Shares of Asiamet Resources (LON: ARS) plummeted on Monday after the company said it is in talks with PT WIN about an unpaid $2.5 million from its Sales and Purchase Agreement.
Since the signing of the agreement with PT WIN, the company said they continued to work closely to progress preparations for PT WIN’s IPO on the Indonesian Stock Exchange.
However, the initial $2.5 million payment that was due within 10 days of the deal was not yet received by Asiamet.
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The two firms are now in discussion regarding a change to the payment schedule that was initially agreed.
“Asiamet has been seeking formal clarification from PT WIN on the proposed timing for receipt of the initial payment and late today (Melbourne AEST) received formal advice from PT WIN requesting consideration of amendments in relation to the payments schedule agreed under the SPA,” Asiamet said.
London-listed Asiamet said it plans to formally respond once it is in a position to do so, but it remains confident of completing the transaction.
The news sent Asiamet shares tumbling to lows of 3.15p per share. They are currently down 25% at 3.52p.