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| Share Name | Share Symbol | Market | Stock Type |
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| Bumi | BUMI | London | Ordinary Share |
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| 0.00 | 0.00% | 235.00 | 01:00:00 |
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Posted at 10/7/2013 16:53 by tamboerskloof 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. |
Posted at 08/3/2013 10:39 by tamboerskloof Board changes at PT Berau Coal Energy Tbk ("BCE"), PT Bumi Resources Tbk ("Bumi Resources") and PT Bumi Resources Minerals Tbk ("BRMS")Bumi hereby announces that a general meeting of BCE took place yesterday in Indonesia at which a number of changes to its Boards of Commissioners and Directors were made with the full support of Bumi. The following resignations were received by BCE: 1. Resignation of Mr. Rosan Roeslani as President Director; 2. Resignation of Mr. John Ramos as Director; 3. Resignation of Mr. Samin Tan as Commissioner; 4. Resignation of Mr. Alexander Ramlie as Commissioner; 5. Resignation of Mr. Mochamad Djatmiko as Commissioner; and 6. Resignation of Mr. Stefan White as Commissioner. Additionally, the following appointments were made: 1. Appointment of Mr. Eko Santoso Budianto as President Director; 2. Appointment of Mr. Subagyo Hadi Siswoyo as Commissioner; 3. Appointment of Mr. Kenneth Raymond Allan as Commissioner; and 4. Appointment of Ms. Eva Tarigan as Commissioner. Mr. Allan and Ms. Tarigan are also currently Directors of Borneo. Mr. Siswoyo is also a Commissioner of PT Berau Coal, BCE's Indonesian operating subsidiary. As a result of these changes, the Boards of Directors and Commissioners of BCE are constituted as follows: Board of Directors Mr. Eko Santoso Budianto President Director Mr. Arief Wiedhartono Director Mr. Scott Merrillees Director Mr. David Tonkin Director Board of Commissioners Mr. Sofyan Djalil President Commissioner Mr. Subagyo Hadi Siswoyo Commissioner Mr. Sandiaga Uno Commissioner Mr. Erry Firmansyah Commissioner Mr. Andi Achmad Dara Commissioner Mr. Kenneth Raymond Allan Commissioner Ms. Eva Novita Tarigan Commissioner Key to these changes is the appointment of Mr Budianto who replaces Mr. Roeslani as President Director of BCE as announced in the Company's circular to shareholders of 28 January 2013. This is an important step in Bumi plc's strategy of further strengthening internal financial controls and corporate governance standards throughout the Group's Indonesian operations. Separately, Bumi notes the announcement by Bumi Resources of 6 March 2013 regarding the resignation of ten Commissioners and Directors of Bumi Resources. Three of those resigning are Directors of Bumi, namely Mr. Samin Tan, who has resigned as President Commissioner of Bumi Resources, and Mr. Alexander Ramlie and Mr. Scott Merrillees, who have resigned as Commissioners of Bumi Resources. Bumi also notes that Mr. Tan has resigned as President Director of BRMS. The resignations of Messrs. Tan, Ramlie and Merrillees are in line with the Company's announced aim of separating from the Bakrie Group and Bumi Resources, which transaction the Company intends to put to shareholders for approval as soon as possible. The resignations are also consistent with the accounting reclassification, announced on 5 November 2012, of the Company's shareholding in Bumi Resources to an investment from an associate given the Company's level of influence over Bumi Resources. |
Posted at 12/2/2013 17:32 by stuart14 For those who don't want to click:Bumi plc ("Bumi" or the "Company") Bakrie Separation Agreement - Update Bumi plc announces that it has signed a heads of terms agreement ("HoT") regarding the separation from the Bakrie Group and PT Bumi Resources Tbk ("Bumi Resources" and the "Transaction" respectively). The HoT sets out the key terms of the Transaction which will allow the Company to divest its entire stake in Bumi Resources and remove the Bakrie Group from the Company and incorporates an obligation for the Bakrie Group to provide a US$50 million deposit. The key provisions (the "Key Provisions") of the Transaction as set out in the HoT are as follows: - the Bakrie Entities will cancel their indirect holding of 57,298,534 shares in Bumi plc amounting to 23.8% of the total issued ordinary share capital of Bumi plc in exchange for the transfer to the Bakrie Group of shares in Bumi Resources held by Bumi plc equating to 2,316,967,115 Bumi Resources shares equal to 10.3% of the entire issued shares in Bumi Resources (the "Share Swap"); - Bumi plc will sell to the Bakrie Group the remaining 3,924,732,522 Bumi Resources shares held by Bumi plc, equal to 18.9% of the entire issued shares in Bumi Resources, for US$278m payable in cash (the "Share Sale"); and - the Bakrie Group will be required to place US$278m in escrow within 5 business days of signing a definitive agreement relating to the Transaction (the "Definitive Agreement"). This will ensure that the funds required to complete the Transaction will be in place well before the general meeting of the Company required to approve the Transaction. The Transaction will be subject to the approval of Bumi plc shareholders. Commenting on this agreement, Nick von Schirnding, CEO of Bumi, said, "The signing of these