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