Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


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We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

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Bumi plc (ARMS)

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Friday 12 April, 2013

Bumi plc

Update on Balance Sheet Review

RNS Number : 2583C
Bumi plc
12 April 2013



12 April 2013

For Immediate Release



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


Update on Balance Sheet Review


On 19 March 2013, the Company announced its decision to defer publication of its Full Year results for the year ended 31 December 2012 until 24 April 2013 as a result of a thorough review of balance sheet items - a number of which required additional substantiation by new management at Berau.

Several items have not been supported to the satisfaction of the new Berau management team. Management at Berau has concluded that there is not sufficient evidence to support the capitalisation of certain expenditures, in particular expenditure attributed to hauling roads and overburden removal which are normal business activities of the Company to support expansion of the mine. These expenditures, which are estimated to be up to $56m, and were incurred during 2012, will be treated as costs in the 2012 income statement and excluded from the underlying results for the year.

In addition, in reviewing certain land compensation payments in 2012, new management at Berau have been unable to fully verify transactions relating to a number of landowner payments, and this is still the subject of the ongoing review. The amount under review is estimated to be up to $38m and a provision will be taken in respect of these historical expenditures pending the outcome of the review.

These adjustments will be reflected in the Full Year results together with any other items that may emerge from the ongoing balance sheet review. Given the level of further work that needs to be completed over the next few weeks there is a likelihood that the publication of final results will need to be further delayed.

The new management at Berau, under new leadership from Bumi plc, is intent on clarifying and rectifying these issues and is engaging with the previous management team to achieve this. In particular if and to the extent that expenditures cannot be substantiated, Berau is seeking undertakings from any responsible parties that it will be properly compensated for the financial impact.

Nick von Schirnding, chief executive of Bumi plc said "These actions underscore the fact that new management is leaving no stone unturned and that we are taking firm action to resolve all residual financial issues. While clearly the above findings are disappointing, it does reflect the fact that we are taking a grip and turning the corner with independent management in place at both Berau and Bumi plc. I am keen to draw a line under the legacy issues and these disclosures form part of an ongoing process of restoring investor confidence in Bumi plc. It is far preferable to achieve certainty and allow us then to move on with a clean slate."



For enquiries, please contact:


Bumi plc

Jayesh Pankhania                                

+44 (0) 20 7201 7506



RLM Finsbury

Ed Simpkins / Charles O'Brien        

+44 (0) 20 7251 3801



This information is provided by RNS
The company news service from the London Stock Exchange

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