London-Biz.co.uk
 
 
New records

Rothschild hit by epic defeat

0000-00-00

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”.

HOME  arrow  London  arrow  Labels and Tags - Computer  arrow  Adastra Label Marketing Co. Ltd.

Adastra Label Marketing Co. Ltd.

Rothschild hit by epic defeat

0000-00-00

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”.

     
     
  Adastra Label Marketing Co. Ltd.  
 

ADDRESS: 42 Gloucester Way Islington

CITY: London

COUNTY: London

POST CODE: EC1R 0BR

TELEPHONE NUMBER: 020-7278-8029

CATEGORY: Labels and Tags - Computer

 

Adastra Label Marketing Co. Ltd. has been successfully operating in Labels and Tags - Computer. In London, many companies appear in our catalog in section Labels and Tags - Computer. However, the company has a very friendly staff. They are always looking for partners, and do everything to maintain partnerships with other firms. This attitude makes the company one of the best in its field.

The company has a very interesting location. The first trip to the office many not very nice to remember. However, after receiving detailed instructions from the managers of the company it will be very easy trip. Especially given the goodwill of employees of the company. You can contact the manager of the company Adastra Label Marketing Co. Ltd. and ask him about how to get to the office: 020-7278-8029.

The company has good reviews. This had a positive impact on its rating. Many people write in a comments or the whole review. This allows you to see more information about the firm on our site. After all, to assess the quality of partnership with this company, better read the reviews than their mistakes.

In addition to reviews, you can evaluate a company, reading the comments. Our editors regularly review comments and remove unnecessary, which do not carry any information. Based on all of the data can take quite a sensible decision to cooperate with Adastra Label Marketing Co. Ltd..

If you are ready to come to the office to talk about cooperation - we give you the address of the company: 42 Gloucester Way. This way, you can immediately agree on cooperation. This is a good option if you already know enough about this company.

Call Adastra Label Marketing Co. Ltd.: 020-7278-8029

 
     
 

ING names new chief executive

0000-00-00

CATHY ADAMS

Dutch bank ING this morning confirmed that Ralph Hamers will succeed Jon Hommen as chief executive in October.

Hamers is currently chief executive of ING Belgium, and has been in the role since 2011.

Hommen, whose four-year term on the executive board will expire after the AGM in May, has headed up the Dutch bank since 2009.

TOP IN London TOP IN Labels and Tags - Computer