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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
Posted by Saham Pilihan at 08.14

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