Update on Roeslani Agreement

RNS Number : 7996U
Bumi plc
05 December 2013
 



 

 

 

5 December 2013

For Immediate Release

 

Bumi plc ("Bumi" or the "Company")

 

Update on the Roeslani Agreement

 

In its supplementary circular issued on 3 December 2013, the Company noted that Rosan Roeslani has raised a number of issues as to the nature of his obligations under the Roeslani Agreement, as a result of which he denies that he is in breach of those obligations and asserts that any outstanding liability to transfer any cash or assets under the Roeslani Agreement has been extinguished.

 

The Company has now been able to review and obtain legal advice in relation to those issues.  The Board of the Company considers that the arguments raised by Mr Roeslani are of little merit and has concluded that Mr Roeslani does not intend to make any payments or meet any of his obligations under the Roeslani Agreement by the deadline of 26 December 2013. 

 

The Company is determined to enforce its rights under the Roeslani Agreement and to seek to compel Mr Roeslani to make full payment of $173m in accordance with the obligations which he agreed, in cash and/or assets. It will therefore now enforce its rights through arbitration in Singapore in accordance with the terms of the Roeslani Agreement.  Having considered all the alternatives, the Company believes that this holds the best chance of recovering value from Mr Roeslani. 

 

-ENDS-

 

For enquiries, please contact:

 

Bumi plc

Sean Wade                                             

+44 (0) 20 7201 7511

 

RLM Finsbury

Ed Simpkins / Charles O'Brien        

+44 (0) 20 7251 3801

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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