Sep 19, 2011

Bumi Plc lowers CB conversion price

London-listed company Bumi Plc today announces a lower conversion price on its US$2.01 billion convertible bonds (CB) that will be issued in return for 20.85 billion shares or 75.1% stake in non-coal company PT Bumi Resources Minerals Tbk (BRMS), a subsidiary of PT Bumi Resources Tbk (BUMI).
In a prospectus published today, the conversion price is set at 11.80 pound sterling per share, a 25.69% lower than the previous plan at 15.88 pound sterling per share.
Referring to sale and purchase agreement signed on June 10 2011, Bumi Resources will sell 75.1% stake in BRMS to Bumi Plc at Rp840.16 per share or Rp17.52 trillion. Bumi Resources will hold an extraordinary of shareholders meeting on October 21 2011.

Disclosure: No position at the stock mentioned above.

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