COALMINER Bumi yesterday slipped out of the FTSE 250 at the index’s quarterly review, bringing an end to a deeply unsuccessful spell in the top tiers of British business.
The company will now became a member of the FTSE Small Cap index. Set up in 2010 by Nat Rothschild, Bumi has endured a turbulent existence since it bought into a series of coal mines owned by Indonesia’s Bakrie family.
Shares in the company were worth 1,160p in summer 2011 but are now down to 214p after the company endured boardroom battles. It is still struggling to split itself from Bakrie’s interests.
As expected, the review confirmed that Coca-Cola Hellenic, Sports Direct International and Mondi will all join the FTSE 100.
In turn Wood Group, ENRC and outsourcer Serco will all drop down to the FTSE 250.
They will be joined by newly promoted Al Noor Hospitals Group and food supplier Greencore, which was implicated in this year’s horsemeat scandal.
Other FTSE 250 entrants include Partnership Assurance and Peppa Pig owner Entertainment One.
Companies leaving the junior index include Anite, JPMorgan Indian Investment Trust, Salamander Energy and Utilico Emerging Markets .