BUMI11 Oct 2012 20:35
The Bakries want to hand back their Bumi holding for 10.3% of Bumi Resources - worth $150 million - and will pay $278 million for the rest of Bumi's stake, in line with Bumi Resources' market price. The family will also pay $940 million for Bumi's 84.7% holding in PT Berau - twice its value at Wednesday's close.
That would leave Bumi once again a cash shell with $1.2 billion, equivalent to the amount Mr. Rothschild raised when he launched Vallar. But the company now has twice as many shares in issue as a result of its acquisitions, valuing them at just GBP4.80 compared to a float price of GBP10.