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Selasa, 14 Juni 2011

Bumi Resources - an overview on the Vallar/BRMS transaction - Bumi point of view

Here are some Q & A's to raise understanding from our view point

1) Why did Bumi sell its dominant stake in BRMS

- Refocus on coal mining and related business
- Regroup under larger Vallar Plc group umbrella and benefits from direct access to funding accessible to Vallar Plc
- Benefit from attractive premium afforded to BRMS (Rp 850 vs IPO price of Rp 630)

2) Why not payment in cash but CB's

- CBs allow the holder to benefit from upside in Vallar Plc share price appreciation
- CB can be monetized quickly for liquidity

3) Merits of CB vs cash from Bumi standpoint

- CB striked based on market terms and allow holder to potentially enhance CB asset with Vallar Plc share price appreciation

4) Utililisation plan for CB's - is it to settle CIC loan, if not why sell BRMS

- CB can be monetized for purposes of leverage reduction (repay expensive debt eg CIC loan) in order to maximize return for all shareholders and stakeholders

Regards,

Dileep

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