Sep 3, 2011

Bumi Plc drops Bumi shares purchase

London-based holding company Bumi Plc and a group of sellers have agreed to terminate a sale and purchase agreement of 608.62 million of PT Bumi Resources Tbk.
The purcase was related to the Bumi Resources step-up transaction as mentioned in a supplementary prospectus on June 30 2011.
In an official announcement published on August 31, Bumi Plc intially entered into the agreement with a group of sellers regarding to purchase of 676.65 million of Bumi shares for 11.74 million of Bumi Plc voting ordinary shares.
The additional transaction would increase Bumi Plc's total shareholding in Bumi Resources to approximately 32.1% from 28.9% stake.
Referring to the prospectus, closing of the purchase was expected to occur as soon as practicable after June 30. Closing of one of the purchase occured on July 15 in which Bumi Plc bought 68.02 million of Bumi shares for 1.18 million of Bumi Plc voting ordinary shares.
After the agreement termination, Bumi Plc now holds 6.06 billion of Bumi Resources shares, representing 29.2% stake of the total issued shares capital of Bumi Resources and the issued share capital of Bumi Plc compromises 157.56 million voting ordinary shares and 67.33 million suspended voting ordinary shares.

Disclosure: No position at the stock mentioned above.

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