Bumi investor says board shake-up is not personal
EXPECTATIONS that the directors of FTSE 250 miner Bumi will strike a deal to resolve a row over board membership rose yesterday, driving the share price of the company up in morning trading.
Samin Tan, the newest major shareholder in Bumi, is due in London this week to talk with other shareholders about a plan to remove Nat Rothschild as the miner’s co-chairman.
But he and the Bakrie Group, which had both proposed Rothschild’s removal and replacement by Tan, sounded a more conciliatory tone yesterday.
Tan claimed: “The resolution [to remove Rothschild and four other directors] has never been targeted at any individual or individuals.”
“We are keen to get to work to help create value for all shareholders,” Tan told the Wall Street Journal. As City A.M. revealed yesterday, Tan wants to get more money into the development of Bumi’s non-coal assets as quickly as possible but it is not clear how other shareholders will react to the plan.