Jual 75% saham BRMS, BUMI Kantungi Convertible Bonds Vallar Senilai Rp 17,73 T

PT Bumi Resources Tbk (BUMI) mengantungi convertible bonds (CB) yang diterbitkan Bumi Plc Vallar Investment UK Limited selaku pembeli 75% saham Bumi Resources Mineral (BRMS) pada harga Rp 850/saham atau senilai Rp 17,73 triliun. Total CB tersebut adalah US$ 2,07 miliar, hampir sama dengan utang CIC yang dimiliki BUMI senilai US$ 1,9 miliar.

Convertible bonds ini berjangka waktu 5 tahun 6 bulan dengan bunga sebesar 2% pertahun dan wajib dibayar setiap enam bulan. CB dapat dikonversi dengan saham BUMI Plc dengan jumlah sebanyak-banyaknya 79.023.421 saham biasa.

Harga konversi ditetapkan sebesar 15,8841 euro per saham atau premium sebesar 21,9% dari harga rata-rata penutupan saham BRM dalam 30 hari sebelum tanggal 27 Mei 2011 senilai 13,0312 euro. CB ini bisa dikonversi 40 hari sejak tanggal penerbitannya dan berakhir hari keempat belas sebelum jatuh tempo.

Syarat lainnya adalah CB tidak dapat dikonversi jika CB dimiliki oleh perseroan atau pihak yang bertindak atas nama perseroan atau setiap pihak yang dapat dianggap (berdasarkan city code on takeovers and merger) secara bersama-sama (acting in concert).

CB dapat dilunasi (redeemed) dengan harga nominal CB ditambah bunga yang masih terutang. Dalam hal perdagangan saham pembeli menjadi 130% dari harga konversi dalam periode 20 dari 30 hari perdagangan.

BUMI Jual 75% Saham Bumi Resources Mineral Rp 17,73 Triliun

PT Bumi Resources Tbk (BUMI) menjual 75% saham PT Bumi Resources Mineral Tbk (BRMS) kepada Bumi Plc Vallar Investment UK Limited. Jumlah saham Bumi Resources Mineral yang dijual BUMI mencapai 20.854.263.529 lembar saham pada harga Rp 850/saham atau total senilai Rp 17.726.123.999.650 (Rp 17,73 triliun).

Harga penjualan tersebut setara dengan 21,9% premium dari harga rata-rata penutupan saham BRMS dalam waktu 30 hari sebelum tanggal 27 Mei 2011. Dengan pembelian saham ini, maka Bumi Plc Vallar Investment selaku pembeli wajib melakukan tender offer terhadap saham BRMS. Patokan harga tender offer telah disepakati tidak melebihi Rp 850/saham.

Kesepakatan jual beli ini telah ditandatangani pada 10 Juni 2011.

Jual Saham BMTR, Bhakti Capital Kantungi Keuntungan Rp 1,1 Triliun

PT Bhakti Capital Indonesia Tbk (BCAP) telah menjual 1.463.050.000 lembar saham PT Global Mediacom Tbk (BMTR) pada 1 Juni 2011 dengan harga rata-rata penjualan Rp 752/saham. Jumlah saham yang dijual ini setara dengan 10,59% dari modal disetor BMTR.

Sebelumnya, BCAP pada 31 Mei 2011 membeli 1.082.326.500 saham BMTR pada harga Rp 750 atau setara dengna 7,85% dari modal disetor BMTR. Akibatnya, total kepemilikan BCAp bertambah menjadi 10,59%.

Namun, setelah pelepasan saham tersebut, BCAP kini sudah tidak memiliki saham BMTR. Demikian keterbukaan informasi Direktur Utama BCAP Darma Putra, di Jakarta, Jumat (10/6). Berdasarkan perhitungan, hasil dana yang diperoleh BCAP dari penjualan saham tersebut mencapai Rp 1,1 triliun.
 

Vallar Announces Major Reorganisation

Vallar announces today the intention to acquire a 75 per cent. holding (on a fully diluted basis) in BRM from Bumi Resources. The acquisition price of Rp.850 per share represents a 21.9 per cent. premium to BRM's thirty day average closing price of Rp.697 per share to 27 May 2011 and a total consideration of approximately US$2.07 billion paid by Vallar, through its proposed new parent company Bumi plc, to Bumi Resources in the form of listed convertible bonds, which are convertible into new Bumi Voting Ordinary Shares (the "Convertible Bonds").

The key terms of the Convertible Bonds will be as follows:

• Issuer: a wholly-owned subsidiary of Bumi plc
• Guarantor: Bumi plc
• Currency: US$
• Underlying shares: Bumi Voting Ordinary Shares
• Listing: Official List of the FSA and trading on the Professional Securities Market of the London Stock Exchange
• Maturity: five years and six months from the Issue Date (the "Maturity Date")
• Cash coupon: 2.0 per cent. per annum, payable semi-annually in arrear commencing on the date that is six months after the Issue Date
• Conversion price: £15.88, representing a 21.9 per cent. premium to the thirty day average Vallar Voting Ordinary Share closing price of £13.03 per share to 27 May 2011
• Conversion period: from 40 days following the Issue Date until the fourteenth calendar day prior to the Maturity Date. No Convertible Bond is convertible when held by or on behalf of Bumi Resources
• Issuer call: non-callable for three years following the Issue Date. Thereafter callable at par plus accrued interest provided that the Bumi Shares are trading at 130 per cent. of the conversion price for a period of 20 out of 30 trading days.

