Vallar seeks higher stake in BUMI - Insider Stories

Vallar Plc expects that it will seek to increase its holding in Bumi Resources over and above the 25% stake it will acquire as part of the Bumi Resources Transaction.

Vallar intends to achieve this by means of one or more potential transactions, whereby Vallar would issue New Vallar Voting Ordinary Shares in return for outstanding Bumi Resources Shares to increase its aggregate holding in Bumi Resources to not more than 51% of the issued ordinary share capital of Bumi Resources. It is called the Bumi Resources Step-Up Transaction.

The completion of any purchase of further Bumi Shares by Vallar in the Step-Up Transaction will be conditional upon the publication of a supplementary prospectus or a further prospectus containing, among other things, details of the purchase including its terms.At the Bumi Resources Transaction Closing Date, the Bakrie Group will hold approximately 28.9 million voting ordinary shares and approximately 61.2 million suspended voting ordinary shares (together constituting approximately 29.9% of the voting rights in Vallar and approximately 57.2% of the total issued ordinary share capital of Vallar.).