Bumi sets vote date on bid to oust directors
Bumi today said it will vote on Nat Rothschild’s proposals to oust the majority of the board at an extraordinary general meeting on February 21.
Rothschild, the group’s co-founder who stepped down from the board last October after a dispute with Indonesia’s Bakrie family, wants investors to remove 12 of Bumi’s existing 14 directors.
But the Bumi board recommends shareholders vote down the proposal, arguing that it would result in “stalemate, continued shareholder disputes and further value destruction”. Bumi shares today fell 3.3% to 333p.
Bumi also today confirmed that Eko Budianto will become a director of key Bumi asset Berau Coal. Rothschild yesterday said Budianto was insufficiently independent.
Two of the current directors that Rothschild proposes to retain on the Bumi board —Steven Shapiro and Graham Hearne — have said they do not support the overhaul and would resign if it was passed.
Rothschild and the Bakrie family founded Bumi in 2010, bringing Indonesian resources assets to London. But the pair fell out, and Rothschild has complained about weak financial irregularities and weak corporate governance in Bumi’s overseas subsidiaries.
Rothschild owns 12% of the group’s shares while the Bakries control 24%.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £25000 per annum + OTE £35000: SThree: SThree are a global FTSE 250 b...
£20000 - £25000 per annum + OTE £35K - £45K: SThree: SThree Group have been we...