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Bumi

February 22, 2013

Financier Nat Rothschild has failed in his bid to replace the board of Bumi, the ill-fated FTSE 250 coalminer he co-founded in 2010 with Indonesia’s Bakrie family.

Financier Nat Rothschild has failed in his bid to replace the board of Bumi, the ill-fated FTSE 250 coalminer he co-founded in 2010 with Indonesia’s Bakrie family.

On 21 February Rothschild attended Bumi’s extraordinary general meeting in London, arriving with his mother, Lady Serena Rothschild, and leaving with 19 out of 22 of his resolutions rejected by shareholders.

Possibly the most important resolution – Rothschild’s proposed appointment as executive director of the board – was rejected by 63% of investors.

October 16, 2012

Financier Nat Rothschild has stepped down from the board of London-listed coal miner Bumi, saying he has lost confidence in the management’s ability to protect minority shareholders.

Financier Nat Rothschild has stepped down from the board of London-listed coal miner Bumi, saying he has lost confidence in the management’s ability to protect minority shareholders.

In a letter sent to chairman Samin Tam on 15 October, Rothschild, who controls 12% of Bumi, said: “It is my opinion ... that you are not trying to protect the interests of minority shareholders. Rather, I believe that you are complicit in their oppression.”

November 2, 2011

The Bakrie Group is selling a 23.8% stake in London-listed Bumi in a $1 billion (€730 million) deal aimed at avoiding a loan default.

The Bakrie Group is selling a 23.8% stake in London-listed Bumi in a $1 billion (€730 million) deal aimed at avoiding a loan default.

Coal miner PT Borneo Lumbung Energi will buy the shares, after talks between the Indonesian family business and Swiss-based Glencore, the world's largest diversified commodity trader, failed.

The sale will go someway to paying back a $1.3 billion loan the family currently owes a syndicate led by Credit Suisse.

October 7, 2011

Indonesia's Bakrie family risks losing control of coalminer Bumi plc, with reports suggesting the family is considering selling its stake to repay a $1.3 billion (€964 million) loan to a syndicate led by Credit Suisse.

Indonesia's Bakrie family risks losing control of coalminer Bumi plc, with reports suggesting the family is considering selling its stake to repay a $1.3 billion (€964 million) loan to a syndicate led by Credit Suisse.

According to the Financial Times, the family may sell all or part of its 47% stake in Bumi in order to repay a $1.3 billion loan the company used to consolidate its debt before being listed on the London Stock Exchange in April 2011.

May 25, 2011

There is a universal tried and tested way to make money from setting up a company. Build it up, make revenues and profits, and then possibly sell it, or part of it, to other investors. It might take a while to get going, but it works.

There is a universal tried and tested way to make money from setting up a company. Build it up, make revenues and profits, and then possibly sell it, or part of it, to other investors. It might take a while to get going, but it works. Just ask the thousands of family businesses that FO’s sister publication Campden FB writes about every year.

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