Bumi Plc Held a General Meeting of Shareholders (EGM)

Indobusiness - Bumi Plc held a general meeting of shareholders (EGM), Thursday (21/02/2013). This meeting was a means of proving who is the most powerful on Earth Plc, the Bakrie Group or Nathaniel Rothschild (Nat).

Agenda of the meeting was only voting to accept or reject the request reshuffle of directors proposed by NR Nat Investment Limited (NRI). Both sides claim to have the support of other shareholders. For example, Nat has 18.21 percent of voting rights claim supported Schroder Investment and Sofaer Capital.

However, Bakrie stronghold assess, support for Nat was only superficial. Bakrie Group spokesman, Christopher Fong, says, leaning shareholders reject proposals Nat. In fact, the news blew the original Standard Life Investments has now changed its stance supporting Nat.

Bakrie Group has 29.99 percent of the voting rights in Bumi Plc. That does not include the potential voting support from new shareholders Bumi Plc, including Avenue Capital and Hary Tanoesoedibjo, which bought 13.1 percent stake in Bumi Plc from PT Bukit Mutiara. "What we have seen in this week even more support Bumi Plc directors recommend shareholders to reject the resolution NRI," said Fong.

Who will win? I do not know, let alone there are several holders of voting rights not to be.

On January 7, 2013, NRI filed a resolution in the form of requests EGM to displace 12 of 14 directors Bumi Plc. Chairman of Bumi Plc, Samin Tan, in the list of candidates who will be evicted Nat. NRI judge, 12 directors failed to protect the rights of minority shareholders of Bumi Plc. NRI accused them of conspiring maintain influence the majority shareholder, the Bakrie Group (PT Bakrie & Brothers Tbk and Long Haul Holdings) and PT Borneo Lumbung Energi & Metal Tbk (BORN). "Bumi Plc was never able to control the PT Bumi Resources Tbk," said Ian Middleton, a spokesman for NRI.