(Reuters) - Indonesia-focused coal mining company Asia Resource Minerals (L:ARMS) (ARMS) aims to complete a recapitalisation programme by the end of June, the company said on Tuesday, as it released a prospectus for its refinancing.
The prospectus published by the London-listed mining company, previously know as Bumi, also includes details on the agreement with NR Holdings, the trust of financier Nathaniel Rothschild, to underwrite a $100 million rights issue.
ARMS, which has been struggling with executive battles and tumbling coal prices, was set up as 'Bumi' by Rothschild and Indonesia's prominent Bakrie family in 2010.
The company's market value plummeted, dragged down by falling coal prices and bitter boardroom battles.
The prospectus it released on Tuesday relates to an agreement reached this month with some bondholders to restructure notes due in 2015 and 2017.
The recapitalisation includes raising about 67.8 million pounds ($100.65 million) of new equity, repayment of $118.75 million of the old notes and exchange of the 2015 Notes and 2017 Notes.
ARMS board also said it had set up an internal working group chaired by newly appointed Chief Executive Hamish Tyrwhitt, to evaluate the best strategy for the business.
The group is expected to submit its report to the board in time for its recommendations at the annual general meeting to be held in June 2015.
Rothschild, the second-largest shareholder in ARMS with an about 18 percent stake, offered in November to raise his stake, proposing to underwrite a share sale to help cut debt.
On March 25, the company said that Britain's Financial Conduct Authority has proposed imposing on it a "substantial" financial penalty after an investigation highlighted a breach of listing rules.