ARMS.L Regulatory News (ARMS)

20 November 2013

For Immediate Release

Bumi plc ("Bumi" or the "Company")

Update on General Meeting and Separation

Capitalised terms have the meanings given to them in the circular published on 7 November 2013 (the "Circular").

A condition of the PT Bumi Resources Sale Transaction is that the Independent Directors are provided, by no later than 20 November 2013, with copies of, and are satisfied with the terms of, any relevant financing agreement or arrangement entered into by RACL to finance its acquisition of Suspended Voting Ordinary Shares pursuant to the Borneo/Bakrie Share Purchase Agreement. In addition, the resolution numbered 1 in the Notice of General Meeting ("Resolution 1") required details of such financing agreement or arrangement to be disclosed to Shareholders, in the manner required by the City Code, by no later than 20 November 2013 (and the other resolutions in the Notice of General Meeting are conditional upon Resolution 1 being passed and becoming effective).

The Company understands that significant progress has been made by RACL in arranging its financing. However, because the Company has not received the necessary financing agreement(s) or arrangement(s) it is not in a position to comply with the terms of Resolution 1 and accordingly it is not possible for the Company to proceed with the Separation on the timetable previously communicated to Shareholders, which included holding the General Meeting on 4 December 2013. In the light of this development, a resolution will be proposed at the General Meeting on 4 December 2013 seeking Shareholders' approval to adjourn the meeting.

The Independent Directors continue to believe that the Separation represents the most attractive path forward available to the Company and feedback from Shareholders since the publication of the Circular has confirmed support for the Separation. Accordingly, the Independent Directors have agreed with the Bakrie Group an extension to the condition in the PT Bumi Resources Share Sale and Purchase Agreement that refers to the provision by RACL of copies of financing arrangements to the Independent Directors to 29 November 2013. The US$50 million that has already been placed in escrow by Long Haul Holdings Ltd. will remain in the escrow account pending, amongst other things, satisfaction of the amended condition referred to above. If this condition is satisfied the Independent Directors will consider sending a new circular to shareholders in order to seek their approval of the Separation. 

-ENDS-

For enquiries, please contact:

Bumi plc

Sean Wade

+44 (0) 20 7201 7511

RLM Finsbury

Ed Simpkins / Charles O'Brien

+44 (0) 20 7251 3801