OREANDA-NEWS. June 10, 2015. NR Holdings Limited ("NRH") to accept a significantly increased cash offer from Asia Coal Energy Ventures Limited ("ACE") in respect of its 17.2% shareholding in Asia Resource Minerals plc ("ARMS" or the "Company").

As stated in its announcement dated 4 June 2015, the board of NRH believed that the ACE offer price of 41 pence per share materially undervalued the Company, principally due to the ability of ACE to recover \\$173million from the former controlling shareholders of the Company. Accordingly, and given ARMS's  announcement on 1 June 2015 that it intended to focus primarily on the ACE offer, NRH has worked tirelessly, as a significant minority shareholder, to secure an increased offer price from ACE.

As noted in the ACE announcement dated 8 June 2015, ACE have agreed to raise their bid for ARMS from 41 pence to 56 pence per share, representing an increase of 37%, and valuing the total equity of ARMS at over \\$200million. Prior to NRH agreeing to underwrite a  rescue re-financing package in February 2015, it seemed probable that shareholders of ARMS would lose their entire investment. 

Commenting on today's development, Nat Rothschild said, "there is no suggestion that this is a good outcome for shareholders, but it is the best short-term outcome given the difficulties that ARMS would have faced had it attempted to recover, via a lengthy and costly  litigation process, the \\$173 million* that was mis-appropriated by the former Indonesian controlling shareholders and management of this company. Investors like myself who believe in the long term future of thermal coal, will now be given the opportunity to re-deploy their capital back into the sector, but this will be our first and last investment in Indonesia's coal sector".

The board of NRH would like to extend a special thank you to Dr Wallace King, AO. His willingness to serve as NRH's nominated Independent director is the primary reason why investors in ARMS have been able to recoup part of their investment. As a result of his presence on the board since June 2014, equity investors in ARMS will have recouped nearly \\$700million, and bond holders should see their entire \\$950 million investment safeguarded. Commenting on Dr King's role, Ian Domaille, director of NRH stated, "Wallace King has guided the company with exceptional skill and integrity at all times. In the event the ACE offer fails to close or is withdrawn, we will continue to support Dr King in every way possible".

* - The sum of \\$173million does not include additional funds that NRH believes may have been misappropriated from the ARMS group through the Chateau, Velodrome and other arrangements.