Feb 15, 2012

Bakrie, Samin Tan drop plan for shake-up

Borneo Bumi Energi & Metal Pte Ltd, that is 51% controllled by Samin Tan, today finally decided to withdraw a request for an extraordinary general meeting, which was designed to oust several executives including Co-Chairman Nathaniel Rothschild and other directors of Bumi Plc.
"After very constructive discussions with Sir Julian Horn-Smith, Deputy Chairman and Senior Independent Director of Bumi Plc, and Lord Robin Renwick on behalf of the Independent Directors, we have concluded that the best interests of Bumi Plc and its shareholders will be served by withdrawing our request for an EGM," said Director Ken Allan at Borneo Bumi Energi in a press statement today.
The nominations of Samin Tan as Chairman, Scott Merrillees as Chief Financial Officer and Nalin Rathod as Chief Executive Officer, designed to strengthen the Bumi Plc Board, have received the support of theindependent directors via the discussions referred to above and will be dealt with by the Bumi Plc Board at its next meeting on 26th March 2012.
The nominations of two potential Iindependent Non-executive Directors will be dealt with at the next AGM, scheduled for 14th June 2012, when all directors and nominees will be considered for election or re-election to the Bumi Plc Board.

Disclosure: No position at the stock mentioned above.  

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