17th Dec 2013 14:13
17 December 2013
For Immediate Release
Bumi plc ("Bumi" or the "Company")
Result of General Meeting
Bumi plc is pleased to announce the successful passing of all resolutions at its adjourned General Meeting held on 17 December 2013. Consequently, shares in the Company will shortly commence trading under the new name Asia Resource Minerals plc (LSE: ARMS). The Company now looks forward to the opportunity to make a fresh start under a new name and with a near term focus on creating value through the development of its coal mining activities at Berau.
Nick von Schirnding, Chief Executive, said: "Bringing all parties together and creating a transaction that shareholders can unite behind has been a long and difficult process and I would like to thank our shareholders for their support. Today's vote allows us to focus on creating additional value for our shareholders through concentrating our efforts on Berau, a 23 million tonne thermal coal operation. Our vision is to become a leading UK-listed coal company, with a focus on the growth markets of Asia."
"We currently look forward to the completion of the Separation in late January. Assuming a successful outcome, our priorities will then be to return at least $400m to shareholders, refresh the board, which will include the appointment of a new, independent chairman, and continue with our plans for profitable growth through cutting costs and optimising production."
The proposal to amend the resolution numbered 1 set out in the notice of general meeting dated 7 November 2013 was duly passed. In addition, Resolution 1 (as amended and as set out in the supplementary circular sent to shareholders dated 3 December 2013) and Resolutions 2 to 5 (as set out in the notice of general meeting dated 7 November 2013) were also duly passed. The results of the poll on each resolution are set out below.
Resolution | FOR | AGAINST | Total votes cast | % of issued share capital voted1 | VOTES WITHHELD2 | ||
Number of votes | % of votes cast | Number of votes | % of votes cast | ||||
A. That Resolution 1 be amended as set out in the supplementary circular sent to shareholders dated 3 December 2013. | 91,484,627 | 90.72% | 9,353,467 | 9.28% | 100,838, 094 | 55.86% | 4,510,792 |
1. That the PT Bumi Resources Sale Transaction and the PT Bumi Resources Sale Transaction Documents be approved. | 91,484,627 | 91.10% | 8,940,540 | 8.90% | 100,425,167 | 55.63% | 4,510,792 |
2. That the PT Bumi Resources Sale Transaction be approved for the purposes of Rule 16 of the City Code. | 53,062,755 | 85.58% | 8,940,540 | 14.42% | 62,003,295 | 34.35% | 4,510,292 |
3. That the waiver by The Panel on Takeovers and Mergers of any obligation to make a general offer be approved. | 53,086,436 | 85.02% | 9,353,467 | 14.98% | 62,439,903 | 34.59% | 4,073,684 |
4. That the entry by the Company into the Relationship Agreement be approved. | 91,583,988 | 91.20% | 8,841,679 | 8.80% | 100,425,667 | 55.63% | 4,510,292 |
5. That the name of the Company be changed to Asia Resource Minerals plc. | 158,553,636 | 99.93% | 110,404 | 0.07% | 158,664,040 | 87.90% | 426,204 |
1 The total voting rights in the Company as at the date of the meeting was 180,514,285 voting ordinary shares of £0.01 each, each carrying one vote on a poll.
2 A vote withheld is not a vote in law and is not counted in the calculation of votes for or against the resolutions.
ENDS-
For enquiries, please contact:
Bumi plc Sean Wade +44 (0) 20 7201 7511 | RLM Finsbury Ed Simpkins / Charles O'Brien +44 (0) 20 7251 3801 |
Related Shares:
ARMS.L