Dr. Evil Update: Rothschild ‘wrong’ on Bumi’s deal dangers
Nat Rothschild is “completely, 100pc wrong” about the controversial “divorce” deal facing Bumi, according to the man trying to steady the troubled London coal group in the wake of the financier’s shock resignation.
by Emma Rowley, The Telegraph:
Sir Julian Horn-Smith, Bumi’s deputy chairman and senior independent director, said Mr Rothshild’s exit from the board exposes him as an “activist shareholder”. “I respect him for that,” he said, “but that’s what he is.”
The former Vodafone executive spoke out after Mr Rothschild outlined his lack of confidence in the board’s ability to “do the right thing”, flagging his opposition to a £750m deal from key Indonesian shareholders, the Bakries, to sever ties with Bumi.
Sir Julian said the financier was wrong to argue that agreeing to part of the deal risked creating a backdoor way for the Bakries to get all the FTSE 250 company’s assets on the cheap. The logic behind his concern was apparently that the Bakries’ departure would inflate the holdings – and therefore the influence – of other Indonesian investors.
2012-10-17 05:40:12
Source: http://sgtreport.com/2012/10/dr-evil-update-rothschild-wrong-on-bumis-deal-dangers/
Source:
