17th Oct 2012 14:27
For Immediate Release 17 October 2012 Bumi plc ("Bumi") Long Haul Holdings Proposals
Following the press release published on 11 October 2012 by Bumi plc ("Bumi"), the Board of Bumi (the "Board") wishes to clarify the following points concerning the three transactions proposed by Long Haul Holdings Ltd. ("Long Haul"), part of the Bakrie Group (the "Proposals").
Following receipt of the Proposals on 11 October 2012, the Board requested that the independent non-executive Directors of Bumi review the Proposals and report to the Board. The independent non-executive Directors will be considering each of the Proposals on their own merits, and the Board has appointed Rothschild Group to evaluate each of the three proposals on the basis of, inter alia, their value for shareholders, and deliverability and report to the independent directors and subsequently to the Board.
Separately, the independent investigation commissioned by the Board into alleged financial irregularities in Bumi's Indonesian operations, especially in relation to Bumi Tbk, in which the Bumi has a 29% interest, continues. The Board will not make any recommendations regarding the Proposals until the investigation is appropriately advanced.
A further announcement on the above matters will be made in due course.
Bumi is due to announce its Q3 production report on 31 October 2012.
Julian Horn-Smith, Senior Independent Director of Bumi said:
"The Proposals put forward by Long Haul will receive the full attention of the independent non-executive Directors of Bumi. We have appointed Rothschild Group, acting as an unconnected and independent financial adviser, to evaluate each of these proposals, on which the Board has not yet formed a view. Our objective is to ensure all shareholders are treated fairly and we will update the market as soon as practicable."
For further information please contact:
Bumi plcNick von SchirndingTel: +44 (0) 20 7201 7507FinsburyEd SimpkinsTel: +44 (0) 20 7251 3801
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