heads of terms demonstrates tangible progress towards the execution of the separation from the Bakrie Group and Bumi Resources. The core financial terms of this transaction, which is significantly value-accretive for Bumi shareholders, are now fixed. The US$50m deposit incentivises the Bakrie Group to secure the necessary cash to complete the deal. Reaching this milestone yet again highlights the fact that under the current Board the separation from the Bakrie Group can be achieved but if Nat Rothschild's resolutions are passed it cannot." The US$50m deposit from the Bakrie Group will be placed in escrow by no later than 15 February. This deposit will form part of the overall cash consideration for the Transaction and will be repayable to the Bakrie Group under certain circumstances including (a) if any of the resolutions proposed at the general meeting convened for 21 February are passed (the Bakrie Group has previously indicated that it will not proceed with the Transaction in these circumstances); and (b) the Definitive Agreement is not executed by 30 May 2013, except in circumstances where the Bakrie Group has sought to renegotiate any of the Key Provisions. -Ends- |
Posted at 23/1/2013 11:02 by ashthorpedo Tuesday 22 January, 2013NR Investments Ltd Statement by NR Investments RNS Number : 1314W NR Investments Limited 22 January 2013 NR Investments ("NRI") responds to apparently co-ordinated announcements made today by Bumi PLC and by Long Haul Holdings and the Bakrie Group of Companies; expresses disappointment at the Company's failure to publish the Macfarlanes Report into misappropriation of shareholder assets; details the urgent, unanswered questions facing the Company and its Chairman; challenges the Company's legal position re disclosure of Macfarlanes' findings; and deals with the issue of liability It is regrettable that an investigation into the serious misappropriation of corporate assets has resulted in a short, bowdlerised announcement by Bumi PLC which is focused more on settling personal scores with Nat Rothschild than it is on telling shareholders what happened to up to $1 billion of missing funds. Today's announcement from Bumi PLC is hopelessly compromised by the Board's failure to publish in full the Macfarlanes investigation into serious financial irregularities at the Company. Even so, it cannot avoid acknowledging that corporate funds have been looted out of Bumi in large volumes. Despite all attempts by Bumi's Board to throw dust in the eyes of the investing public, that finding is decisive. It makes Samin Tan's position as Chairman of Bumi PLC untenable. Only last weekend he described himself as a "friend" of the Bakries. He has been officially classified a concert party partner of theirs by the Takeover Panel. He and other friends of the Bakries must resign from the Board immediately. Below, we set out matters which point to ongoing malfeasance whilst Samin Tan has been Chairman of Bumi PLC. We also set out many pressing questions left unanswered by the redacted, truncated and censored format in which Macfarlanes' findings have been published today. The failure of Bumi PLC to provide answers to these questions, having earlier promised full disclosure, is intolerable. The Company's claim that it is prevented by legal constraints from telling investors what happened to their stolen money is wrong, as we also explain below. Earlier today, NR Investments revealed that Bumi PLC's Chief Executive Officer Nick Von Shirnding had removed claimed professional qualifications from his website biography after NR Investments identified serious and material inaccuracies. Sir Julian Horn-Smith, Senior Independent Director and Chairman of Bumi PLC's Nominations Committee, has confirmed that Nick von Schirnding is not a qualified lawyer and does not hold an accounting qualification, which tends to support the argument that investors were misled. Assertions about von Schirnding's qualities are rendered meaningless by the initial over-statement of qualifications. We have proposed replacing Bumi PLC's hopelessly compromised leadership with a new, professional Board and management, and in the light of today's findings the forthcoming General Meeting vote cannot come soon enough. Investors face a choice at the General Meeting. The current Board is proposing the effective liquidation of the Company by a Chairman who is looking to reclaim large amounts of his own money from the Bakrie Group. We are proposing a restructured Company with new management and proper governance arrangements, in possession of world-class thermal coal assets. We hope that investors will take the latter course. Unanswered questions Bumi PLC claims in its announcement today that it has been unable to access the information it requires from Bumi Resources, its 29.2%-owned associate company, fully to investigate claims of widespread embezzlement. This is a surrender on the part of the Bumi PLC Board, which has not fully pursued or exhausted the legal and the practical options which should be available to it as Bumi Resources' principal shareholder to seek to compel disclosure. Bumi PLC's position on this point is doubly unacceptable, since certain PLC Board members are central to any proper investigation of what went on at Bumi Resources. The Company acknowledges