Substantial shareholder Burwill plans to acquire HK$30m of shares in Alliance Mineral

ALLIANCE Mineral Assets on Wednesday said it has been brought to its attention that its substantial shareholder, Hong Kong-listed Burwill Holdings, had made an announcement on March 26 of its intention to acquire about HK$30 million of the company's shares in connection with a corporate exercise of Burwill.

Alliance Mineral Assets told shareholders that as part of its ongoing capital management exercise, it has been in discussions with various potential interested funders, including Burwill, but no term sheet, memorandum of understanding or definitive agreements has been entered into.

"The company had also not been consulted on the afore-said announcement by Burwill prior to its release," it said. "Further announcements will be made by the company as and when there are any material updates."

Earlier this month, the Australian mining company terminated the services of its chief executive Tjandra Adi Pramoko and his wife Simone Suen Sze Man, who serves as an executive director of the company, saying it has "lost confidence" in the abilities of both persons in continuing their duties.

Last month, the company reported that higher expenses took a toll on its financial results for its second quarter, with net loss widening to A$1.36 million (S$1.4 million) from a net loss of A$989,400 in the previous year.

As at 2.11pm, Alliance Mineral Assets was down half a cent or 1.4 per cent to S$0.365.