ASIC rejects request by Ambre Energy's to defer AGM BRISBANE resources group Ambre Energy, whose ambitions of being a major exporter of US coal to Asia have recently suffered blows, has hit a snag with the corporate regulator. The Australian Securities & Investments Commission has rejected an application by the company to postpone holding its annual general meeting and publishing its results -- Ambre's third such request in as many years. Ambre, which is understood to be facing financial pressure, had applied to ASIC for approval to postpone holding its AGM for the December 31 full year to July 31, two months after it was required to do so under corporations law. While the application has been refused by ASIC, Ambre is yet to publish its results for the year to December 31, 2012, or to hold its AGM. Ambre had told ASIC it sought the extension because of ongoing litigation between it and its joint venture partner on a coalmine in Montana, in the Powder River Basin, near the Montana-Wyoming border. "The potential adjustment to the settlement terms (of that deal) is likely to have a significant bearing on the financial position of the company," Ambre wrote to ASIC. Under the deal, Ambre was to buy from US-listed miner Cloud Peak Energy the 50 per cent of the Montana Decker Mine it did not already own for between $57m and $64m. Ambre was also to be responsible for replacing $70.7m of Cloud Peak Energy's outstanding reclamation and lease bonds for the mine, and it is understood the company was unable to meet that financial commitment. Late last month, Ambre announced that that deal would not proceed and that it had reached a settlement with Cloud Peak Energy. However, it has not yet disclosed the financial impact. Ambre did not return calls yesterday. ASIC was unable to comment on specifics, although confirmed Ambre's extension application had been declined. It was unclear what action, if any, Ambre would face over the delay. In a filing with ASIC, Ambre also said it was in the process of renegotiating the terms of convertible notes held by South Korean power generators Korea South East Power and Korea Southern Power, which had agreed to buy US coal from Ambre. "Renegotiation on the terms of these convertible notes has taken longer than anticipated and the outcome will similarly have significant bearing on the financial position of the company," Ambre wrote. Ambre had planned a $200m float on the Australian Securities Exchange by mid-last year but has been unable to do so because of the slump in coal prices. The company's plan to export coal from the US northwest has faced stiff opposition from environmental groups. That has delayed some of its plans.