that it has made better progress in investigating financial impropriety at Berau, but stops short of disclosing what Macfarlanes has uncovered. Today's statement also hints that it might not pursue lines in inquiry relating to Berau, since to do so might carry "associated costs and risks". Without further explanation, this position is again unacceptable - not least since it comes from a Board some of whose members are potentially implicated in the wrongdoing. The overwhelming impression is that the Board has neither the will nor the wit for this task, but shareholders need not give up hope of recovering their money. We have written to the Company on behalf of minority investors demanding that Bumi PLC produce an uncensored copy of the final Macfarlanes report, all communications between the Company and Macfarlanes relating to the form and content of the report, and all information relating to the public disclosure of material from the investigation. In order to restore public and investor confidence in the integrity of the investigation, NRI has also suggested that Bumi PLC, in consultation with minority investors, appoints a suitably senior independent lawyer to review expeditiously all relevant matters pertaining to the investigation and report. It is impossible for a Board chaired by Samin Tan, the Bakries' concert party associate, to sit in judgement on the activities of the Bakries, Tan and their associates. Samin Tan The issue of the Chairman's role is barely mentioned in today's announcement from Bumi PLC, but the evidence submitted to Macfarlanes should have presented him with more than enough questions to warrant his immediate resignation. The document leaked to Nat Rothschild by a whistleblower in September 2012 and passed by him to the Board was a due diligence report commissioned by Samin Tan before he invested in Bumi. The report refers to numerous related party transactions at Bumi Resources and Berau used apparently as means of diverting funds from the Company. In other words, Samin Tan knew about financial irregularities involving the Bumi PLC group before he joined the Board, yet in his role as Chairman did nothing about it. This calls into question compliance with his legal and fiduciary duties as a UK PLC Director. What is more, destruction of shareholder value at Bumi appears to have increased after Samin Tan joined the Board: · On the day of his appointment the Bumi PLC share price was 697 pence. Yesterday it was 331 pence, a fall of 53 per cent while Bumi PLC was under Samin Tan's Chairmanship · Under his Chairmanship of Bumi PLC and as President Commissioner of Bumi Resources, a 30% stake in the infrastructure assets were transferred in June 2012 for $1 from Bumi Resources to Tata Power. Samin Tan personally authorized this transfer of assets · On two occasions in May and October 2012 Samin Tan, as President Director of Bumi Resources Minerals, extended loans of $110million via UOB bank to Bakrie entities collateralised against part of the December 2010 Bumi Resources Minerals IPO proceeds · At the Bumi PLC AGM in May, Samin Tan gave the impression that he had installed his people to positions of influence at Bumi Resources and Berau. The reality is that his people had been side-lined by Bakrie and Roeslani, and had little if any influence in the day to day management of these entities. He also failed to investigate claims made by his recently installed CFO at Bumi Resources, Stefan White, regarding financial irregularities in relation to capital expenditure at the Pendopo coal project · Samin Tan had full knowledge, but did nothing about, the Chateau $75million "investment", the non-commercial marketing agreements at Berau, and the Velodrome consulting agreement (paying some $2m a month for undefined consultancy services), all revealed in the whistleblower documentation · Samin Tan failed to disclose an arrangement that he had agreed with the Bakries, whereby any "leakage" from the group companies to Bakrie entities would be restructured so that Tan was not disadvantaged. However, their arrangement did not extend to the minority shareholders of Bumi PLC and Bumi Resources. Bumi PLC is in possession of substantial evidence to verify these claims, much of which is already in the public domain. Under Samin Tan's leadership, the Company appears not to be actively investigating. The decision not to disclose details of the Macfarlanes report and the admissibility of evidence The Company claims that it is unable to substantiate many allegations of financial and other irregularities owing to a lack of access to the original source of the materials provided to the Company (the whistleblower). The Company further claims that it is unable to release the detail of the Macfarlanes report due to the unacceptable legal risks that exist (primarily in Indonesia) as a result of the undisclosed provenance of these materials and that, allegedly, the materials were obtained illegally through email hacking. We are inviting the Company to advise precisely which Indonesian laws it believes prevent it from publishing any part of the Report, but as the initial recipient of the whistleblower's evidence, Nat Rothschild has a duty of care to protect the whistleblower's anonymity, as enshrined in Lord Woolf's 2008 report into business