Posts tagged 'Nat Rothschild'

A Bumi rush

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

Indonesia is a foreign country…

… they do things differently there.

If you thought Nathan ‘the Innocent Abroad‘ Rothschild had been badly treated in Indonesia, spare a thought for shareholders of Intrepid MiningRead more

Treating corporate gangrene

From the FT:

The board of Bumi Plc is weighing up severing ties with one of its Indonesian businesses as part of a restructuring aimed at reviving investor confidence in the controversy-hit London-listed coal miner… Read more

Indonesians eye Bumi compromise

The Indonesian shareholders in coal miner Bumi are open to a compromise that would see financier Nat Rothschild stand down as co-chairman of the company but remain on its board, according to people familiar with the matter. Publicly, however, the shareholders – the businessman Samin Tan and the Bakrie family – are insisting on pushing through their proposal to drop Mr Rothschild and will launch a charm offensive next week to persuade others to back them, reports the FT. The Bakries and Mr Tan, who together own 29.9 per cent of the voting rights in Bumi, said last Friday that they wanted to remove Mr Rothschild and other key directors from the board. They proposed Mr Tan and Indra Bakrie be named as co-chairmen.

Foreigners in, foreigners out

It’s less than a month until the quarterly reshuffle of the FTSE indices. And based on current market prices, a couple of Russian miners — one of them controlled by Chelsea boss Roman Abramovich — and an Irish building materials group could all be joining the FTSE 100.

 Read more

Nat Rothschild, an innocent abroad

Compare and contrast.

Nat Rothschild’s letter to the FT on October 19th. Read more

Rothschild calls for clean-up at PT Bumi

Nat Rothschild has criticised the management and corporate governance at PT Bumi Resources, the Jakarta affiliate of London-listed Bumi plc, calling for a “radical cleaning up” of the Indonesian coal company he is trying to transform into a top-tier global miner. The letter, seen by the FT, has raised tensions between the aristocratic billionaire and his Indonesian co-investors, the Bakrie family, who are Bumi’s largest shareholders. Mr Rothschild, who owns 11 per cent of Bumi, which in turn owns 29 per cent of PT Bumi Resources, said his relations with the Bakrie family was good. The Bakries did not sign the letter, which was addressed to Ari Hudaya, a long-time Bakrie family lieutenant who is chief executive of both PT Bumi Resources and Bumi. A spokesman for the Bakrie family said the letter had taken them by surprise.

Bumi and the Bakrie Brothers

Is there any more Bumi Resources can do to make itself uninvestable to the average UK institutional investor?

It seems there is, albeit indirectly. Read more

More deal-making with Nat

We’ve debated before why big investors have given Nat Rothschild’s Bumi Plc (née Vallar Resources) a wide berth.

The company blames the fact that it’s not indexed. We’d say it’s also down to the sheer complexity of its corporate structure and deal-making activity. Read more

Regulatory arbitrage with Tony & Nat – redux

More on Tony Hayward’s first big oil deal at his new investment vehicle Vallares– the $2.1bn acquisition, via a reverse takeover, of Turkish E&P company Genel Energy.

We have already mused on whether Genel would be allowed to list in London given the share dealing misdemeanour’s of its executive team, which are detailed in this FSA releaseRead more

Regulatory arbitrage with Tony & Nat

Looks like ex-BP boss Tony Hayward is about to get seriously rich.

ReutersRead more

Snap news

Breaking pre-market news on Friday,

– Prada raises $2.1bn in IPO; shares priced at foot of range  — reportRead more

Untying Vallar’s Gordian knot

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

Snap news

Breaking pre-market news on Friday,

– Nat Rothschild’s Vallar to acquire 75 per cent of Bumi Mineral Resources; issues $2bn of convertible bonds – statementRead more

Snap news

Breaking pre-market news on Thursday,

– Tony Hayward returns with the £1bn flotation of acquisition vehicle Valleres — statementRead more

Snap news

Breaking pre-market news on Friday,

– TNT issues big profits warning; finalises demerger — statementRead more

Vallar set to raise Bumi Resources stake

Vallar, the London-listed cash shell founded by financier Nat Rothschild, is proceeding with plans to expand its stake in Indonesia’s biggest coal company, as its transformation into a sizeable miner gains pace, reports the FT. Vallar stands to gain an indirect controlling stake in Kaltim Prima Coal mine – the world’s largest thermal coal mine – by increasing its shareholding in Bumi Resources, operater of the mine, to 51% later next month. Bumi Resources, owned by Indonesia’s Bakrie family, has a majority stake in KPC, while India’s Tata holds 30%. Andrew Beckham, CFO of both Bumi and Vallar, said in an email that the Bakries were likely to approve a plan to increase Vallar’s 25% stake in Bumi via a share swap planned for May, although he did not elaborate on how the transaction would occur.

The new Xstrata? [updated]

JPMorgan’s hyperactive M&A banker Ian Hannam has been uncharacteristically quiet over the past few months.

And now we know why. He’s been working on a deal to create a “new London-listed resources champion”. Read more

Snap news

Breaking pre-market news on Tuesday,

– Vedanta to list Zambian division, Konkola Resources, on the London stock exchange — statement and statementRead more