Vimeo
LinkedIn
Instagram
Share |

Bakrie

February 22, 2013

Financier Nat Rothschild has failed in his bid to replace the board of Bumi, the ill-fated FTSE 250 coalminer he co-founded in 2010 with Indonesia’s Bakrie family.

Financier Nat Rothschild has failed in his bid to replace the board of Bumi, the ill-fated FTSE 250 coalminer he co-founded in 2010 with Indonesia’s Bakrie family.

On 21 February Rothschild attended Bumi’s extraordinary general meeting in London, arriving with his mother, Lady Serena Rothschild, and leaving with 19 out of 22 of his resolutions rejected by shareholders.

Possibly the most important resolution – Rothschild’s proposed appointment as executive director of the board – was rejected by 63% of investors.

January 17, 2013

Financier Nat Rothschild faces fresh setbacks as he attempts to regain control of Bumi, the London-listed coal venture he created in 2010 in a doomed $3 billion (€2.25 billion) deal with Indonesia’s Bakrie family.

Financier Nat Rothschild faces fresh setbacks as he attempts to regain control of Bumi, the London-listed coal venture he created in 2010 in a doomed $3 billion (€2.25 billion) deal with Indonesia’s Bakrie family.

October 16, 2012

Financier Nat Rothschild has stepped down from the board of London-listed coal miner Bumi, saying he has lost confidence in the management’s ability to protect minority shareholders.

Financier Nat Rothschild has stepped down from the board of London-listed coal miner Bumi, saying he has lost confidence in the management’s ability to protect minority shareholders.

In a letter sent to chairman Samin Tam on 15 October, Rothschild, who controls 12% of Bumi, said: “It is my opinion ... that you are not trying to protect the interests of minority shareholders. Rather, I believe that you are complicit in their oppression.”

October 11, 2012

The Bakrie family, which controls the namesake Indonesian conglomerate, plans to sever ties with London-listed coal group Bumi, on the back of ongoing shareholder dispute and an investigation into financial irregularities at the Asian family business.

The Bakrie family, which controls the namesake Indonesian conglomerate, plans to sever ties with London-listed coal group Bumi, on the back of ongoing shareholder dispute and an investigation into financial irregularities at the Asian family business.

In a statement on 11 October, the Bakrie Group said it wants to acquire all of Bumi’s operating assets, swapping it for cash and the family’s 23.8% indirect stake in Bumi.

September 27, 2012

Bumi Resources, the Indonesian coal miner accused of financial irregularities by one of its main shareholders, will act “as expeditiously as possible” to resolve the matter, the family business said in a statement on 26 September. 

Bumi Resources, the Indonesian coal miner accused of financial irregularities by one of its main shareholders, will act “as expeditiously as possible” to resolve the matter, the family business said in a statement on 26 September.

On 24 September, London-listed Bumi, which is part-owned by financier Nat Rothschild and has a 29% stake in Bumi Resources, said it had become aware of allegations concerning potential financial irregularities in the Jakarta-based company’s operations.

February 15, 2012

The Bakrie family and its business partner Samin Tam have withdrawn their request for an extraordinary general meeting to remove financier Nat Rothschild and four other directors from Bumi’s board.

The Bakrie family and its business partner Samin Tam have withdrawn their request for an extraordinary general meeting to remove financier Nat Rothschild and four other directors from Bumi’s board.

In a statement released on 14 February, the Bakries and Tan, who together control 29.9% of the Indonesian coalminer’s voting shares, said the withdrawal was in the best interests of the company and its shareholders.

February 10, 2012

The Bakrie family and its business associate Samin Tam are reportedly confident that the majority of Bumi’s shareholders will back a proposal to remove financier Nat Rothschild from the Indonesian coalminer’s board.

The Bakrie family and its business associate Samin Tam are reportedly confident that the majority of Bumi’s shareholders will back a proposal to remove financier Nat Rothschild from the Indonesian coalminer’s board.

They need just an additional 20.2% of votes to be cast in favour of removing Rothschild and four other directors from the board, as the Bakries and Tam together control 29.9% of the company’s voting shares. They also own 47.6% of Bumi’s ordinary stake.

February 6, 2012

The Bakrie family and its business partner Samin Tam want to remove five directors, including financier Nat Rothschild, from the board of Indonesian coalminer Bumi, in a bid to obtain greater control over the management of the London-listed company.

The Bakrie family and its business partner Samin Tam want to remove five directors, including financier Nat Rothschild, from the board of Indonesian coalminer Bumi, in a bid to obtain greater control over the management of the London-listed company.

In a statement released on 3 February, the Bakrie family and Tan, who together control 29.9% of Bumi’s voting shares, called for a shareholder meeting to be held in the next two months, in order to remove Rothschild and four other directors from the company’s board.

November 2, 2011

The Bakrie Group is selling a 23.8% stake in London-listed Bumi in a $1 billion (€730 million) deal aimed at avoiding a loan default.

The Bakrie Group is selling a 23.8% stake in London-listed Bumi in a $1 billion (€730 million) deal aimed at avoiding a loan default.

Coal miner PT Borneo Lumbung Energi will buy the shares, after talks between the Indonesian family business and Swiss-based Glencore, the world's largest diversified commodity trader, failed.

The sale will go someway to paying back a $1.3 billion loan the family currently owes a syndicate led by Credit Suisse.

Click here >>
Close