ethics. The same whistleblower protection, and fundamental public interest in finding out what happened to missing shareholder funds, more than justifies the evidence (and its publication) under UK law. The key whistleblower document, as mentioned above, is a due diligence report that Samin Tan himself commissioned before investing in Bumi, and which appears to provides detail of financial and other irregularities, including the diverting of shareholder funds through numerous related party transactions. In the spirit of cooperating fully with the Macfarlanes investigation, Mr Tan should provide shareholders with a copy of this report immediately. As also mentioned above, we are also calling on Bumi PLC to put the Macfarlanes report in the hands of a legal expert who will be able to reassure investors by taking an independent view as to the admissibility of the evidence and the findings, and to what extent they can be published. It is worth noting, in the meantime, that Bumi PLC's reluctance to publish the Macfarlanes report is even less justifiable given that the Company has anyway been selectively leaking the report's findings over recent weeks, as only a cursory glance at recent press coverage amply proves. To that extent, the Company's attack on Nat Rothschild today for allegedly leaking evidence is hypocritical, as well as a further attempt to distract investors from the central issue - namely the misappropriation of shareholders' funds. Liability issues Any suggestion from Bumi's Directors that Nat Rothschild is to blame for the transgressions that have occurred in Bumi PLC brings buck-passing to a new level. Today's speculation from Bumi PLC that the UK Takeover Panel might somehow hold Nat responsible for the undeclared concert-party activities of Tan and the Bakries - rather than Tan and the Bakries themselves - is the height of absurdity. Nat has worked tirelessly to highlight embezzlement at Bumi, and the Macfarlanes investigation would not have happened without him. As soon as he became aware of financial irregularities at Bumi PLC in November 20101, Nat made the Board and the investing public aware of his concerns. He has also expressed regret at going into business with the Bakries in the first place. In contrast, other founders of the Company - notably Julian Horn-Smith and Lord Renwick - have never admitted they were at fault. Lord Renwick was vice-chairman of JP Morgan Cazenove, which advised on the formation of Bumi PLC in November 2010, having already brought Berau to public markets earlier in 2010 - and which earned more than $30m in fees for its advisory work, which was supposed to include due diligence. Julian Horn-Smith, meanwhile, chaired Vallar at the time Bumi PLC was put together. Contrary to the suggestion made by the Company in today's announcement, it was the Vallar Board led by Julian Horn-Smith that approved Bumi PLC's formation, not Vallar Advisers. Absurdly, Lord Renwick and Julian Horn-Smith both still sit on the Board of Bumi PLC, and neither has ever condemned the Bakries. The folly of their position is glaringly illustrated by today's findings. Statement by Long Haul Holdings and the Bakrie Group of Companies We note the statement issued by the Bakrie interests this afternoon. It is tempting to comment on the irony of their claim that they have "co-operated with the Macfarlanes report" when even the very limited statement issued by Bumi PLC today makes clear that it was unable to access key information relating to the Bakrie-controlled Bumi Resources. However, all parties agree that the key priority for Bumi PLC is to dissolve the Bakries' involvement in the Company, and their opinions on other matters can safely be ignored. The Bakries' threat to remain in occupation of the Bumi PLC register if they do not get their way is juvenile in the extreme. As we have pointed out before, threatening minority shareholders is not the right way to win their support in a British proxy vote - particularly when the Bakries' shares in the PLC are, in any case, held as security against their debts by their lenders. It is well known that the Bakries have significant outstanding borrowings, and owe $550m against their Bumi PLC shares. Their creditors will decide what happens to their shares, and we look forward to negotiating with those creditors in due course. |
Posted at 23/1/2013 10:12 by wigancasino StatementSource: RNS RNS Number : 1037W Long Haul Holdings 22 January 2013 22 January 2013 Long Haul Holdings and the Bakrie Group of Companies statement · Nat Rothschild's position now untenable · Unlike Mr Rothschild, the Bakries co-operated with Macfarlanes report - Bakrie representatives were interviewed by Macfarlanes · Nat Rothschild needs to explain how and why he received what appear to be illegally hacked and potentially falsified or doctored information · Bizarre conduct of Nat Rothschild in recent days a further demonstration that he is unfit to serve on Bumi board · Bakries ready to press ahead with their proposal to restore shareholder value In last few months those who are opposed to Nat Rothschild, including both the Bakries and the Board of Bumi have had to tolerate false and inaccurate attacks on their reputation, orchestrated by Nat Rothschild. All relevant financial details were disclosed in the Bumi