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Asiamet Resources accuses Aeternum Energy of backdoor takeover attempt

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Asiamet Resources Limited (LON:ARS) has said it has received a notice purporting to be from its largest shareholder, Aeternum Energy, a Special General Meeting of the company’s shareholders. 

The request also contains resolutions for the removal of all current directors; the appointment of the CFO as interim chairman; three new independent directors to be appointed and an independent audit of the finances.

In a statement, Asiamet said: “The notice that has been received is not in a valid form, said Asiamet, and therefore directors are not required to act on it now, however it is apparent that our largest shareholder is seeking to take control of the company without fair and reasonable process or acquisition.”

Asiamet recently terminated with PT WIN, an Indonesian company owned by Aeturnum Energy, for a breach of the terms of the proposed acquisition of the KSK Contract of Work in Indonesia.

The AIM-listed group added that its CFO was not aware he was being proposed as chairman and said he will not accept the nomination.

Tony Manini, Asiamet’s executive chairman, said:  “The Asiamet Board finds the actions of Aeturnum Energy to be highly unusual and unprofessional.

“When a 19.98% shareholder is seeking to convene a Special General Meeting of shareholders to remove the current Board of Directors without justification or explanation, and immediately after one of its controlled entities has materially breached a binding sales and purchase agreement to acquire one of the Company’s primary assets, its motivations for not fulfilling its obligations under that binding agreement need to be questioned. 

The Asiamet Board is of the view that Aeturnum Energy through its investment in Asiamet is now attempting to secure control over the Company’s valuable copper assets by removing the current Board of Directors and replacing them with its own nominees.

The Asiamet Board and management find this behaviour totally unacceptable and contrary to all principles of good business practice and governance.

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