BUMI | Statement By Senior Independent Director | RNS
Bumi plc ("Bumi" or the "Company")
04 February 2013
For Immediate Release
Statement by Senior Independent Director
Sir Julian Horn-Smith, senior independent non-executive director of Bumi plc, today called on Nat Rothschild to return the bonus shares that he was granted in Bumi plc as a reward following the transaction which created the company.
Sir Julian said: "It is now clear that the deal and deal structure which Nat proposed and championed for Vallar plc has resulted in considerable losses for many shareholders. Following meetings with shareholders over the past few weeks there is growing pressure from them for Nat to return these shares.
The Board believes it is unjust that Nat should be able to continue to own and vote these shares which he received as the result of a flawed transaction. It is wrong for failure to be rewarded and this bonus should be clawed back."
Note to Editors:
As a result of the acquisition structure designed by Mr Rothschild, he and his associates received shares in the company equal to approximately 6.67 per cent of the Company's share capital, amounting to 16.1 million shares. These shares, along with the advisory and other fees and expenses he charged to the company, mean that unlike all other shareholders Mr Rothschild is still in the money.
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