prospectus and Bumi Resources is a quoted company with its own board and audited accounts. Nat Rothschild who was the architect (through Vallar Advisers LP) and prime beneficiary of this fiasco, has done serious damage to London's reputation as a capital market with foreign investors, especially those from big emerging markets like Indonesia. Mr Rothschild's actions include: · Disruptive behaviour on the Board of Bumi, culminating with him being asked to resign by Sir Julian Horn-Smith. · Failing to ensure, via his company Vallar Adviser LP, that adequate disclosures were made to the Takeover Panel regarding the overt commercial relationship between the Bakries and Rosan Roselani. Such failure to make appropriate disclosure has led, following the recent Takeover Panel concert party ruling, to shareholders being significantly prejudiced. We relied on Nat Rothschild, at his insistence in 2010, to advise on this topic and to co-ordinate dialogue with the Takeover Panel. Had we known we would be viewed as concerted, we would have sought a whitewash arrangement which would have provided appropriate voting rights, or not participated in the Bumi transaction at all. · Submitting extensive and unmerited expenses to Bumi for the use of his own corporate jet. · Charging $15m in due diligence and advisory fees, only to blame others for the creation of Bumi. · Handing documents to the independent directors which were apparently stolen or illegally obtained and refusing to explain where and how he got those documents. Hiding behind a supposed "duty of confidentiality" is unacceptable in the circumstances and appears to be evasive. · Demanding an expensive inquiry by Macfarlanes and then failing to co-operate adequately with that inquiry, refusing to accept its findings and demanding another one by somebody else. · Trying to gain control of Bumi, without paying a premium to shareholders, by attempting to call an EGM in order to put himself and his appointees on the board and thereby frustrate the Bakries' proposal to restore shareholder value. Indeed, we believe the desire to gain control of Bumi has motivated Nat Rothschild's bizarre actions. It is the Bakrie family's intention to press ahead with the first leg of its proposal to unwind its relationship with Bumi as a soon as possible and we welcome the Board of Bumi's support. This the only deliverable proposal to restore for Bumi shareholders. By contrast, the statements made by Nat Rothschild are unworkable. Should Nat Rothschild persist in his attempts to have himself appointed to the board, we will withdraw our proposal. In the light of today's statement by the board of Bumi about the Macfarlanes report and his behaviour, we respectfully ask those institutional investors who support Mr Rothschild and the individuals persuaded by him to be nominated to the board, to review their positions. We also repeat our request that Mr Rothschild surrender the 16m bonus shares, worth some £138m at issue, which he and his fellow-founders received as a success fee for putting Bumi together. Not only has Bumi been a disappointment, those shares are substantially dilutive to other shareholders. They clearly demonstrate that shareholder value at Bumi is not a concept understood by Nat Rothschild. |
Posted at 15/12/2012 11:19 by hightower3 JakartaGlobeBakrie Makes Plans to Buy Back Bumi Resources ID/Harso Kurniawan | December 15, 2012 The Bakrie Group plans to sell its entire ownership in coal miner and trader Fajar Bumi Sakti and would use proceeds from the sale to finance a proposal to buy back its crown jewel Bumi Resources from London-listed Bumi Plc. According to a source with knowledge of the matter, the Bakrie Group plans to sell its entire 50 percent stake in Fajar Bumi and expects to raise $200 million to $300 million. The stockholding is valued at Rp 2.47 trillion ($256 million), based on the miner's market capitalization, which stood at Rp 13.09 trillion on Friday. The fresh funds will be used to help finance its plan to buy back the 18.9 percent stake in Bumi Resources from Bumi Plc. "There is already the potential buyer. The transaction will be done this year," the source said. Fajar Bumi owns two coal mines in East Kalimantan in Loa Ulung, Tenggarong, and Desa Buluk Seng, Tabang. In Loa Ulung, Fajar Bumi, which oversees a concession area of 988 hectares, has proven coal reserves at 14 million metric tons. In the Tabang mine, which has a 4,955 concession area, reserves are estimated at 100 million tons. In October, Bakrie put on the table a $1.2 billion offer to buy back the 29 percent ownership in Bumi Resources and the 85 percent stake in Berau Coal Energy, which is owned by Bumi Plc. British financier Nathaniel Rothschild put forward an alternative proposal on Nov. 5, Bumi Plc said. In Rothschild's counter proposal, Bakrie-supporting shareholders would be bought out, while Bumi Plc would keep some coal assets, namely majority-owned Berau Coal. Rothschild claimed on Monday that investor support for his proposal to Bumi Plc had grown to include the top-five institutional shareholders and that he sealed commitments totaling $342.5 million, including $75 million from his own pocket. However, Rothschild has not publicly disclosed the details of the proposal. Chris Fong, a spokesman for Bakrie, said in an e-mail to Bloomberg on Thursday that the Bakrie Group expressed doubt that Rothschild had gained support for his proposal to unwind a $3 billion deal the financier and the Bakrie family forged two years ago, to create Bumi Plc. After a board meeting on Wednesday, though, Bumi Plc said that the company was "working towards a transaction which separates the Bakrie Group from the company and divests the minority interest in Bumi Resources." Additional reporting by Bloomberg |
