Nathaniel Rothschild continues its efforts to take over control of Bumi Plc, which sacked by the chief executive and the majority of the board of directors of the BUMI.

Aburizal Bakrie

Prabowo Subianto

Nathaniel Rothschild

Nathaniel Rothschild continues its efforts to take over control of Bumi Plc, which sacked by the chief executive and the majority of the board of directors of the BUMI.



Rothschild who now holds 14.7 percent of voting rights, said it had sent a letter of notification to the Earth which requested a meeting to dismiss 12 of the 14 directors of Bumi Plc, including Bumi Plc's new CEO, Nick von Schirnding, and Director Samin Yan.

"The board of directors of Bumi Plc has now failed in their duty to the minority shareholders and one in regulating BUMI Group," said NR Investment.

He proposed candidate former Leighton Holdings Ltd head Wallace King as a director, Brock Gill as CEO, and himself as the executive director.

"The independence of the majority of the members of the board of directors must now be re-evaluated," said Rothschild.


Tensions feud Bakrie Group versus Nathaniel Rothschild (Nat) more elevated. Each claim, Bumi Plc will accept their proposal at the meeting of Board of Directors (BOD) Bumi Plc, on Wednesday (12/12/2012).

"(A decision on the proposal Bakrie) could be delayed further, but in the end Bumi Plc will agree to sell stake in PT Bumi Resources Tbk to Bakrie," said Christopher Fong, a spokesman for the Bakrie Group, to Cash.

Bakrie Group would like to exchange 23.8 percent stake in Bumi Plc to 10.3 percent of shares owned by the company from London EARTH. Bakrie also proposed repurchase (buyback) 18.9 percent stake in Bumi Plc EARTH from 278.3 million U.S. dollars.

Moreover, Bakrie to buy 84.7 percent stake in Bumi Plc PT Berau Coal Energy Tbk (BRAU) worth 947 million U.S. dollars. Bakrie Group is sure these plans run smoothly. "Bumi Plc will seek the highest bid for Berau. Currently, the supply of Bakrie is the best offer," Fong claims.

Nat Rothschild faction did not want to lose for influence in Bumi Plc. Nat Rothschild, in a statement to Cash, admitted sending a letter to Bumi Plc, the proposal offers an alternative to the Bakrie Group.

Nat claims to have had fresh funds 342.5 million for the injection of new equity in Bumi Plc. Approximately 75 million U.S. dollars from the pockets Nat. While the rest, a joint venture of 11 strategic investors. Investors that include the Abu Dhabi Investment Council, Schroders Investment Management Limited, Standard Life Investments, Taube Hodson Stonex LLP, Artemis Investment Management LLP, and Robert Friedland, a mining entrepreneur from the United States.

Not only that, Nat also claimed to seducing owner Arsari Group, Hashim Djojohadikusumo. However, the role and value of the investment in Bumi Plc Hashim unclear.

Ida Sudoyo, Director of Corporate Communications Arsari Group, stated, could not comment further related roles Hashim. "I'll consult with Mr. Hashim," said Ida.

The joint venture claimed Nat could collect about 28 percent of voting rights in decision-making Bumi Plc. "My understanding, the threshold (voting rights) are required Bakrie pave the proposal will not be achieved," claims Nat.

According to Fong, Bumi Plc's minority shareholders would have realized that any new proposal from Nat did not give better results, but it will make them lose a substantial investment. "They'll know that Nat only alternative bid to secure his reputation will not drop further," he said.

Nick von Schirnding, Corporate Relations Director Bumi Plc, was reluctant to comment about this.

New rumors emerged from this feud is Nalinkant Rathod withdrawal from his position as Chief Executive Officer (CEO) Bumi Plc. The news was reported by the British media, The Telegraph. The news called Rathod submitted his resignation on Wednesday (12/12/2012) in conjunction with the meeting of BoD Bumi Plc.

However, the news was denied Fong. "It's just a rumor," he said. Previously, Indra Bakrie has resigned from his position as Co-Chairman, and Ari Saptari Hudaya of Non-Executive Director Bumi Plc.


Step Nat Rothschild bought Bumi Plc becoming apparent. A source whispers, Rothschild has mengaet Robert Friendland to match the bid proposal of the Bakrie Group.

Friedland is a tycoon who founded Ivanhoe Mines. The company has a copper mine in Mongolia. A source familiar with the matter said, had agreed to bury Friendland investment of 50 million U.S. dollars. Ivanhoe itself controlled by Rio Tinto, the Australian mining company.

According to sources, members of the consortium is also likely to include Hashim Djojohadikusumo. Hashim is the younger brother Prabowo. He is the founder of the Group Arsari. Formerly, Director of Corporate Communication Group Arsari Ida Sudoyo justify Rothschild was the approach taken to the family Prabowo.

The source also said, Rothschild also received commitments from various investors. According to him, Rothschild was talking to a large pension funds in North America.

Friedland, Bumi Plc and Rothschild declined to comment. Meanwhile, KONTAN not managed to get a response from Ida Sudoyo.

As you know, earlier this month, Rothschild has proposed offer for rival proposal Bakrie Group controlled PT Bumi Resources Tbk (Bumi) and PT Berau Coal Tbk (BRAU). Total commitment to reach 270 million U.S. dollars.

On 5 November, Rothschild was offered through Investment NR. This offer is for a rival Bakrie Group proposal submitted on 11 October.

Mentioned in the proposal, the Bakrie Group through PT Bakrie & Brothers Tbk (Bakrie & Brothers) and Long Haul intend to cancel the 23.8 percent ownership of shares in Bumi Plc. Both companies will release the Bakrie Group shares in Bumi Plc by way of exchange with 10.3% stake in PT Bumi Resources Tbk (Bumi) held by Bumi Plc.

In addition, the Bakrie Group will purchase for cash the remaining shares held by Bumi Bumi Plc slowest Christmas 2012. The remaining shares will be purchased in cash at 18.9 percent. Record, Bumi Plc tucks 29.18 percent stake in Bumi.

Not only that. Bakrie Group also offers a cash purchase of shares in PT Berau Coal Energy Tbk (BRAU) held by Bumi Plc. Purchases will be made within the next six months. Bumi Plc, formerly known as Vallar Plc. holds approximately 84.7 percent of the shares BRAU.