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Selasa, 14 Juni 2011

BRMS is valued at Rp 850 / share and will have direct access to UK and European based capital markets and funds

Following the announcement made by Vallar Plc ("Vallar") on Friday, 10 June 2011 regarding the "major re-organization to simplify corporate structure and enhance transparency", we would like to inform our shareholders the following ke notes related to PT Bumi Resources Minerals Tbk ("BRMS" or the "Company").

Vallar has announced its intention to acquire 75% ownership in BRMS from PT Bumi Resources Tbk ("BUMI")
The acquisition is priced at Rp 850/share which represents a 21.9% premium to BRMS' 30 days average closing price
In exchange of the 75% ownership in BRMS, Vallar will pay approximately US$ 2.07 billion (which represents the acquisition price of Rp 850 / share) through its proposed new parent company (Bumi Plc) to BUMI in the form of listed corporate bonds
The convertible bonds will be convertible into approximately 79 million new Bumi Voting Ordinary Shares (Vallar's shares) at the initial conversion price
The transaction is expected to complete in the third quarter of 2011 and will require approval of Bumi Voting Ordinary Shareholders
The Management of BRMS views that the transaction would be beneficial to the Company in the following ways:
More simplified ownership structure
Direct ownership by Vallar would strengthen BRMS' corporate governance and transparency
Closer access to the UK and European based capital markets and funds which will improve the liquidity of BRMS' stock trading volume
The Rp 850/share acquisition price reflects a 34% premium from the IPO price which shows Vallar's confidence in BRMS' fundamentals and value.
The complete Vallar's Press Release announcement can be accessed at www.vallar.com

More information about BRMS can be found in the www.bumiresourcesminerals.com

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