Posted at 10/12/2012 18:06 by hightower3 Bumi Plc. shareholders join forces to keep BerauRaras Cahyafitri, The Jakarta Post, Jakarta | Business | Mon, December 10 2012, 9:55 AM A- A A+ Paper Edition | Page: 13 The minority shareholders of Bumi Plc., including Nathaniel Rothschild, will try to maintain the company's existence and listing on the London Stock Exchange (LSE) by blocking the Bakrie Group's plans to take over one of its main assets, Jakarta-listed PT Berau Coal Energy, according to a source familiar with the matter. Six existing minority shareholders holding combined voting rights of around 50 percent have agreed to keep Berau in Bumi Plc., the source said. The shareholders are co-founder Rothschild, Schroder Investment Management Ltd., Standard Life Investments, the Abu Dhabi Investment Council (ADIC), Artemis Investment Management LLP and Taube Hodson Stonex Partners LLP. "[The shareholders] only need 25 percent to block the Bakrie deal, as it is a class 1 transaction under UK law," the source said. According to Bumi Plc.'s annual report from 2011, the largest voting rights holder is PT Borneo Lumbung Energi & Metal, with 29.99 percent, followed by PT Bukit Mutiara with 13.11 percent, Rothschild with 11.92 percent, BlackRock Inc. with 6.36 percent, ADIC with 4.15 percent, Schroder with 3.99 percent and Taube Hodson with 3.16 percent. No details were available for the stakes held by Standard Life or Artemis. Bumi Plc., through an appointed advisor, is reviewing the Bakrie Group's three-stage proposal submitted in October to swap its ownership and take over the company's main assets, PT Bumi Resources and Berau, the two main players in Indonesia's coal industry. The source said that the minority shareholders were not interested in keeping Bumi Plc.'s shares in debt-ridden PT Bumi Resources, preferring to retain Berau instead. Following the offer, Rothschild - whose relationship with the Bakrie Group has deteriorated since they agreed in 2010 to develop Bumi Plc. - submitted an alternative proposal to the board, declining to reveal the contents. Rothschild said that he wanted to maintain Bumi Plc.'s premium listing on the LSE and to keep Berau. "Shareholders want to maintain Bumi Plc.'s listing and ownership of Berau without any further involvement of Bakrie, [Rosan] Roeslani and especially [Samin] Tan," Rothschild said in an email to The Jakarta Post on Sunday. Rosan is currently one of Bumi Plc's non-executive directors and the chairman of PT Recapital Advisors, which through Bukit Mutiara holds a 10 percent stake in Bumi Plc. He said recently that his Recapital would likely lose its voting rights if the UK takeover panel found that it was associated with the Bakrie Group and Borneo. Samin Tan has been serving as Bumi Plc.'s chairman since March, after Borneo purchased half of a 47.6 percent stake in Bumi Plc. from the Bakrie Group for US$1 billion. Instead of holding the ownership separately, the Bakrie Group and Borneo formed two special purposes vehicles to retain their ownership in Bumi Plc. Bakrie Group senior vice president Christopher K. Fong said that while the group didn't want to speculate on how shareholders would vote, he remained positive about the results. "We expect PT Bumi Resources will remain a part of Bakrie. If a competitive bid for Berau Coal is submitted, then we would imagine it would need to be a substantial offer to meet the expectations of all shareholders. Our intention is for Indonesian control over these assets. We hope that this expectation is realized," Fong said. |
Posted at 17/10/2012 13:51 by tez123 Looks like the major shareholders are gonna accept the 430p offer by the Bakries.By Edhi Pranasidhi and Eric Bellman JAKARTA--Recapital Advisors Chairman Rosan Perkasa Roeslani, one of the largest shareholders in Bumi PLC (BUMI.LN), said his fund is willing to accept Bakrie Group's $1.2 billion offer for the London-listed company's coal mining assets if it is good for shareholders. Mr. Roeslani--who is also president director of PT Berau Coal Energy (BRAU.JK), one of the companies that Bakrie is trying to buy back from Bumi--said recently the offer so far has been good for investors. Berau shares have risen as much as 63% since Bakrie's offer was unveiled last week, while Bumi PLC shares have climbed as much as 20% over the same period. Support from his fund will likely improve the chances of Bumi's shareholders approving Bakrie's offer. "Our voting rights in Bumi PLC are quite substantial and will be used to recover the value of shareholders, protect the company from destructive efforts, guard Indonesia's assets and its coal industry and increase the value of Indonesia coal assets," Mr. Roeslani told Dow Jones Newswires. "What is certain is the market has responded well to the offer." Recapital, which owns about 13% in