Recapital Group Disposal
Recapital Group disposed of its entire holding of 24,203,452 ordinary shares in Bumi plc, with Avenue Luxembourg S.A.R.L. acquiring 13,667,250 shares and the remainder being split between Flaming Luck Investments Limited (3,000,000 shares) and Argyle Street Management Limited (7,536,202 shares).
Bumi plc is a leading FTSE listed thermal coal group with interests in the largest coal-producing assets in Indonesia - the world's largest seaborne coal exporting nation. The company’s primary activity is to explore, mine and process coal and other minerals through its 85% holding in Berau Coal and 29.2% holding in Bumi Resources Group.
HFW acted for Recapital Group on the disposal of its entire shareholding in Bumi plc (with a market value of over £90m), driven primarily by a December 2012 UK Takeover Panel ruling that certain Bumi plc shareholders must divest themselves of their shares. The transaction involved three separate disposals of shares to investors within a tight timetable. Key to the sale were HFW's submissions to and meetings with the UK Takeover Panel, and obtaining its consent to each of the individual sales. An integrated international HFW team worked with the many interests involved in Bumi plc in securing the Takeover Panel's approval.
HFW's international corporate team has extensive experience of advising on high value, cross-border and domestic transactions. Our team draws on the firm's in-depth sector expertise and works closely with clients to acquire, dispose, finance, or restructure companies and assets, or to form strategic partnerships or joint ventures.The disposal of Recapital Group’s shares in Bumi plc is just one of the many examples of HFW's corporate capabilities.
Lead Advisor to Recapital Investment Group
Thomas W. Shreve, Chief Executive Officer of Recapital Group commented:
"The dedication of the [HFW] team was impressive, the expertise and experience made available to us were consistently excellent, and the use of lawyers in different time zones to keep the process moving forward 24 hours a day was nicely done."