Bumi Share Discussion Threads

[hvs] 19/7/2013 06:39

ARISE DAME FURSE

[tamboerskloof] 18/7/2013 21:23

Bumi will be removed from all FTSE indexes at zero value on July 25 should it remain suspended on July 22, according to a statement today from the stock index compiler.

[strollingmolby] 11/7/2013 12:00

Separation Transaction Update

Bumi notes the announcement made this morning by PT Borneo Lumbung Energi & Metal Tbk ("Borneo") of the agreement pursuant to which Ravenwood Pte Ltd, an affiliate of Borneo, will acquire the Bakrie Group's indirect 23.8% interest in Bumi, including the fact that this transaction is conditional upon, amongst other things, the approval by the independent shareholders of Bumi of i) the sale to the Bakrie Group of Bumi's 29.2% interest in PT Bumi Resources Tbk ("Bumi Resources"); and (ii) a waiver of the requirement under Rule 9 of the City Code on Takeovers and Mergers for Borneo or any of its affiliates to make a general offer for the shares in Bumi which they do not own.

Bumi is not party to discussions between its shareholders.

Discussions between Bumi and the Bakrie Group about the sale of the Company's interest in Bumi Resources are ongoing and a further announcement will be made in due course.

[hvs] 10/7/2013 18:24

This is the interesting bit---------
Bumi is considering returning the funds to its shareholders as a special dividend, one of the people said-------------


lol !!!!!!

lol !!!!!!!!!!!

After wiping

[tamboerskloof] 10/7/2013 16:53

Bumi Plc (BUMI), the Indonesian coal producer at the centre of an ownership dispute, is close to completing a deal valued at more than $500 million to sever its ties with co-founders the Bakrie Group after relations soured.
Bumi, noting recent press reports, said it's near an accord to sell 29.2 percent of PT Bumi Resources to one of Indonesia's wealthiest families as part of a nine-month-old plan to unwind an investment. At the same time, a group controlled by Bumi Chairman Samin Tan is in talks with the Bakries to buy their 23.8 percent of London-listed Bumi, it said in a statement.
A deal would mark the end of an almost two-year affiliation with the Bakries, a family-owned palm oil-to-property empire founded in Sumatra in 1942. They co-founded the company in a $3 billion venture with Nathaniel Rothschild which started to sour last year amid board infighting, a slump in coal prices and financial probes in the U.K. and Indonesia, the biggest exporter of power station coal.
Bumi and the Bakries first announced a proposal to sever ties in October. Talks continue and the "economic terms remain consistent" with the original plan with the Bakries paying more than $500 million in cash, Bumi said today.
Rothschild Responds
Rothschild, who owns about 15 percent of the company, said he won't support the proposal to separate the group from the Bakries. In e-mailed comments to Bloomberg News he claims Bumi Chief Executive Officer Nick von Schirnding has misled investors into believing the terms of the October proposal were fixed.
"We were led to believe by the board that the original proposal was fixed in stone and in reality we've been led up the garden path one more time and this time the minority investors can block it, should block it and demand a transaction that we thought was fixed," Rothschild said in a phone interview.
Bumi has been at the heart of a battle for control betweenRothschild, scion of a centuries-old British banking dynasty, and the Bakries with both making rival proposals to unwind the deal. Bumi, which slumped 69 percent in London last year, has been suspended from London trading since April. Selling its stake in PT Bumi would leave the company with an 85 percent holding in PT Berau Coal Energy, Indonesia's fifth-largest exporter of energy coal.

Two-stage Plan
As part of a two-stage plan, the Bakries are in talks with Tan, Bumi's chairman, to sell him their entire 23.8 percent holding in London-listed Bumi, people familiar with the plan told Bloomberg this week. That would double his holding to 47.6 percent.
Tan's PT Borneo Lumbung Energi & Metal has made a cash offer and talks are continuing, the Bakrie Group said today in an e-mailed statement. "A total cash alternative adds weight to the unwinding process, and we hope minority shareholders will share this view," the group said in the statement. The offer is value accretive to Bumi and shareholders, it said.
The Bakries would use the funds from the sale to buy their holding in Bumi Resources (BUMI), Indonesia's largest coal exporter, which they sold to Bumi Plc in 2011, for $508 million, the people said.

This is the interesting bit---------
Bumi is considering returning the funds to its shareholders as a special dividend, one of the people said-------------

Rothschild today proposed that the Bakrie's stake be offered to existing shareholders rather than sold to Tan who could then underwrite the offer and be free to buy any stock not taken up, Rothschild's NR Investments Ltd. said in a statement. The revised separation proposal deprives investors of upside "just when thermal coal fundamentals are starting to improve," according to the statement.
Bumi today said it has been made aware of talks between the Bakries and PT Borneo (BORN) affiliate Lumbung Energi & Metal about Borneo buying the Bakries' Bumi stake. Such a deal would be conditional on Bumi selling its Bumi Resources stake to the Bakries, it said.
A condition of a purchase by Borneo of the Bakries' stake in Bumi is that the London-based company's independent shareholders waive the requirement for Borneo Lumbung to make a general offer, Bumi said.
Bumi directors affiliated with Borneo Lumbung have recused themselves from the process, and the separation transactions are being studied by an independent committee of the board, it said.

[hvs] 10/7/2013 16:45

The CITY is DISGRACEFUL

Arise Dame FURSE and Nat King COAL.

[tamboerskloof] 10/7/2013 16:37

300p would be disgraceful, 600 - 700p would be more appropriate plus introducing a Final and Interim dividend payment.

[hvs] 10/7/2013 15:00

Ask Dame FURSE

[thehearse] 10/7/2013 14:58

Has anyone a view on what all this means to us suspended holders? 300p would be good!

