment of Administrator / Ceasing of trading
RNS Number : 3580V
Churchill Mining plc
08 April 2019
8 April 2019
CHURCHILL MINING PLC
("the Company" or "Churchill")
Appointment of Administrator / Ceasing of trading on the NEX Market
Further to the announcement of 1 April 2019, the Directors of Churchill Mining plc (NEX: CHL) advise that they have appointed Phillip Sykes and Matthew Haw from RSM Restructuring Advisory LLP, 25 Farringdon Street, London EC4A 4AB as administrators of the Company.
The appointment follows the ICSID Annulment Committee decision to dismiss the Company's Annulment Application. Churchill had previously filed claims against the Republic of Indonesia at the International Centre for Settlement of Investment Disputes ("ICSID") for damages arising out of the unlawful revocation of the mining licenses that made up the East Kutai Coal Project ("EKCP") by the head of the East Kutai's Regency Government, Mr Isran Noor.
The Company's solicitors Clifford Chance are currently reviewing the Annulment Committee's decision and the Company will provide an update on this review within the next 7 days.
The Company has requested the cessation of trading of its shares on the NEX Exchange (which are currently in suspension), which will become effective as of market close on 9 April 2019.
As required by the Insolvency Act 1986 (as amended), creditors of the Company will be contacted by the Administrators as soon as reasonably practicable.
The Directors of the Company are responsible for the contents of this announcement.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information, please contact:
Churchill Mining plc SP Angel Corporate Finance LLP David Quinlivan NEX Exchange Corporate Adviser Nicholas Smith Stuart Gledhill / Soltan Tagiev --------------------------------- + 61 8 6380 9670 +44 (0)20 3470 0470 --------------------------------- RSM Restructuring LLP Phillip Sykes + 44 (0) 20 3201 8000
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(END) Dow Jones Newswires
April 08, 2019 02:00 ET (06:00 GMT)