Bumi vote on separation delayed

London-listed coalminer Bumi said yesterday that RACL, a vehicle owned by company chairman Samin Tan, hadn’t yet concluded the financing deal required by the terms of the PT Bumi Resources sale, meaning the separation of Bumi could not be completed within the agreed timetable. Bumi said it would adjourn a meeting on 4 December when shareholders were set to vote on the plan that will see the Bakries exit the company they founded with financier Nathaniel Rothschild in 2011. A condition of the PT Bumi Resources sale was that the independent directors were provided with copies of RACL’s financing agreement relating to the Borneo/Bakrie share purchase agreement no later than 20 November. However, Bumi said it understood RACL had made “significant progress” towards getting financing.