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.

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