Bumi PLC, is the company's third-largest shareholder after the Bakrie Group and Samin Tan's PT Borneo Lumbung Energi & Metal (BORN.JK), which each have a 23.8% stake. In 2011, Recapital folded Berau into Bumi PLC in the hope of raising its market value, but Mr. Roeslani said the value of the Bumi shares it received in exchange for its assets have plunged. "Initially, Recapital's plan to join Bumi PLC was aimed at increasing the value of Berau's shareholders," he said. "The plan, however, hasn't worked as expected and negatively impacted Berau shares." Recapital is considering whether it can get better value for its assets if they are taken out of Bumi PLC, he said. Last week, Bakrie said it plans to buy Bumi PLC's stake in Berau. In Bakrie's buyback proposal issued Thursday, the influential Indonesian conglomerate would give up its 23.8% stake in Bumi PLC in exchange for a 10% stake in Indonesia-listed Bumi Resources. Bakrie Group plans to buy Bumi PLC's remaining 18.9% stake in the Indonesian unit for $278 million after the initial deal, and also aims to buy Bumi PLC's other mining asset--an 85% stake in Berau--for about $950 million. If completed, the deals would leave Bumi PLC without mining assets. Analysts and investors said they expect Recapital to side with the Bakrie Group. Mr. Roeslani and Recapital received a $500 million loan from Bumi Resources. Nat Rothschild, the British financier who resigned from Bumi PLC's board Monday, had been campaigning to have the loan repaid to lighten Bumi Resources's debt load. Write to Edhi Pranasidhi at edhi.pranasidhi@dowj |
Posted at 02/10/2012 12:27 by mj19 Share MovesBloomberg News Bumi Considering Asset Sale, Rights Offer to Speed Debt Payment By Widya Utami, Harry Suhartono and Fitri Wulandari on October 02, 2012 PT Bumi Resources (BUMI) may sell a subsidiary and conduct a rights offer as part of a plan to accelerate debt repayment, company executives said. Indonesia's biggest exporter of thermal coal is considering a sale of PT Fajar Bumi Sakti, Corporate Secretary Dileep Srivastava said at a briefing in Jakarta today, after the Indonesia stock exchange directed it and PT Berau Coal Energy to hold public presentations on their finances amid a probe initiated by London-listed Bumi Plc. (BUMI) Bumi Resources may sell shares, President Director Ari Hudaya said at the briefing. Bumi Plc, founded by Nathaniel Rothschild and owner of 29 percent of the Jakarta-based miner, said Sept. 24 it began investigating "potential financial and other irregularities" and hired lawyers to look into a $637 million writedown of development funds and exploration assets. Moody's Investors Service changed its outlook on Bumi Resources to negative from stable on Sept. 25, while Standard & Poor's cut its long-term rating by a step to BB- the next day. Bumi Resources is unclear of news on an investigation by Bumi Plc and has always abided by Indonesian rules, Srivastava said at the press briefing. PT Berau Coal Energy has not been informed of nor involved by Bumi Plc in an investigation of Berau Coal, its president director Rosan P. Roeslani said at a separate press conference, also in Jakarta. Bumi shares fell 2.7 percent to 710 rupiah apiece at the close in Jakarta, erasing an earlier advance of as much as 5.5 percent. The stock has plunged 68 percent this year, compared with the 12 percent gain on the benchmark Jakarta Composite index. Bumi Plc advanced as much as 13 percent in London. The investigation will focus on "extensive" development funds at Bumi Resources and an asset at PT Berau Coal Energy (BRAU), another coal holding, which were marked down to zero in the accounts of Bumi Plc as of Dec. 31, Bumi Plc said. It gave no figures for the writedown at that time. The probe is the latest turn in a dispute involving Rothschild and Indonesia's Bakrie family since they agreed to a $3 billion deal in 2010. Relations between Rothschild and Bumi Co-Chairman Indra Bakrie soured last year after the U.K.-based financier made public a letter to then-Chief Executive Officer Ari Hudaya urging a "radical cleaning up" of Bumi Resources |
Posted at 25/9/2012 16:33 by brewsters_millions NO WONDER THE share price SHOT UP !!THIS HAS £2 WRITTEN ALL OVER IT :) Indonesia Regulator Sees No Reason to Examine Bumi Resources By Yoga Rusmana and Berni Moestafa - Sep 25, 2012 12:07 PM GMT+0100 . Indonesia's capital markets regulator said it has no grounds to investigate PT Bumi Resources, the company at the center of a London-based probe into alleged "irregularities" involving a $637 million writedown. Bumi Plc, the London-listed coal venture that owns 29 percent of Bumi Resources and was founded by Nathaniel Rothschild, yesterday announced the investigation into the Indonesian operations and said former Chief Executive Officer Ari Hudaya, 53, had resigned from the board. The dispute pits Rothschild against Indonesia's Bakrie family, the part- owners of Bumi Resources, which includes billionaire Aburizal Bakrie, the 2014 presidential candidate for the nation's second-biggest political party. Photographer: Adek Berry/AFP/Getty Images . "We have spoken to Bumi Resources for clarification on the news developments," Anis Baridwan, a head of corporate financial assessment at Indonesia's Capital Market and Financial Institution Supervisory