Bumi Share Discussion Threads

[craffert] 03/2/2013 20:14

Would love to see a professional assessment of the options available to shareholders - some detailed numbers.

[harrythehorse] 03/2/2013 14:51

I had exactly the same experience on Friday and my shares are in a nominee account through T D Waterhouse.
I too remained non commital as I really don`t know which way to vote and will follow any media reports over the coming days with much interest.

[tday] 03/2/2013 14:13

I had a lady from BUMI phone me on Friday, enquiring if I would be voting against the EGM resolutions. Given that I bought one tranche of shares via Barclays Stockbrokers, and thus the shares are in a nominee name, Bumi must have requested Barclays, to divulge my and other beneficial holders details to them. Interesting?

I told her I was unsure since, I am finding it difficult to assess the pros and cons. What are the compelling reasons, if any, for voting for Nat Rothschild or the present BOD?

I did mention to the Bumi lady that I wasn't too impressed, by the fact that the present CEO, was apparently less than completely honest over his professional qualifications. If the CEO cannot get little details like that correct, what hope has he on big issues?

[tamboerskloof] 02/2/2013 20:33

The only person able to form a new board is Nat so you must vote for him; if not, then you have no other option than to trust the current Board.

[dmore2] 02/2/2013 08:27

Totally agree flyfisher

[flyfisher] 02/2/2013 07:48

What is the £4.30 , i have not seen a formal offer or a statement from the board that they will return a set amount to shareholders.
Is their any evidence that the bakries can deliver on their proposal ,the first part of which was originally to be completed by the end of december. With their plc stock held as collateral by the banking syndicate they are not free to do as they wish . Everything they have done so far has been to the detriment of minority holders and this could well be the same.
If the bakries do manage to exit then tan and roeslani will still be close to owning a majority and may not be considered a concert party , i guess the real reason for the bakrie suggestion for rothschild to return his founder shares is to ensure that that the remaining indonesians do then have voting control, what is the likelyhood of them doing another illusory deal to drain the cash out of the plc.
The indonesians are completely untrustworthy and rothschild is incompetent, it seems to me that a complete new board is needed.

[tamboerskloof] 31/1/2013 16:02

The way the markets are at the moment I shall go with the Board.

[dmore2] 31/1/2013 10:18

you can take 4.30 off baktie in may or you can wait untill rothchild take it back to 10.00! i know which id rather

[fidra] 31/1/2013 09:47

My shares probably on crest.maybe I should contact my broker.

How are you voting Tamboerskloof?

[tamboerskloof] 31/1/2013 09:38

Received voting papers today, an old song comes to mind 'Should I stay or should I go' GLA - Tam.

[fidra] 31/1/2013 08:54

Love this share the 20p spread earlier and the huge volume 2633 shares just gone up from about 900.we must be on a roll!
Level 2 flow meter spinning round and round with mm having fun.

[waldof] 30/1/2013 08:51

US buying i would guess.
But yes has a pattern all of its own.
happy to hold.

[fidra] 29/1/2013 21:29

I agree this is one weird share to watch on L2.

today f all volume price goes down still none then suddenly in the last hour volume

[craffert] 29/1/2013 21:09

Every day it's the same pattern. My gut feel is that some very smart fund/hedgie is accumulating these on the quiet.

[stuart14] 29/1/2013 16:47

Nice finish

[craffert] 28/1/2013 23:34

ooohh Nat and Bakries just need to table a £6 a share bid to change the landscape here and win the day.

[ashthorpedo] 28/1/2013 11:41

RNS Number : 4575W

NR Investments Limited

28 January 2013

28 January 2013

NR Investments ("NRI"): Bumi's Leak to Sunday Press Reinforces Need to Reconstitute the Board

Yesterday's leaked proposed actions from Bumi plc reinforce rather than reduce the need for wholesale change of the Board.

The Board of Bumi has belatedly chosen to mirror many of NRI's proposals. They have only acted in relation to the misappropriation at Chateau and others, the lack of control at Berau, and the size and membership of the Board under extreme and relentless pressure from NRI. Nat Rothschild has highlighted the issues which the Board has finally recognised consistently since November 2011, both in his time as a Board member and subsequently.

The announcement of Eko Budianto as Rosan Roeslani's replacement at Berau does nothing to address concerns that Berau will be free of influence of the Bakrie concert party in the future. As Operations Director of Berau, Mr Budianto is an influential member of a regime that is wholly discredited as a result of the continued operational underperformance and lack of management control displayed at Berau. Contrast this with Brock Gill, a truly independent CEO with a world-class pedigree, who has committed to relocate to S.E. Asia and manage the Berau mine for the benefit of all shareholders.

Further disinformation is being used to promote the appointment of Tony Redman. Mr Redman was a founder Vallar member and was listed in the original 2010 prospectus. He has been a technical adviser to Bumi since its foundation, and a member of the Bumi Health, Safety, Environment and Community Committee. To suggest that he will be "introduced" as a technical adviser to Berau, is a ridiculous statement given the fact that he has been acting in this capacity since inception. What this demonstrates is that Bumi's existing board is trying to win a PR battle, whilst we are trying to save a company.

The Board's unwillingness to act until forced into doing so demonstrates that they are unfit to continue in office. NRI continues to believe that the only way to create long-term value for ALL shareholders at Bumi is introduce strong, independent management and make a clean start by reconstituting the Board.

ENDS

[strollingmolby] 27/1/2013 10:04

More concert parties?

Rothschild reports Bumi hedge funds to Panel

The scion of the banking dynasty has informed the Panel, which adjudicates in the matter of such City disputes, that he believes Route One and Orchard Capital are connected to the Indonesian family, which, with linked investors, already controls 29.9pc of Bumi's votes.

Route One and Orchard – both US investment funds – control between them 1.61pc of Bumi's votes.

[flyfisher] 26/1/2013 15:19

I wonder how much say the syndicated backers to the credit suisse bakrie loan for which the bumi plc stock is pledged as security will have.
The loan has been overdue for about 9 months and is effectively in default , with interest seemingly rolling onto the capital outstanding.
It was $437M last spring and in rothschilds letter he refers to it being about $550M.
There would seem to be few , if any bankers who bakrie can turn to . When he turned to tan to bail him out with the $1bn loan , tan used standard chartered to raise the finance , but standard failed to syndicate the loan as no one would touch it and it was left with them , tan subsequently had to sell a stake in his business to part pay it down and the standard chartered banker who set it up was subsequently dismissed.
Also we learn that nomura recently pulled the plug on the project magnum deal for bakrie.
The syndicate backers hold the plc stock as security , presumably any transaction which affects their collateral will need their approval , i wonder what they think ?