21 February 2013
For Immediate Release
Bumi plc ("Bumi" or the "Company")
As announced separately, 19 of the 22 resolutions proposed by Forest Nominees on behalf of NR Investments Limited have been rejected. All directors have been retained on the Bumi board of directors (the "Board") with the exception of Nalinkant Rathod and Jean-Marc Mizrahi. Sir Richard Gozney was elected to the Board. Sir Richard is a former British Ambassador to Indonesia and we welcome his appointment.
The Board welcomes the decision of shareholders to support the Board on substantially all resolutions and respects shareholders' decisions on the other resolutions. This vote provides an endorsement of the Board's strategy as set out in its circular to shareholders of 28 January 2013.
Accordingly, the Board will now prioritise:
(i) the execution of the separation from the Bakrie Group and PT Bumi Resources Tbk and will put this transaction to shareholders for approval as soon as possible; and
(ii) a restructuring of the Board, which will be undertaken with due process, but will be pursued with a sense of urgency.
Samin Tan has informed the Board that he will step down as chairman of the Company once a new independent chairman is found. Samin Tan will remain on the Board as a representative of the Company's major shareholder and as Bumi's committed business partner in Indonesia. The recruitment of a new chairman, who has experience in, and is familiar to, the London market is underway and will take place in consultation with the Company's largest independent shareholders.
The board will be re-structured and will be significantly smaller while retaining a majority of independent directors.
In addition, the Board will continue to focus on operational improvements and further strengthening of management at Berau. The Board will continue to pursue potential claims where there is a realistic prospect of recovery following the recent investigation conducted by Macfarlanes LLP.
The Board will continue to keep shareholders informed of progress on these key priorities.
For enquiries, please contact:
Edward Simpkins / Charles O'Brien
+44 (0) 20 7251 3801