Bumi to delay publication of full year results

published 19 March 2013

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.

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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".