IT’S CRUNCH time for Bumi co-founder Nat Rothschild this morning, as the bitter shareholder battle for control of the coal miner looks set to come to an end today.
Shareholders will meet in the City of London to vote on Rothschild’s proposals to overhaul the board.
Rothschild needs a 50 per cent majority to push through his proposals, which include scrapping 12 out of the current 14 directors including chief executive Nick von Schirnding and chairman Samin Tan.
His camp also wants the full disclosure of the Macfarlanes legal probe – announced in September – into alleged financial irregularities at Indonesian division Bumi Resources, and the removal of any company officials associated with the Indonesian shareholders the Bakrie family.
He has the support of several major investors including Schroders and Taube Hodson Stonex.
If his proposals are rejected, the incumbent Bumi board will remain in charge in an outcome that is looking increasingly likely, although sources close to the vote said it will go down to the wire.
The Bumi board has pledged to accelerate the divorce from Indonesian arm Bumi Resources, something it claims Rothschild is unable to do. It has the support of Standard Life Investments.
Investors should know the outcome of the meeting tonight, although due to the complexity of the vote it could be tomorrow morning.
-St James's Master Fund & Nat Rothschild – 20.5pc
-Schroders – 3.5pc
-Taube Hodson Stonex – 2.5pc
Others – 1.8pc
-Route One – 1.2pc
-Standard Life Investments – 2.1pc
-Orchard Capital – 1pc
-Long Haul Holdings (the Bakries) – 29.9pc
YET TO DECLARE
-Abu Dhabi Investment Council – 4pc
-Argyle Street Management – 4.1pc
-Flaming Luck Investments – 1.7
-Avenue Asia Capital Management – 7.6pc
-Blackrock – 1.1pc
-Credit Suisse – 0.4pc
-JP Morgan – 1pc
-SG Asset Management – 1pc
-Eton Park Capital – 1.5pc
-L&G – 1.8pc