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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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- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
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- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
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