Bumi to delay publication of full year results

Mining giant Bumi, which has made headlines on numerous occasions over the past few months, has delayed the publication of its full year results.

Mining giant Bumi, which has made headlines on numerous occasions over the past few months, has delayed the publication of its full year results.

The group said that following a number of board changes at subsidiaries PT Berau Coal Energy and Berau Coal, the new management team is undertaking a thorough review of all balance sheet items and consequently needs more time to finalise the year end account.

The results will now be published on April 24th.

Bumi was formed in 2010 when Indonesia's influential Bakrie family reversed their coal mining assets into Nathaniel Rothschild's London-listed cash shell, Vallar.

However, Rothschild and the Bakries had a falling-out following an investigation into financial wrongdoing.

The two have since been at loggerheads over the future of the company.

The Bakrie Group has agreed to cancel its indirect 23.8% stake in exchange for Bumi's 10.3% holding in Asia's biggest thermal coal exporter PT Bumi Resources.

Bumi has also previously announced plans to sell the remaining 18.9% interest it holds in Bumi Resources to the Bakrie Group for $278m.

Rothschild has tried to claw back control of Bumi through his proposal to oust members of the board but said his chances were scampered after major shareholder, Indonesian businessman Rosan Roeslani, sold his 10% stake just days before the meeting.

Roeslani disposed of his interest after the UK's Takeover Panel ruled in December that he was acting "in concert" with the Bakrie family and ordered the party to sell down their majority stake to 29.9%.

His stake was sold to Avenue Asia Capital Management, Flaming Luck Investments, and Argyle Street Management and Argyle Street Management. The panel ruled that it did not consider the three to be acting with the Bakries so they were able to vote at meeting on 22 proposals put forward by Rothschild.

Following the results of the vote, which was held towards the end of February, Rothschild called on Bumi's eight independent non-executive directors to resign. He said they had "demonstrably lost the confidence of the majority of non-aligned shareholders".

NR

Recommended

How to be better at selling stocks
Investment strategy

How to be better at selling stocks

There is plenty of advice around about buying stocks, but not so much about when you should sell. John Stepek explains the two key things to know abou…
14 Jan 2022
Share tips of the week – 14 January
Share tips

Share tips of the week – 14 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
14 Jan 2022
Fintech: how to profit as technology transforms banking around the world
Share tips

Fintech: how to profit as technology transforms banking around the world

Financial technology – from apps to APIs to the cloud – is rapidly transforming financial services. This will spell doom for some incumbent firms, whi…
14 Jan 2022
Three solid assets to buy for a low interest-rate world
Share tips

Three solid assets to buy for a low interest-rate world

Professional investor Luke Hyde-Smith of the Waverton Real Assets Fund, highlights three alternative investments to diversify your portfolio.
14 Jan 2022

Most Popular

US inflation is at its highest since 1982. Why aren’t markets panicking?
Inflation

US inflation is at its highest since 1982. Why aren’t markets panicking?

US inflation is at 7% – the last time it was this high interest rates were at 14%. But instead of panicking, markets just shrugged. John Stepek explai…
13 Jan 2022
Five unexpected events that could shock the markets in 2022
Stockmarkets

Five unexpected events that could shock the markets in 2022

Forget Covid-19 – it’s the unexpected twists that will rattle markets in 2022, says Matthew Lynn. Here are five possibilities
31 Dec 2021
Interest rates might rise faster than expected – what does that mean for your money?
Global Economy

Interest rates might rise faster than expected – what does that mean for your money?

The idea that the US Federal Reserve could raise interest rates much earlier than anticipated has upset the markets. John Stepek explains why, and wha…
6 Jan 2022