LONDON (Reuters) - Two directors of Bumi Plc BUMIP.L whom Nat Rothschild proposed keeping on the board of the Indonesia-focused coal miner said they do not support his plans to take back control of the company, The Financial Times reported.
Speaking to the rest of the board last week, Steven Shapiro and Graham Hearne said they did not back Rothschild who requested a shareholder vote with the aim of replacing 12 of 14 directors at the London-listed company, reported the FT.
According to the newspaper, the pair, who had both been directors of Vallar which later became Bumi, said they would resign if Rothschild secured enough support to oust the board.
Bumi’s co-founders Rothschild and Indonesia’s influential Bakrie family are locked in a bitter battle over plans for the future of the miner.
The two sides got together in 2010 to bring promising Indonesian assets to London, but their relationship quickly soured. The venture has instead been marked by crumbling shares - not helped by falling coal prices - an investigation into financial wrongdoing and investor battles.
The Bakries said last year they planned to unwind the company, drawing a line under their London venture and taking back the assets they and partners brought in.
Reporting by Costas Pitas; Editing by Ryan Woo