On 7 December 2020, TMS held an Extraordinary General Meeting of Shareholders to announce the cash call. All shareholders have been properly notified of this important agenda and the required quorum requirements have been reached. Those present were the shareholders or their proxies who held 79% of the shares.
The only shareholders who waived their rights to participate in the cash call were PT Sangihe Prima Mineral (SPRIM) and PT Sungai Belayan Sejati (SBS). Because these companies did not participate, the rights to acquire the shares resulting from the cash call were transferred to another party, namely PT Sangihe Pratama Mineral. Therefore, SPRIM and SBS's combined 21% ownership in TMS must be diluted to only 1% in TMS. These two companies are now wholly owned by Mr. Satrio and were purchased from the previous shareholders on May 20, 2021, long after the cash call meeting was over.
Surprisingly, the Indonesian Ministry of Law and Human Rights closed the Legal Entity Administration System (SABH) and prevented TMS from finalizing the new share structure. Responding to this, TMS sued the Ministry of Law and Human Rights to reopen SABH at the District Court, High Court and the Indonesian Supreme Court.
TMS is proud to announce that they have won court cases at all levels, including the Supreme Court. The decision is final and cannot be appealed. TMS immediately issued the shares from the Extraordinary General Meeting of Shareholders which was held on 7 December 2020.
After issuance, the new TMS ownership structure is as follows:
– 70% of its shares are owned by Sangihe Gold Corporation, which is wholly owned by Baru Gold Corporation.
– 29% owned by PT Sangihe Pratama Mineral
On 7 December 2020, TMS held an Extraordinary General Meeting of Shareholders to announce the cash call. All shareholders have been properly notified of this important agenda and the required quorum requirements have been reached. Those present were the shareholders or their proxies who held 79% of the shares.
The only shareholders who waived their rights to participate in the cash call were PT Sangihe Prima Mineral (SPRIM) and PT Sungai Belayan Sejati (SBS). Because these companies did not participate, the rights to acquire the shares resulting from the cash call were transferred to another party, namely PT Sangihe Pratama Mineral. Therefore, SPRIM and SBS's combined 21% ownership in TMS must be diluted to only 1% in TMS. These two companies are now wholly owned by Mr. Satrio and were purchased from the previous shareholders on May 20, 2021, long after the cash call meeting was over.
Surprisingly, the Indonesian Ministry of Law and Human Rights closed the Legal Entity Administration System (SABH) and prevented TMS from finalizing the new share structure. Responding to this, TMS sued the Ministry of Law and Human Rights to reopen SABH at the District Court, High Court and the Indonesian Supreme Court.
TMS is proud to announce that they have won court cases at all levels, including the Supreme Court. The decision is final and cannot be appealed. TMS immediately issued the shares from the Extraordinary General Meeting of Shareholders which was held on 7 December 2020.
After issuance, the new TMS ownership structure is as follows:
– 70% of its shares are owned by Sangihe Gold Corporation, which is wholly owned by Baru Gold Corporation.
– 29% owned by PT Sangihe Pratama Mineral