Bumi requests suspension of shares after results are further delayed - UPDATE

Miner Bumi has warned that it will not be able to publish its audited full year results before the end of April 2013, which is the deadline under the UK's Disclosure and Transparency Rules, and as such the company has requested its shares be temporarily suspended from April 22nd until the publication of the results.

Miner Bumi has warned that it will not be able to publish its audited full year results before the end of April 2013, which is the deadline under the UK's Disclosure and Transparency Rules, and as such the company has requested its shares be temporarily suspended from April 22nd until the publication of the results.

The group said its main focus is now producing results 'at the earliest possible date in May'.

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. "

The news follows Bumi's announcement earlier in the month that it results would be delayed until April 24th to enable it to carry out a review of items on its balance sheet, a process which has taken longer than originally anticipated.

The company said: "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."

The group added the review is not expected to have any impact on on-going operations, and that a number of cost-saving initiatives, in particular a significant reduction in strip ratios, are already yielding results.

The group also said the separation from the Bakrie Group and Bumi Resources is on track, and revealed that the process of appointing a new Chairman is "well advanced".

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Oil producers are back at their Covid-19 lows – is it time to buy?
Oil

Oil producers are back at their Covid-19 lows – is it time to buy?

With demand for oil hammered by Covid-19 and talk of “peak oil demand”, there are lots of good reasons to be bearish on oil producers. So, asks John S…
22 Sep 2020
The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020
Why you should stuff your end-of-pandemic portfolio with Chinese stocks
China stockmarkets

Why you should stuff your end-of-pandemic portfolio with Chinese stocks

For an end-of-pandemic portfolio, you need assets that can cope with today’s volatility. And that, says Merryn Somerset Webb, means Chinese stocks.
14 Sep 2020