[tamboerskloof] 10/7/2013 09:59

10 July 2013
For Immediate Release

Bumi plc ("Bumi" or the "Company")

Separation Transaction Update

Bumi notes recent press speculation regarding the separation of the Company from the Bakrie Group and PT Bumi Resources, Tbk ("Bumi Resources") (the "Separation Transaction"). The articles suggest that this transaction would be effected through the Bakrie Group acquiring for cash Bumi's 29.2% interest in Bumi Resources and the Bakrie Group selling their indirect interest in Bumi to an affiliate of PT Borneo Lumbung Energi & Metal, Tbk (the "BorneoGroup").

The Separation Transaction is subject to ongoing negotiations but the economic terms remain consistent with the original proposal received by the Company from the Bakrie Group in October 2012.

The arrangement that is now being finalised entails the Bakrie Group purchasing the Company's interest in Bumi Resources for over US$500 million in cash.

The Company has been made aware that discussions are also ongoing between the Bakrie Group and the Borneo Group concerning the acquisition by the Borneo Group of the Bakrie Group's indirect interest in the Company.

The Company is not party to those discussions but has been informed that this transaction would need to be inter-conditional on the Company's arrangement to sell its interest in Bumi Resources to the Bakrie Group. The Company has been told that, were the Borneo Group to acquire the Bakrie Group's interest in the Company, such an acquisition would be conditional on the Company's independent shareholders approving the waiver of the requirement to make a general offer under Rule 9 of the City Code on Takeovers and Mergers.

Given the potential for a conflict of interest, the Directors of the Company who are affiliated with PT Borneo Lumbung Energi & Metal, Tbk have made the required disclosures to the Board and have voluntarily rescued themselves from the process. Matters pertaining to the Separation are being considered by an independent committee of the Board. The Board remains committed to delivering the Separation Transaction to shareholders on a value-accretive basis. Further announcements will be made as appropriate.

[lukeisbackontrack] 06/7/2013 08:10

When is this doggy to be tradeable

[strollingmolby] 27/6/2013 09:12

Some detailed announcements yesterday regarding clawback of $173m from Roeslani(of $201m payments identified as having no clear business purpose), and a full update on operations.

All that's needed is for trading to resume to see where the price will settle.

[tamboerskloof] 26/6/2013 09:38

Bumi plc ("Bumi" or "the Company")

Trading Update for the 4 month period to April 2013

· On track to reach 2013 production target of 23 million tonnes
· Production up 27% against year to date 2012
· Stripping ratio down 21% against year to date 2012
· Production cost of sales down 9% against year to date 2012
· Launch of first phase of benchmarking and asset optimization programme

Bumi is pleased to report a continued strong operational performance at PT Berau with April 2013 production at 2.0mt, taking year to date ("YTD") production to 7.3mt, an increase of 27% against the prior year period. The YTD stripping ratio was 8.5 which is 21% lower than YTD April 2012 at 10.8. Production cost of sales in April 2013 was $36.0/t, taking YTD April 2013 production cost of sales to $36.4/t, down 9% against YTD April 2012, with the decrease driven by the lower stripping ratio, fuel costs and reduced haulage distances.
Average selling price ("ASP") was $62.9/t in April 2013, with YTD April 2013 ASP of $63.1/t 19% lower than the same period last year.

[tamboerskloof] 25/6/2013 14:33

Should know something by this time tomorrow hate to imagine what the share price will open at considering that prices for thermal coal, used for power generation, have fallen over 30 percent in the last two years to around $80 per tonne, while prices for coking coal, used for steel-making, have dropped about 40 percent in the last year to around $130 per tonne.

[naughtynicky72] 24/6/2013 12:24

Two more days and then we can see whats happening ,, put your seat belts on and enjoy the ride ! Naughty .

[hvs] 23/6/2013 15:28

See £ 1 as fair value.

It always happens after THE HORSE HAS BOLTED but am sure as they always say "Lessons will be learnt" Are they all from OXBRIDGE ???

See NAT KING COAL will be having his fires burning at a subsidy.

[tamboerskloof] 21/6/2013 09:22

Update on Trading

On 31 May 2013, Bumi announced that it was working to enhance its internal systems and controls at Berau having previously requested that trading in its shares be temporarily suspended. The Company is engaging with the Financial Conduct Authority regarding the work that has been done with the aim of securing its approval for the resumption of trading as soon as possible after the Company's Annual General Meeting on 26 June (the "AGM").

The Board remains committed to the delivery of a separation from the Bakrie Group and Bumi Resources. Negotiations pertaining to the separation are ongoing, including with respect to the unwind of the joint venture arrangements between the Bakrie Group and the Borneo Group, and a further update will be provided at the AGM.

[roddyb] 18/6/2013 12:14

Apparently this week we recommence trading - since our suspension:-
price of coal has dropped
Chinese are banning the use of low grade coal forcing us to sell blended coal
We are short of $200m spent on unexplained items
The goodwill write down will be ma-hu-sif
Oh and finally the FTSE has fallen 7% since suspension with miners accounting for the largest drops.

on the upside; the share price is already on the floor and considered uninvestible by many during the Bakrie - Rothschild period, maybe we will drop to £2 initially with a slow recovery this winter to £3 ???

[naughtynicky72] 17/6/2013 21:57

We wait and see whats going on , next week then Tamboerskloof ! cant wait too see whats going too happen ! Good luck too all holders i think we may need it ! .

[tamboerskloof] 16/6/2013 20:34

AGM - The Company's AGM on 26 June 2013, the Board will apply for the resumption of trading in the shares of the Company.

[hvs] 05/6/2013 18:19

Anyone know how long this will be allowed to be suspended ????

Or do we just make the RULES as we go along IN THE CITY ?