Bumi Share Discussion Threads

[srpactive] 26/4/2013 20:39

Uk government now getting involved to help,
it is a shame they do not look at cosalt,
even worse has gone on their except cable miliband
and cameron would not help and they all knew what
was going on.

A complete disgrace what some people are allowed to get away with.

dyor

regards

active

[sanks] 22/4/2013 23:55

TITTSY..sorry, CHESTY...bet you wished you had listened to me!
My advice now, keep sheepshagging for tension release.
Hope it helps


CHESTY1 25 Sep'12 - 10:38 - 127 of 739

Looks like we have a serious player picking up stock....
Sanks thanks for your L4 tip....Everywhere you go I follow n buy your making me a packet...cheers.



.......

[naughtynicky72] 22/4/2013 22:40

Who no,s bulltradept , time will tell like any share , you are ether in or out simple really , Good luck too all holders ! .

[bulltradept] 22/4/2013 12:19

At what price will this open @ I wonder after the suspension?

[tamboerskloof] 22/4/2013 09:44

22 April 2013

For Immediate Release

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

Bumi plc requests temporary share suspension pending finalisation of results

On 12 April 2013 Bumi announced that further work with regard to the completion of its financial results for 2012, and in particular a review of the integrity of a number of items on the balance sheet of its subsidiary PT Berau Coal Energy Tbk, was continuing and that as a result there was a likelihood that the publication of these results would need to be delayed beyond 24 April 2013.

It is now clear that Bumi will not be able to publish audited full year results before the end of April 2013, being the latest time permissible under the UK's Disclosure and Transparency Rules.

After consultation with the UK Listing Authority, Bumi has requested that trading in its shares be temporarily suspended with effect from 07:30 today until the publication of these results. Bumi expects that this suspension will be lifted on publication of results. The Company's priority and focus is the production of results at the earliest possible date in May.

The new management team at Berau is overseeing a full audit review and, as previously announced, certain expenditures relating to hauling roads and land compensation payments in 2012 will not be capitalised and will be treated as costs. No significant additional issues have been identified to date.

Berau management is now fully verifying all existing material contracts and has an action plan in place to complete this review allowing publication of audited results. The team is working closely with PwC, its auditors, as well as with Ernst & Young, hired as consultants to provide expertise and resources to expedite the process in order to ensure that all legacy issues are identified and disclosed.

This review is not expected to have any impact on on-going operations. The mines continue to perform in line with expectations and a number of cost-saving initiatives, in particular a significant reduction in strip ratios, are already yielding results.

The separation from the Bakrie Group and Bumi Resources is on track and a circular will be sent to shareholders to approve this transaction as soon as possible. In addition, the process of appointing a new independent chairman is well advanced and a number of candidates have been interviewed.

Nick von Schirnding, chief executive of Bumi, said, "We are taking all necessary steps to create a clean and transparent company with a balance sheet in which investors can have confidence. Verifying the balance sheet is a necessary step to rebuild investor trust and to achieve that a temporary suspension in trading is required. It is critical that Bumi is able to draw a line under any historic issues before we move ahead with our clear strategy for value optimisation focused on Berau. "

-Ends-

[hvs] 12/4/2013 16:19

Was it not NAT KING COAL of the CLAN who sold this to the public.

What a mess.

200p here we come.

[tamboerskloof] 12/4/2013 15:21

MORE DELAY TO The RESULTS
Bumi plc Update on Balance Sheet Review
RNS Number : 2583C

Bumi plc


12 April 2013

For Immediate Release

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

Update on Balance Sheet Review

On 19 March 2013, the Company announced its decision to defer publication of its Full Year results for the year ended 31 December 2012 until 24 April 2013 as a result of a thorough review of balance sheet items - a number of which required additional substantiation by new management at Berau.

Several items have not been supported to the satisfaction of the new Berau management team. Management at Berau has concluded that there is not sufficient evidence to support the capitalisation of certain expenditures, in particular expenditure attributed to hauling roads and overburden removal which are normal business activities of the Company to support expansion of the mine. These expenditures, which are estimated to be up to $56m, and were incurred during 2012, will be treated as costs in the 2012 income statement and excluded from the underlying results for the year.

In addition, in reviewing certain land compensation payments in 2012, new management at Berau have been unable to fully verify transactions relating to a number of landowner payments, and this is still the subject of the ongoing review. The amount under review is estimated to be up to $38m and a provision will be taken in respect of these historical expenditures pending the outcome of the review.

