Argyle, Sinarmas arm offer to buy out coal miner ARMS

Pulse Staff 05:50 - 07 May 2015

May 7 (Reuters) - Asia Coal Energy Ventures Ltd (ACE) and hedge fund Argyle Street Management Ltd offered to buy out the stake they do not already own in coal miner Asia Resource Minerals Plc for 41 pence per share.

The offer, which values ARMS at 98.8 million pounds ($150.5 million), is a 7.2 percent premium to the stock's closing price on Wednesday.

ACE and Argyle said on Thursday they would also invest $150 million in ARMS and implement a bond restructuring.

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

ACE is managed by Argyle Street Management and funded by Indonesia's Sinarmas Group. ($1 = 0.6566 pounds) (Reporting By Mamidipudi Soumithri in Bengaluru; Editing by Gopakumar Warrier)