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Wednesday, 20 February 13
BAKRIE GROUP LOOKS TO HAVE A CLEAR UPPER HAND - LUCKY ARIESANDI, CFA
 The Bakrie-Rothschild saga is entering its final stage, with Bumi Plc (BUMI LN)’s holders to convene on 21 Feb at 11am GMT to vote on Nat Rothschild’s proposal to oust the majority of Bumi Plc’s current Board of Directors and replace them with his appointees. The proposal needs a simple majority to pass, said Lucky Ariesandi, CFA, an analyst from PT Kim Eng Securities.
Bakrie group looks to have a clear upper hand
Lucky Ariesandi further said in his analysis, Bakrie & Borneo (BB) has 30% of the voting rights in Bumi Plc. Bukit Mutiara/Recapital, considered to be related to BB, owned a 13.1% stake in Bumi Plc but divested its shares just before the showdown. The new buyers too, however, look closely related to BB. Harry Tanoe (who bought 1.7% of Bumi Plc) recently acquired Bakrie’s infrastructure business and is reported to be bidding for Bakrie’s 51% stake in Visi Media (VIVA IJ) to further cement his grip on Indonesia’s media business. Avenue Capital (7.6%) has a longstanding cordial relationship with Bakrie, and currently owns an 11.2% stake in Bakrieland (ELTY IJ). Argyle Street Management (4.2%) is the only new buyer without a track record of working with the Bakrie family. All in all, it appears that BB will be able to secure atleast 39-40% of the voting rights in the upcoming Bumi plc’s EGM. Note that the buyers of Recapital’s stake in Bumi Plc can cast their votes if registration is completed 48 hours before the meeting.
Rothschild’s mission impossible
Nat Rothschild, through NR Investment, owns 14.8% of the voting rights in Bumi Plc, based on the latest filings provided by Bloomberg. Aside from his own shares, NR claims to have the support of Abu Dhabi Investment (4.2%), Schroder (3.5%), and Standard Life (2.1%). This takes his tally to around 25% of the voting rights. Other large shareholders have not publicly announced how they would cast their vote, including Blackrock (6.2%), St James Master Fund (5.6%), and Taube Hodson (4.2%). We think it is highly unlikely NR can muster enough support to advance his proposal, said Lucky Ariesandi.
What will happen if Rothschild wins the fight?
He further said, OJK, Indonesia’s financial services authority, has announced that it might consider a radical change in the BoD of Bumi Plc a change of ownership, hence triggering a mandatory general offer (GO) for Berau Coal (BRAU IJ). As NR is not actually offering to buy Berau Coal, the general offer will be done at a Berau’s average trading price 90 days prior to the announcement of the takeover. This would imply a minimum GO price of IDR220/share. The authority might even require a GO for Bumi Resources (BUMI IJ) although it remains a grey area until now as Bumi Plc controls less than 50% stake in BUMI IJ. If this should happen, the GO price for BUMI IJ should be around IDR650/share.
What will happen if BB wins the fight?
By winning, which translates into all of NR’s proposals failing to obtain majority votes, the board can continue with the separation of the Bakrie Group from Bumi Plc through a share swap of BB’s 23.8% ownership in Bumi Plc (with 30% voting interest) with Bumi Plc’s 10.3% stake in BUMI IJ, plus an additional USD278m in cash payments for Bumi Plc’s remaining 18.9% stake in BUMI IJ. This would not actually be a complete separation, as BB would still own a 25.1% stake in Bumi Plc after the share swap, via suspended voting shares. The future of BB’s remaining investment in the suspended voting shares remains unclear at this stage. But if the share swap goes through as planned, the suspended voting shares should become ordinary voting shares, as the voting interest of the group will fall to less than 30%, according to Lucky Ariesandi.
What is the value assigned to BUMI IJ and BRAU IJ in Bakrie’s proposal?
The value of BUMI IJ’s takeover by BB depends on the share price of Bumi Plc. Using Monday’s closing price of GBP 0.394 and Monday’s exchange rates of IDR 14,980/GBP and IDR 9,685/USD, BUMI IJ would be valued at IDR 1,002/share for the purposes of the takeover. Meanwhile, the proposal to take over 84.7% of Berau for USD 946m translates into an offer of IDR 310/share.
By: Lucky Ariesandi, CFA (this report is subject to KimEng’s disclaimer clause)
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Tuesday, 26 February 13
10TH CLEAN COAL FORUM WILL BE HELD ON JUNE 2013
CDMC Events will be presenting the 10th Clean Coal Forum 2013 on June 13 - 14, 2013 in Beijing,China.
It will make you understand regulatory asp ...
Sunday, 24 February 13
COAL SWAPS INCH UP WEEK - ON - WEEK
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for average Q2’ 2013 delivery has gained 0.17 percent and CFR South China coal shipme ...
Sunday, 24 February 13
BDI FELL 1.72 PERCENT BUT FREIGHT MARKET FAIRLY STEADY - VISTAAR
COALspot.com - This freight market has been fairly steady this week but, BDI fell1.72 pct and closed at 740 points.
The cape index also joins BDI ...
Saturday, 23 February 13
IHS MCCLOSKEY 20TH ANNUAL COAL CONFERENCE OF THE AMERICAS
IHS McCloskey 20th Annual Coal Conference of the Americas to be held on 13-14 March 2013 in Cartagena, Colombia
IHS is pleased to invite you to t ...
Thursday, 21 February 13
HANDY : THE PACIFIC MARKET GOT FIRMED UP AS CHINESE CAME BACK FROM HOLIDAYS - FEARNLEYS
Handy
The Atlantic saw more cargoes than last week but rates remained unchanged as lot of ships in the market. The USG-Feast was at USD 18k and Bla ...
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- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- White Energy Company Limited
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
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