Agency or Bapepam-LK, said by phone in Jakarta. "We don't have any reason" to investigate the company and have had no contact with Bumi Plc yet, he said. The London probe is linked to a writedown of so-called development funds and exploration assets in the Dec. 31, 2011, year-end financial statement of Bumi Plc. The dispute pits Rothschild, 41, against Indonesia's Bakrie family, the part- owners of Bumi Resources, which includes billionaire Aburizal Bakrie, the 2014 presidential candidate for the nation's second- biggest political party. Dileep Srivastava, director at Bumi Resources, said by phone that it's possible the controversy over the writedown is a matter of differing accounting treatments "under two accounting standards in different countries." James Kallman, president of PT Mazars, which audits Bumi Resources in Indonesia, said by phone that the auditor believes the company "has disclosed in a proper way anything that needs to be disclosed in Indonesia." Soured Ties It's the latest turn in an acrimonious partnership that began with a $3 billion deal in 2010 that married the centuries- old British banking dynasty with a family-owned palm oil-to- property-empire started in Sumatra in 1942. The investigation was sparked when auditor PricewaterhouseCoope A London-based law firm has been appointed to handle the independent probe, which is likely to take weeks, the person said. "We haven't seen what these allegations are," said Kenneth Allan, a director at Borneo Lumbung Energi, which owns 30 percent of Bumi Plc. "It's just a broad brush in the press release that said there were some allegations of some impropriety." Market Reaction Bumi Plc and Bumi Resources shares recovered from heavy losses prompted by the probe. Bumi Plc was up 2.3 percent at 151.1 pence, having dropped to its lowest on record yesterday, while Bumi Resources closed 1.5 percent higher in Jakarta at 690 rupiah. Bumi Resources stock had fallen as much as 13 percent earlier in the day and is still down 68 percent on the year so far, hurt by falling coal prices and concerns it may struggle to repay debt. Bumi Resources owes $1.3 billion to China Investment Corp. The probe comes almost 11 months after Rothschild, whose ancestor helped bankroll Britain's war against Napoleonic France, made public a letter to then-Bumi Plc CEO Hudaya calling for a "radical cleaning up" of the company and a timetable for the "repatriation of funds deposited with connected parties." Letter The Nov. 8 letter cited $394 million of business development funds under non-current assets on the balance sheet of Bumi Resources as at June 20, 2011. "The existence of these assets are well known to the investment community and certain of these assets are invested with connected parties," wrote Rothschild, the son of financier Jacob Rothschild. "This is one of the principal reasons why PT Bumi Resources' shares trade at a significant 'corporate governance' discount to the broader Indonesian coal sector." Probe Focus The probe will focus on "extensive" development funds at Bumi Resources and an asset in PT Berau Coal Energy, which were marked down to zero in the accounts of Bumi Plc as of Dec. 31, the company said. It gave no figures for the writedown. According to its 2011 annual report published in April, Bumi Plc wrote down the value of exploration assets by $390 million to zero. It also cut the value of business development funds by $247 million. The London-listed firm said it planned to contact authorities in the U.K. and Indonesia over the claims, without giving the source of the allegations. PT Bakrie & Brothers -- controlled by Aburizal Bakrie, who is the brother of Bumi Plc (BUMI) Co-Chairman Indra Bakrie -- sold half of their 47.6 percent stake in London-listed Bumi in November to help pay $1.35 billion in debts owed to Credit Suisse Group AG. Aburizal is the chairman of the Golkar Party of Indonesia, which was founded by former dictator Suharto. Public Offering Rothschild raised 707.2 million pounds ($1.1 billion) in the 2010 initial public offering of Vallar Plc, selling stock at 1,000 pence apiece. It later struck the deal giving it the stake in Bumi Resources and 85 percent of PT Berau Coal Energy, and led to Vallar being renamed Bumi. That made Bumi the first major Indonesian business to tap the U.K. equity market. Bumi Resources is the largest Indonesian coal producer and owns a 65 percent stake in Kaltim Prima Coal operation, or KPC, and 70 percent of the Arutmin mine. Bumi Resources purchased coal miner PT Arutmin Indonesia from BHP Billiton Ltd. in 2001. Since then, the company has borrowed to expand its production. PT Recapital Asset Management missed a deadline to repay a $231 million investment due to Bumi Resources, Bumi said Aug. 28. Bumi board member Rosan Roeslani is the president director of Recapital and the funds were part of the dispute between Rothschild and Bakrie. Bumi CEO Nalin Rathod said in a May interview the company was in talks to repay debt owed to CIC early as part of a wider plan to reduce financing costs. The London-listed company will make a further announcement on the investigation in due course, it said yesterday. To contact the reporters on this story: Yoga Rusmana in Jakarta at yrusmana@bloomberg.n |
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