The ownership change comes as a long-running battle over control
of Bumi between its co-founders, Nathaniel Rothschild and
Indonesia's Bakrie family, faces a crucial shareholder vote
Thursday. Mr. Rothschild, the Bakrie family and Bumi's current
board all want to see the Bakrie family exit their stake in Bumi
PLC, but they differ on how it should be done.
The Recapital Group, which is comprised of two entities owned by
Mr. Roeslani, said Monday it has agreed to sell all of its shares
in Bumi to three funds--Avenue Luxembourg S.A.R.L., Flaming Luck
Investments Ltd. and Argyle Street Management Ltd--for undisclosed
sums.
The executive of U.K. regulator the Takeover Panel said that,
unlike Mr. Roeslani, it does not consider the three funds to be
acting in concert with another major Bumi investor, the Bakrie
Group, so has lifted restrictions on the voting rights of the
shares they have acquired. This will give the funds a say Thursday
on whether to replace 12 out of Bumi's 14 current board directors,
if they manage to get their names onto the company registry by 1800
GMT Tuesday.
The vote was called by Mr. Rothschild, who says Bumi's current
board isn't independent enough and hasn't enacted sufficient change
in the company.
The U.K. Takeover Panel ruled last year that corporate entities
owned by the Bakrie Group, Bumi chairman Samin Tan and Mr. Roeslani
were acting in concert and therefore restricted their total voting
rights in Bumi to 29.99%, even though their combined stake in the
company was more than 60%, according to data provided by
FactSet.
Recapital Group said it sold 13.67 million shares to Avenue
Luxembourg, which makes investments for a fund managed by Avenu
Asia Capital Management LP. It sold 3 million shares to Flaming
Luck, which is controlled by the Tanoesoedibjo family of Indonesia.
Lastly, it sold 7.54 million shares to funds managed by Argyle
Street.
-Write to Alex MacDonald at alex.macdonald@dowjones.com
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