Tigers Realm Coal: Navigating Complex Exit from Russian Operations

Tigers Realm Coal Limited (ASX: TIG) is in the final stages of divesting its Russian subsidiaries, including mining and port assets, following a Share Purchase Agreement with APM-Invest signed in April 2024. Despite fulfilling its conditions under the agreement, the sale remains incomplete due to delays in securing Russian Presidential approval. A complex "locked box" mechanism ensures that all revenue from Russian operations benefits the buyer post-June 2024. Recent Russian regulatory changes and geopolitical constraints further complicated the deal, resulting in a revised, lower transaction value of ~AU$46 million, alongside a higher exit tax. Although partial approval for the operating assets was received, final approval for the Amaam entity is pending. TIG's refusal to accept further price cuts has led to a deadlock. Moreover, due to limited communication and sanctions compliance, the company failed to meet its reporting deadlines, leading to an ASX trading suspension effective March 2025

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