These adjustments will be reflected in the Full Year results together with any other items that may emerge from the ongoing balance sheet review. Given the level of further work that needs to be completed over the next few weeks there is a likelihood that the publication of final results will need to be further delayed.

The new management at Berau, under new leadership from Bumi plc, is intent on clarifying and rectifying these issues and is engaging with the previous management team to achieve this. In particular if and to the extent that expenditures cannot be substantiated, Berau is seeking undertakings from any responsible parties that it will be properly compensated for the financial impact.

Nick von Schirnding, chief executive of Bumi plc said "These actions underscore the fact that new management is leaving no stone unturned and that we are taking firm action to resolve all residual financial issues. While clearly the above findings are disappointing, it does reflect the fact that we are taking a grip and turning the corner with independent management in place at both Berau and Bumi plc. I am keen to draw a line under the legacy issues and these disclosures form part of an ongoing process of restoring investor confidence in Bumi plc. It is far preferable to achieve certainty and allow us then to move on with a clean slate."

[stuart14] 12/4/2013 11:03

p@, i imagine they have. The Bakries are seemingly above the law.

[p@] 12/4/2013 08:46

Have the Bakries done the following-

Investigators are examining whether the sale of 70pc stakes in two companies that own ports, conveyors and crushers vital to the operation of Bumi Resources' mines were cut-price, undisclosed "related-party transactions" involving the Bakries.
Since the sales of the two companies in 2010 for less than $200m (£126m), they have been refinanced with more than $1bn of debt, potentially allowing the payment of a large dividend to the owners.
The inquiry has been given added urgency by a mooted deal in Jakarta, involving the planned re-sale of the same assets to Benakat Petroleum Energy for $590m.
Investigators are examining allegations that the Bakries – one of Indonesia's most powerful families – have interests on both sides of this proposed transaction via Bumi Resources' so-called "development" assets.



because if they have Bumi is over a barrel.

[tamboerskloof] 12/4/2013 08:38

The above Article put out today ----- NN & hvs I'm unsure about others but I'm definitely thousands of pounds out of pocket over this board room battle if anything at all can be restored it can only be good for small shareholders, I still can't understand why they are unable to pay a modest dividend, Hopefully the profits will become more transparent with the new board in place

[naughtynicky72] 11/4/2013 17:33

Hopefully Tamboerskloof they can get on with what they need too do and get this share price going north again ! Good Luck Too All You Longs ! ..

[tamboerskloof] 11/4/2013 16:15

SCHRODER INVESTMENT MANAGEMENT LIMITED STATEMENT RE Bumi PLC

11 April 2013

Schroder Investment Management Limited is fully supportive of shareholder engagement and voting power as the ultimate expression of shareholders' rights.

Following the Bumi plc EGM on 21 February, we recognise that shareholders have considered the resolutions and voted as they see fit. We intend to evaluate any further governance proposals on their own merits and believe it is in the best interests of all shareholders that the company moves forward in proceeding with the separation from Bumi Resources and in re-shaping the Bumi plc board.

We have re-engaged with the Bumi plc board and are supportive of their efforts to progress towards these two ends and the restoration of shareholder value.

[naughtynicky72] 11/4/2013 02:07

2 more weeks off fun and games ! I wait I watch ./

[naughtynicky72] 03/4/2013 16:59

3 more weeks off fun and games ! We Wait And Watch ? .

[dmore2] 22/3/2013 20:31

I'm willing to bet, that the barkrie's will back out of the deal - last minute, and the share price will plummet!

[tamboerskloof] 22/3/2013 16:42

Excellent -- Thank you very much.

[flyfisher] 22/3/2013 16:19

Tamb , the remaining assets will be:
29.574m berau shares at 250 rph
cash from bakrie of $278m
plus any current plc cash

adds up to about 370p sum of the parts.

[hvs] 22/3/2013 15:57

Has to be our very very well NAT KING COAL , all made in CITY

[sirgainalot] 22/3/2013 15:10

Interesting points.

God knows who's supporting the share price.

[tamboerskloof] 22/3/2013 14:37

Thanks for your reply Fly, all points noted, I hear what you say and I'm not holding out for much from them although; should the shares be cancelled
as suggested would that not increase Bumi plc share price as there are fewer shares in circulation, just a thought as I'm no expert,
but having said that the assets have been reduced as well, so I'm still in a quandary---Tam.