Gold or Silver
07 Jun 2017
Fast track 7 June 2017Churchill Mining plc("Churchill" or the “Company)Application for Admission to the NEX Exchange Growth MarketChurchill Mining plc has today applied for admission of its entire issued share capital, comprising 148,016,118ordinary shares of 1p each (“Ordinary Shares”
, to trading on the NEX Exchange Growth Market (“NEX Exchange”(“Admission”. Admission is expected to take place on or around 8 June 2017.Company InformationSince 2012, the Company’s sole activity has been its international arbitration claim against the Republic of Indonesiafor breaches of Indonesia’s obligations under the Bilateral Investment Treaty between the United Kingdom andIndonesia and Australia and Indonesia. These breaches comprised unlawful measures, including the revocation ofmining licences that made up the East Kutai Coal Project ("EKCP". The Company’s claim, which is being conductedunder the auspices of the International Centre for Settlement of Investment Disputes (“ICSID” in Washington, isquantified at US$1.315 billion (plus interest from July 2014). On 6 December 2016, the ICSID tribunal grantedIndonesia’s application to dismiss the Churchill claims (“the Award”. Following a detailed analysis of the Award, theCompany lodged an application to annul the Award under Article 52 of the ICSID ConventionA copy of the Company’s Annulment Application and information on the progress of the Company’s claim can befound at [link] Company does not intend to raise additional funds as part of its application for admission to NEX Exchange.Trading in the Ordinary Shares on AIM was temporarily suspended on 6 December 2016 ahead of the ICISDTribunal’s ruling on Indonesia’s application to dismiss the Company’s claims. The suspension remained in placefollowing the Award which included an order that the Company should pay a total of approximately US$9.4m incosts and arbitration tribunal fees (“the Costs Order”. ICSID has constituted an ad hoc Committee to consider theCompany’s annulment application. The Costs Order has been provisionally stayed as a result of the annulmentapplication.If the application for Admission is successful, trading in the Ordinary Shares will be suspended with effect fromAdmission. The suspension in trading on NEX Exchange will be reviewed following the ad hoc Committee's decisionas to whether it should grant a continued stay of enforcement of the Award including the Costs Order. This iscurrently anticipated to be shortly after the first session of the ad hoc committee which is programmed for 20 June2017.Today is the last day of the Company’s AIM admission. Admission to NEX Exchange will ensure that the Companyremains subject to the City Code on Takeovers and Mergers (“the Takeover Code” and that shareholders willtherefore continue to enjoy the protections afforded by the Takeover Code. In due course, following thecommencement of dealings in the Company’s shares, it will also provide shareholders with a market for trading theirshares in the Company.
Gold or Silver
07 Jun 2017
Nex Exchange Well as it should take several weeks even to list on the NEX / ISDX .Going on thew past performance of Black Sea Property .What should one glean from this latest RNS ?The fight for fair compensation continues . That`s it , in a nutshell.Good to see Our Board trying their best for shareholders .Let us all hope Our Legal team are a bit more ebullient second time around. Good luck A
nigel2222
24 May 2017
Re: Future . . . What have Trump or the USA got to do with an ICSID decision about Churchill Mining?
Gold or Silver
16 May 2017
Re: Future . . . Now things are shaping up in our favour as the ad hoc committee will reassess the original result . Positive news .But , don`t count your chickens yet .This could go either way . One should remain hopeful that David and the team may yet glean a reasonable result for shareholders .Especially if we can get Mr Trump& Team USA on our side. Good luck All And May
Gold or Silver
01 May 2017
Re: Future . . . /mlexmarketinsight.com/editors-picks/us-vice-presidents-visit-puts-spotlight-indonesias-precarious-trade-position/Technically you are correct Magrah .Even winning the Annulment leaves at back at square one .That said a successful annulment leaves Churchill the possibility of requesting a re-trial and possible victory.Having the Vice President on Our side this is very very Interesting .Let`s hope an amicable settlement can be reached. And May
Magrah
19 Apr 2017
Future . . . I see that ICSID has acknowledged the application for annulment.Further to the announcement of 4 April 2017, the Directors of Churchill Mining plc (AIM: CHL) ("the Company" advise that the ICSID Secretary-General has written to the Company advising that:I. she registered the Company's Annulment Application on 11 April 2017;II. she will request the Chairman of the Administrative Council of ICSID to appoint an ad hoc Committee to consider the Annulment Application; and thatIII. enforcement of the Award has been provisionally stayed.But, and forgive me if I'm being thick here, if successful this will mean that the $9m costs are waived but we are back to square one and the East Kutai coal project is still a non starter leaving the company with no current future?
