UK Takeover Panel censures Bumi
In mid-December 2012, the UK Takeover Panel ruled that the notorious Bakrie Group, and an investor called Rusan Roeslani, must reduce their shareholder voting rights in London-listed Indonesian coal giant Bumi plc from 50.3% to less than 30%. The Panel said both had acted as a “concert party” when injecting their Indonesian coal assets into Nat Rothschild’s Vallar plc in 2011. They should either have mounted a takeover bid for Bumi on securing more than 30% of the company’s shares; or else gained a waiver from the Panel – which they didn’t. In response, Roeslani has resigned from the Bumi board, while Bakrie’s nominee, Nalin Rathod, stepped down as the company’s CEO at the end of the year (December 31 2012).
See http://www.minesandcommunities.org/article.php?a=12091.
Bumi agrees to February vote on Rothschild plan
Coal miner Bumi Plc will offer bruised shareholders a “clear choice” on its future next month, the group said, as it granted co-founder Nat Rothschild’s request for a vote that could oust virtually all board members. Rothschild, who is courting fellow investors in his battle against Bumi’s board members and the company’s Indonesian investors, earlier on Monday demanded a meeting to allow shareholders to vote on a plan to oust 12 of 14 current directors, including the newly appointed chief executive.
See http://www.mineweb.com/mineweb/content/en/mineweb-fast-news?oid=168922&sn=Detail.
Bakries may rethink Bumi exit plan if Rothschild returns
Indonesia’s influential Bakrie family has warned that it could rethink its proposed exit from Bumi Plc, a coal venture it co-founded with Nat Rothschild, if the financier pursues a planned return to the board. A Bakrie decision to dig in as a result of changes proposed by Rothschild and his supporters could delay efforts by the coal company’s board – and by the financier himself – to split with the Indonesian family and start afresh.
See http://www.mineweb.com/mineweb/content/en/mineweb-fast-news?oid=170021&sn=Detail.
Bumi Plc chairman on the brink of stepping down
Indonesian coal tycoon Samin Tan has suggested that he could step down as chairman of London-listed miner Bumi Plc once the company had resolved a “critical period” of tension between major shareholders. Bumi Plc, one of the world’s largest thermal coal exporters, was created by financier Nat Rothschild and Indonesia’s influential Bakrie family to bring promising Indonesian mining assets to London investors. But after two years of shareholder infighting and tumbling shares, the company faces a bitter battle over its future.
See http://www.mineweb.com/mineweb/content/en/mineweb-fast-news?oid=169782&sn=Detail.