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Rothschild hit by epic defeat

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CATHY ADAMS

BUMI co-founder Nat Rothschild yesterday suffered an embarrassing defeat at the coal miner’s EGM, with 19 out of 22 proposals for a board overhaul flattened by shareholders in a public City showdown after months of increasingly bitter exchanges.

Rothschild, who arrived at the extraordinary meeting with his mother Lady Serena Rothschild, proposed last month ousting 12 out of the 14 current Bumi directors and bringing in a team of his own.

Investors yesterday chose to back the current Bumi board, with more than 61 per cent of stakeholders supporting incumbent chief executive Nick von Schirnding and the deputy chairman director Sir Julian Horn-Smith.

Rothschild’s proposed appointment as an executive director was rejected by 63 per cent of investors, which marked the weightiest defeat of all the resolutions.

The outcome of the EGM, held at the Honourable Artillery Company on City Road yesterday morning, will see two current Bumi board members – former chief executive Nalin Rathod and independent non-executive director Jean-Marc Mirzhai – step down.

In a narrow victory, one of Rothschild’s proposed new team, former British ambassador to Indonesia Sir Richard Gozney, has been voted onto the Bumi board.

In a statement following the results of the meeting, the FTSE 250 coal miner welcomed Sir Richard’s appointment and the “decision of shareholders to support the board on substantially all resolutions”.

The board will now speed up the divorce of Bumi Resources from the London-listed Bumi PLC, as well as a restructuring of the board, which will be “pursued with a sense of urgency”.

“The board will be re-structured and will be significantly smaller while retaining a majority of independent directors,” the firm said last night.

Speaking at the EGM, von Schirnding said that the agreement signed last week with the Bakries, which saw them put $50m (?33m) in a ringfenced account for the buyback of Bumi Resources, was a “tangible step forward” for shareholders.

The powerful Indonesian investors last night welcomed the outcome of the meeting.

Hedge fund veteran Rothschild, also speaking last night, labelled the result a “pyrrhic victory” for the Bumi board, adding that a “substantial majority” of non-aligned shareholders voted for his proposals.

Calling again for the full release of the probe by law firm Macfarlanes, the financier added that he will continue to remain a shareholder of Bumi, and he will “continue to fight for the rights of the minority independent shareholders”.

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Chiltern Miniatures

German GDP slumps 0.6 per cent in Q4

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CITY A.M. REPORTER

The German economy shrank in the last three months of 2012, with a plunge in exports driving the contraction.

Seasonally adjusted data from the Federal Statistics Office confirmed an earlier flash estimate showing that German GDP fell by a more-than-expected 0.6 per cent in the last quarter of the year.

It marks the biggest fall since the economy contracted by 4.1 per cent at the start of 2009.

Foreign trade deducted 0.8 per cent from GDP while domestic demand added 0.2 per cent.

The data showed that exports dropped by two per cent in the fourth quarter while imports fell by 0.6 per cent, boding ill for struggling Eurozone states that had hoped to offload more of their goods on Germany, where rising wages, high employment and moderate inflation have boosted domestic demand.

     
     
  Chiltern Miniatures  
 

ADDRESS: 1 Elmbourne Road

CITY: London

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POST CODE: SW17 8JS

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CATEGORY: Games and Toys

 

Splendid reputation of Chiltern Miniatures is totally deserved. It’s because they high quality products for the market. This company is listed in the section Games and Toys of our London business directory. The company is relatively young. Most recently, it had a bad reputation. However, after improving the quality of products they again began to acquire new customers.

In the user review section, you can find information about the relationship of people with that company to improve product quality, and now, when the company purchased new equipment. Production shops began to work with maximum efficiency. The company plans to expand production. Cooperating with it means getting only high quality products. Various bits of useful information about the company can meet in the comments.

The company office is conveniently located in London. Production units, of course, are not very comfortable. Nevertheless, this is offset by the high quality of products. Other companies working in the field Games and Toys do not have such quality. This is a major incentive to cooperate with this company. You can contact the company Chiltern Miniatures to clarify the information you need: .

Finally, if you are determined to work with this company - you can visit the company's office. It is located at 1 Elmbourne Road. Our site wishes you successful and lucrative contracts!

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Einhorn pleads with investors on Apple vote

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JAMES TITCOMB

BILLIONAIRE investor David Einhorn yesterday pleaded with fellow Apple shareholders to vote against the iPhone maker’s proposals to change its corporate practice.

Einhorn’s Greenlight Capital hedge fund, which owns around $600m (?394m) in Apple shares, laid out proposals that would see billions of dollars returned to shareholders.

Einhorn said that despite the company’s history of product innovation its “attitude to managing its cash has been decidedly non-innovative”.

Greenlight Capital wants the company to distribute a new class of preferential Apple shares – which he dubbed iPrefs – that would be handed out to investors and return a regular, fixed dividend.

Apple has said it is considering Einhorn’s proposals. However, a board proposal at its upcoming annual meeting would see it prevented from issuing the kind of preferential stock suggested by Einhorn.

Greenlight Capital is also taking the company to court, claiming the proposals would violate US corporate laws. On Tuesday the judge presiding over the trial said Einhorn was likely to win the case.

Einhorn said his suggestions would return value to investors, while leaving Apple with cash to make acquisitions, and preventing it from jeopardising its business. Apple’s shares have fallen by a third since their summer highs.

“[The proposals] don’t interfere with whatever business plan Apple has, we want them to keep innovating and designing products we can’t imagine living without,” Einhorn said, imploring shareholders to “send [Apple] a clear message”. Apple did not comment.

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