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26 Jun 2013 10:51
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For immediate release
26 June 2013
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Bumi plc ("Bumi" or the "Company")
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On 31 May 2013, the Company announcedΒ that, during the preparation of its annual results for the year ended 31 December 2012, it had discoveredΒ paymentsΒ totalling US$201m had been made by Berau during 2011 and 2012 that had no clear business purpose (the "Payments").Β Further to that announcement,Β the Company today announces that Bumi and PT Berau Coal Energy Tbk ("Berau"), Bumi's 84.7%-owned subsidiary, have entered into an agreement with Rosan Roeslani, the former President Director of Berau (the "Deed")Β pursuant to which Mr. Roeslani has undertaken toΒ transfer, or procure the transfer, to Berau assets and cashΒ with a valueΒ equal toΒ US$173 million.Β The assets to be transferred under the Deed relate directly to the Berau value chain and compriseΒ shareholdings in a transshipment services company which currently transports all coal produced by BerauΒ and aΒ company which has possession of the land used by Berau for its operations.Β The assets are subject to independent valuation and any shortfall in such valuation below US$173m will be satisfied in cash.
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Conditional upon the transferΒ by Mr. Roeslani of the assetsΒ to Berau and subject toΒ Bumi obtaining all requisite approvals, Bumi and Berau have agreed to waive potential claims that they may have againstΒ Mr. Roeslani in respect ofΒ theΒ PaymentsΒ (the "Potential Claims").Β The Deed specifically states that Mr. Roeslani makes no admission of wrongdoing or liability in respectΒ of the Potential Claims.
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The obligations of the parties set out in the DeedΒ are subject to the fulfilment of certain conditions, including Bumi shareholder approval, whichΒ will be requiredΒ in respectΒ of the transfer ofΒ the assets to Berau andΒ in respect of theΒ waiver of the PotentialΒ Claims. It isΒ currently intended thatΒ shareholder approvalΒ be sought at the same time as approvalΒ is sought for the separation from the Bakrie Group andΒ PT Bumi Resources Tbk.
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Further information in this regard will be provided to shareholders as soon as possible.
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For enquiries, please contact:
Bumi plc
Jayesh Pankhania
+44 (0) 20 7201 7506
RLM Finsbury
Ed Simpkins / Charles O'Brien
+44(0)2072513801
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