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Bumi Plc (ARMS)

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Monday 07 January, 2013

Bumi Plc


Bumi plc ("Bumi" or the "Company")

7 January 2013

For Immediate Release


Bumi notes the statement today from NR Investments Limited ("NRI"), a vehicle
controlled by Nat Rothschild, and confirms that it has received a letter from
NRI to requisition a general meeting of the Company to remove 12 of the 14
current directors and appoint new directors.

A holder of 5% or more of the voting shares of the Company has the right to
requisition such a meeting. NRI itself is not a member of the Company, and so
does not itself have this right. However, the Company will facilitate a meeting
to propose the director appointment and removal resolutions to take place
during February 2013. This will offer shareholders a clear choice. A circular
to shareholders will be sent to them ahead of that time.

In its statement today, NRI makes a number of claims with respect to the board
of the Company (the "Board"), its current actions and near term strategy.

The Board is absolutely committed to resolving all corporate governance issues
at the Company and effecting a separation from PT Bumi Resources Tbk ("Bumi
Resources") and the Bakrie Group (the "Proposed Separation Transaction").  

The Board also makes the following points:

  * The Board has taken extremely seriously the allegations raised by the
    material received and the findings to date of the investigation being
    carried out by Macfarlanes LLP. The situation involves multiple
    jurisdictions including Indonesia and is complicated particularly by the
    fact that much of the material appears to have been obtained by illegal
    email hacking. This means it is therefore likely to be inadmissible in an
    Indonesian court as well as raising other significant legal issues. The
    Board will make a considered decision on seeking recoveries based on
    careful evaluation of the associated costs and risks with a view to
    maximising shareholder value
  * The Board has already noted the statement by the UK Panel on Takeovers and
    Mergers (the "Panel") regarding the existence of a concert party between
    the Bakrie Group and PT Bukit Mutiara and has accepted its conclusion and
    resulting action. Nat Rothschild also accepted the Panel's rulings. The
    Board notes that the next stage of the Panel investigation will be to
    establish any culpability and appropriate disciplinary action, which the
    Board assumes will include a focus on Vallar plc's principal adviser at
    that time, Vallar Advisers LP, which was led by Nat Rothschild  
  * The structure of the Board has already changed materially in the last 4
      + Nat Rothschild, Ari Hudaya, Rosan Roeslani and Indra Bakrie have
        already left the Board
      + Nick von Schirnding has been appointed as director and CEO, replacing
        Nalin Rathod
      + The Board now comprises 14 directors, 9 of whom are Independent.
        Following the Proposed Separation Transaction and associated
        cancellation of the relationship agreement between the Company and the
        Bakrie Group, the Company will undertake a further restructuring of the
        Board to make it the appropriate size and shape, including the removal
        of Nalin Rathod, the remaining Bakrie representative
  * The Board has taken action to improve operational performance at PT Berau
    Coal Energy Tbk ("Berau") including focusing on cost saving initiatives, a
    major review of its capex programme and driving production growth of 10% in
  * Nat Rothschild must take a significant amount of responsibility for the
    situation in which the Company finds itself. He was instrumental in
    identifying the targets and creating the structure of the original
    acquisition by Vallar Plc of its stakes in Bumi Resources and Berau and it
    was Nat Rothschild's entity, Vallar Advisers LP, which acted as the
    principal adviser on that transaction
      + As a result of the transaction, Nat Rothschild received shares equal to
        approximately 6% of the Company's issued share capital, which at the
        time of issue were worth more than £100 million, and Vallar Advisers LP
        also received fees
      + Nat Rothschild served as a non–executive director of Vallar from its
        IPO in July 2010 to February 2011, as Co–Chairman of Vallar/Bumi from
        February 2011 to March 2012 and as a non–executive director of Bumi
        from March 2012 to October 2012
      + Nat Rothschild's ongoing actions with regard to the Company are serving
        only to distract and delay the Board and management further from
        executing its plan to address the Company's issues and maximise
        shareholder value
In response to NRI's statement, Sir Julian Horn-Smith, Senior Independent
Director of the Company, said the following:

"As a board we have been working extremely hard to solve the various highly
complicated and challenging governance, operational and legal issues at the
Company and to maximise value for shareholders.  All of these issues
essentially derive from the original deal that Nat Rothschild was instrumental
in putting together. The Company is moving ahead with its investigation into
evidence of financial irregularities at Bumi Resources and Berau while
overseeing a focus on improved operational and financial management, as
evidenced by this morning's trading update.  The Board is also progressing its
proposal to unwind the relationship with Bumi Resources and the Bakrie Group in
a transaction that will result in an operating group focused on Berau and with
significant cash resources. 

Nat Rothschild's time as a director of Bumi was characterised by taking highly
confrontational positions that proved counterproductive to addressing the
Company's issues and we cannot see how re-instating him to the Board will be
beneficial to shareholders."

Nick von Schirnding, CEO, commented, "The calling of this general meeting will
offer shareholders a clear choice between the Board and its strategy of
separation from the Bakrie Group, approved unanimously by the independent
directors, and Nat Rothschild and his associates."

For enquiries, please contact:

Finsbury (Ed Simpkins): +44 (0) 20 7251 3801 (t)

+44 (0) 7947 740551 (m)

a d v e r t i s e m e n t