Feb 4, 2012

Nat Rothschild to be removed from BumiPlc

Borneo Bumi Energi & Metal Pte Ltd, a holder of less than 5% of the paid-up voting share capital of Bumi Plc, has requisitioned several changes at board of director.
Borneo Bumi Energi has proposed to remove stellar financier Nathaniel Rothschild from his current position as director of Bumi Plc.
Following the requisition, Samin Tan, a single majority owner of PT Borneo Lumbung Energi Tbk (BORN), will be proposed as chairman of Bumi Plc, while Indra Bakrie, one of member of Bakrie family, will be proposed as co-chairman.
Nalinkant Amratlal Rathod, commisioner of PT Bumi Resources Tbk and also one of the most trusted executives by Bakrie family and helped debt restructuring of Bakrie & Brothers during 1997 crisis, will be proposed as CEO, replacing Ari Saptari Hudaya.
Scott Merrillees, former executive of BNP Paribas and is now working for Samin Tan at BORN, will be put as CFO, replacing Andrew Beckham.
The requisition also brings Jean-Marc Mizrahi, Alexander Ramlie (BORN President Director), Michael Lucente (former banker at Merrill Lynch and previously appointed by Bakrie family to help running investment holding at Bakrie & Brothers, and Graham Holdaway as proposed directors of Bumi Plc.
In line with the proposed removal of Nat Rothschild, Andrew Beckham, James Campbell, Badung Tariono, and Amir Sambodo will be replaced.
The requisitions does not propose to make any changes to the positions of the other directors such as Sir Julian Horn-Smith, Sir Graham Hearne, Lorn Renwick, Sony B. Harsono, Philip Yeo, Steve Shapiro, and Rosan Roeslani.
According to the regulation, the shareholders meeting of Bumi Plc will be scheduled within 49 days from the announcement of the requisition.

Disclosure: No position at the stock mentioned above.

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