Rothschild faces wrath of major Bumi shareholder

Feb 03, 2012

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Nathaniel Rothschild and James Campbell, the founders of Bumi, the Indonesian coal miner, could be out on their derrieres if major shareholder Borneo Bumi Energi & Metal has its way.

Borneo Bumi Energi, which bought up 23.8% of the FTSE 250 miner in December, has demanded a meeting to request a meeting to persuade their fellow shareholders to vote on a shake-up of the board.

Shareholders will be asked to vote on the following resolutions:

* Appoint Samin Tan as Chairman and Indra Bakrie as co-Chairman of the company

* Appoint Nalinkant Amratlal Rathod as Chief Executive Officer, replacing Ari Hudaya

* Appoint Scott Merrillees as Chief Financial Officer, replacing Andrew Beckham

* Appoint Jean-Marc Mizrahi, Alexander Ramlie, Michael Lucente and Graham Holdaway as directors of the company

* Remove Nathaniel Rothschild, Andrew Beckham, James Campbell, Badung Tariono and Amir Sambodo as Directors from their offices as directors of the company

Escapng the proposed cull are directors Sir Julian Horn-Smith, Sir Graham Hearne, Lord Renwick, Sony Harsono, Philip Yeo, Steve Shapiro and Rosan Roeslani.

Rothschild fell out last year with his co-Chairman, Indra Bakrie, after going pubic with concerns over corporate governance at PT Bumi, a company controlled by the Bakrie family, but there were reports last month that the two had settled their differences after a clear the air meeting.

The requisition for a general meeting suggests that the civil war has flared up again.

Bumi was created when the Bakrie family's Indonesian coal assets were reversed into Rothschild's London-listed cash shell Vallar as a means of obtaining a London listing quickly and on the cheap.

The share price fell 2.19% to 870.5p to 15:01.

NR

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