Good news for Sir Richard Gozney (KCMG, CVO, KStJ), who will be joining the board of Bumi after Thursday’s shareholder vote.
Not so good news for Nat Rothschild. Read more
Breaking pre-market news on Tuesday,
- G4S abandons £5.2bn bid for ISS — statement. Read more
Indonesia’s Bakrie Group is selling a 23.8 per cent stake in London-listed Bumi, its joint venture with financier Nathaniel Rothschild, to coal miner Borneo Lumbung Energi, Reuters reports, citing a draft statement. The sale of about half of Bakrie’s stake in Bumi, for $1bn, values the Bumi shares at about £10.91 each, which Borneo says is a 6 per cent premium to the last 6-month volume-weighted average price, and would be payable in cash. The deal with Borneo, which is backed by Indonesian investor Samin Tan, would help Bakrie pay off the bulk of an $1.345bn loan and extricate itself from a debt crunch that has weighed on the share price of the world’s largest thermal coal exporter Bumi Resources. The draft statement read: ”(Borneo) has signed a sale and purchase agreement, conditional upon shareholder, regulatory and other approvals, to acquire an effective economic interest of approximately 23.8 percent in Bumi Plc,” Reuters says.
Breaking pre-market news on Monday,
- G4S to buy rival ISS for £5.2bn; to be part financed by £2bn rights issue — statement and statement. Read more
Breaking pre-market news on Thursday,
- Glencore International set to sign $800m-$900m loan deal with Bakrie Group — report. Read more
Few mainstream institutional investors have focussed on Vallar till now – we feel this could trigger their taking a closer look.
That’s Liberum Capital talking about Nat Rothschild’s original London-listed shell company, Vallar. (Its sister company Vallares was launched on Thursday). Read more