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  Estate Agents  arrow  Alstron Real Estate Developments Ltd.

Alstron Real Estate Developments Ltd.

FTSE rebound led by mining shares

0000-00-00

CATHY ADAMS

The leading share index staged a rebound this morning, led by mining shares.

In early deals, the FTSE rose 0.6 per cent after suffering its sharpest one-day fall yesterday since July on concerns that the US Federal Reserve could wind up stimulus programme sooner than expected.

Headline miners made up the top five FTSE risers this morning – as metal prices rallied – with Kazakhmys leading the pack, up 2.74 per cent.

Russian precious metals miner Polymetal and steelmaker Evraz were both up 2.2 per cent.

Outside of the miners, luxury retailer Burberry was up 2.2 per cent, and industrial buyout specialist Melrose rose 2.1 per cent.

Mid-cap miners and oil shares were also doing well, with Finnish miner Talvivaara up 7.2 per cent and Fortune Oil rising 4.6 per cent.

A mixed bunch of shares made up the FTSE fallers this morning. G4S topped the blue chip loser board, shedding 1.4 per cent.

Education group Pearson, which also owns the Financial Times, sank 0.8 per cent.

Brewer SAB Miller fell 0.4 per cent in early trading. Yesterday Morgan Stanley initiated its coverage of the stock with an “equal-weight” rating and a target price of 3300p.

On the wider index, Indonesian coal miner Bumi fell 4.2 per cent, as the majority of board overhaul proposals from company co-founder Nat Rothschild were rejected at the company’s EGM yesterday.

UK banking shares were mainly in positive territory this morning. HSBC rose 0.56 per cent, Barclays was up 1.17 per cent and Lloyds Banking Group rallied 0.89 per cent. Only RBS fell, shedding 0.39 per cent.

In Asia, the Nikkei closed up 0.68 per cent and in the US, the Dow Jones closed down 0.34 per cent.

     
     
  Alstron Real Estate Developments Ltd.  
 

ADDRESS: 275 Hoe Street

CITY: London

COUNTY: London

POST CODE: E17 9PT

TELEPHONE NUMBER: 020-8521-8822

CATEGORY: Estate Agents

 

Company Alstron Real Estate Developments Ltd. has been listed in our directory for a long time. This company has extensive experience in their sphere of expertize in London. Thanks to companies like this, people get what they want. On our website, it is listed in the section Estate Agents.

The company has a great location. Thanks to this location, it is convenient to work. Our site has all the necessary information for those who want to work with this firm. Location of company is: 275 Hoe Street. Also you can contact Alstron Real Estate Developments Ltd. by phone: 020-8521-8822. In our catalog there are many similar companies, so you can compare. For more detailed study information about the company, you can read the comments. Our moderators check comments. They remove comments, which do not carry useful information. Therefore, you do not have to hunt specks of information to talk in the comments.

Many visitors leave great reviews about the companies with whom they had a lot of work. Read them to learn about company the most valuable reviews. In order to clarify any details of information, posted as comment, you can contact authors by yourself. They will gladly answer your questions.

Based on the comments, feedback and any other available information, our editors provide review of the company Alstron Real Estate Developments Ltd.. They will help you make the final choice. Be sure to review all submitted materials to be sure. Such careful approach to partner selection will guarantee high income and secure business.

Do not contact the company without having studied its competitors. You may find something better and get some more attractive offers. Indeed, cooperation should be fruitful and enjoyable. For this purpose our catalog provides only trustful information. Using it, you will always find what you need. In every desperate situation, the main goal is to explore all the possibilities. Then you will find a solution and good business partners.

Call Alstron Real Estate Developments Ltd.: 020-8521-8822

 
     
 

Mikhail Prokhorov sells $3.6bn Polyus Gold stake

0000-00-00

CITY A.M. REPORTER

Russian billionaire Mikhail Prokhorov has sold his 37.78 per cent stake in Polyus Gold to two Russian buyers, in a deal worth $3.6bn (?2.3bn).

Prokhorov’s vehicle Onexim group said this morning that it had sold 18.5 per cent had been sold to Zelimkhan Mutsoyev for $1.77bn, and 19.28 per cent to Gavrill Yushvayev for $1.85bn.

The deal had been under review by the UK Takeover Panel over whether retail tycoon Mutsoyev and fruit juice magnate Yushvayev were acting in concert.

If the pair had been found to form a concert party together, or in relation to existing shareholder Suleiman Kerimov, who owns 40 per cent of Polyus, the deal would have triggered a mandatory buyout to minority shareholders.

TOP IN London TOP IN Estate Agents