searchers-son
12 Apr 2017
registered [link]
mr1christian
04 Apr 2017
The full text of the annulment [link] to be a very well argued case on procedure.
searchers-son
03 Apr 2017
rampant [link] government is facing a rampant number of lawsuits from miners, whose mining permits were revoked by the Energy and Mineral Resources Ministry for, among other reasons, failing to pay taxes based on a study made by the Corruption Eradication Commission (KPK).“They have filed lawsuits against us. It is their right. We will face them,” said the ministry’s coal and mineral mining directorate general Bambang Gatot Ariyono as reported by kontan.co.id on MondayAccording to a KPK study conducted in 2011, many mining companies have failed to pay taxes. Based on the study and Law No 23/20014 on regional administrations, regional administrations were asked to collect data about the ninety companies that had not fulfilled their obligations. The government marked those miners with non-clean and clear permit status.According to the ministry, there are 3,203 out of 9,433 mining permits with the status of non-clean and clear up to January. The government has revoked 200 permits so far.Because of the lawsuits, the government delayed announcing the mining permits that had received clean and clear status, said Bambang.(Read also: COMMENTARY: Freeport's threat of arbitration simply a ploy to block mining reform)Indonesian Coal Companies Association (APBI) Deputy Executive Director Hendra Sinadia said the companies had filed lawsuits against the government because they believed that they were in the right as the permits were issued by the government.Meanwhile, Centre for Indonesian Resources Strategic Studies (Cirrus) director Budi Santoso said the government was in a weak position by revoking the mining permits. He also said that clean and clear status permits were not a guarantee that the companies had already fulfilled their obligations. (bbn)
Gold or Silver
02 Apr 2017
Re: Not much of an update . . . www.iisd.org/pdf/2011/dci_2010_annulment_icsid_awards.pdf And May
Magrah
01 Mar 2017
Not much of an update . . . Further to the announcements of 31 January 2017 and 23 December 2016, the Directors of Churchill Mining plc (AIM:CHL) advise that they are continuing to work with the Company's solicitors Clifford Chance LLP on a detailed analysis of the Award.The Company will update shareholders as soon as possible.The suspension in trading of the Company's shares on AIM will remain in place. A further review of the suspension will be conducted once shareholders have been updated.
Ripley94
13 Feb 2017
Re: Director Sale Northland Capital had two corporate buy recommendations in December 2016 .I notice they had speculative buys in October and November 2016 , is it the case that they were not working for Churchill before December ??
Magrah
03 Feb 2017
Re: When is it going to open? From latest RNS"The Company expects to be in a position to finalize its advice to shareholders by 28 February2017."It will not some out of suspension before then. . .
Ripley94
28 Jan 2017
Re: When is it going to open? Still suspended .
indaknow
05 Jan 2017
Re: When is it going to open? MagNot sure it does. CHL want to be able to finalise their position in terms of being able to seek amendment or annulment by end of January 2017, but I don't read that as meaning that the amendment/annulment will happen by the end of January 2017. I think we'll be waiting ages for any judgement in that process.I don't see this coming out of suspension until a judgement is known in relation to any amendment or annulment as either will have a material impact on the business and its ability to continue as a going concern.I note that GPback is terribly quiet. I imagine he's still trying to figure out how his expert reading of the legal position could be so wrong....
