COAL miner Bumi has set the date for its boardroom showdown with co-founder Nat Rothschild and urged shareholders to reject his proposals for a board overhaul.
The London-listed miner, which will meet on the 21 February in London, recommended that shareholders reject Rothschild’s proposals, which would see 12 out of 14 current directors of Bumi removed.
In a circular to shareholders yesterday, Bumi said that Rothschild’s proposals “are not the way forward for the company and, if passed, will lead to stalemate, continued shareholder disputes and further value destruction”.
The FTSE 250 firm also confirmed the appointment of Eko Budianto as the new director of subsidiary Berau Coal – who Rothschild has argued is not independent – and Tony Redman as technical adviser to the company.
Meanwhile, Rothschild added that his proposals for the coal miner had won the support of shareholder Stoneycroft Limited, which holds around 0.35 per cent of voting shares.
Bumi closed up one per cent yesterday at 344.7p.