The Convertible Bonds will be convertible into a maximum of approximately 79 million new Bumi Voting Ordinary Shares at the initial conversion price.

The BRM Proposal is expected to complete in the third quarter of 2011 and will require approval of Bumi Voting Ordinary Shareholders. Bumi proposes to engage with the Indonesian regulator to review whether a mandatory tender offer for the remaining shares in BRM would be required as a result of the reorganisation.

Simplification of corporate structure
The BRM Proposal will result in the simplification of Vallar's corporate structure by providing the Company with direct exposure to the BRM portfolio. In addition, the BRM Proposal will benefit Vallar through stronger corporate governance across the group.

Creation of enhanced asset portfolio with access to attractive commodities in emerging markets
Through the BRM Proposal, the Company will augment its core focus on coal by adding a portfolio of base metals, iron ore and precious metals assets across multiple geographies. Vallar believes in the asset quality and competitive strengths offered by BRM and the robust industry fundamentals of copper, zinc-lead, iron ore and gold underlying the business.

BRM's 18.0 per cent. economic interest in Newmont Nusa Tenggara ("NNT"), the company that owns the Batu Hijau mine, offers exposure to a significant interest in a world-class, high quality, long-life copper and gold mine. BRM's attractive portfolio of development projects, including its 80.0 per cent. holding in the Dairi Prima zinc-lead project, offers attractive near term revenue growth opportunities whilst its exploration projects offer significant additional growth opportunities.

Platform to execute a diversified mining expansion strategy
The BRM Proposal will diversify the Company's current geographical and commodity footprint, allowing Vallar to benefit not only from strong fundamentals and assets in the coal sector, but also the value creation potential in early stage development and exploration assets. Furthermore, gaining direct exposure to BRM offers Vallar the strategic flexibility in the development of the BRM assets, whilst simultaneously increasing BRM's financing options to develop its projects.

Best use of management to deliver value to shareholders
BRM's management will continue to play a critical role within the enlarged Company and will allow Vallar to align the management of the enlarged Vallar to best utilise management's strengths across the entire business portfolio. Given the scale and unique opportunities offered by the Company, it is the intention of the Vallar board of directors and management to further attract additional world-class talent.

Continued delivery on Vallar strategy
The BRM Proposal represents a continuation of the delivery of the Vallar strategy announced at the time of its IPO to seek to create shareholder value through establishing a business with significant operations in the global metals, mining and resources sector with the intention of increasing its scale and profitability by efficiently deploying capital to expand and enhance current operations and by recruiting and retaining experienced and specialist industry personnel for key management positions. Source: Oilvoice

Vallar to lift BUMI stake to 50%, shakes up structure

* To buy 75 pct of Bumi Resources Minerals (BRM) from Bumi

* Bumi to get $2.07 bln in convertible notes for BRM stake

* Vallar to lift stake in Bumi to up to 50 pct

* Simplified structure prepares group for FTSE 100 entry 

LONDON, June 10- 

London-listed Vallar (VAAR.L) will lift its stake in Indonesia's Bumi Resources (BUMI.JK) to up to 50 pct and take a majority holding in a subsidiary, as part of an attempt to simplify its structure and pave the way for a spot in the FTSE 100.

Vallar, an acquisition vehicle set up by Nathaniel Rothschild, will buy a 75 percent stake in Bumi Resources Minerals (BRM) (BRMS.JK) from Bumi Resources for $2.07 billion of convertible bonds, adding base metals, iron ore and some precious metals assets to its core focus on coal.

The bonds will be convertible into shares in Vallar's new parent company Bumi Plc, which Vallar hopes will enter the FTSE 100. 

"This move to scale up and diversify the business, get operational control of more assets and provide a pathway to the refinancing of Bumi's expensive debt are all positives for the stock which appear to have been achieved at an acceptable price," said Liberum Capital in a note.

"Few mainstream institutional investors have focussed on Vallar till now - we feel this could trigger their taking a closer look," it added. BRM assets include an 18 percent economic interest in Newmont Nusa Tenggara, the company that owns the Batu Hijau mine, and offers exposure to high quality long-life copper and gold, Vallar said.

Vallar also confirmed plans to boost its stake in Bumi Resources, Asia's biggest thermal coal exporter, from 25 percent to between 40 and 50 percent. A share above 50 percent would trigger a tender offer. 

It has not given a timing on the move, though Bakrie & Brothers (BNBR.JK), a major Vallar shareholder, told Reuters in March that the increase would come by June. 

Vallar is set to publish by the end of June the premium listing prospectus that will result in the introduction of new parent company Bumi Plc to replace it on the London Stock Exchange.

Vallar, Rothschild's mining vehicle, underwent a major transformation last year, with the Bakrie Group and the Rothschild family joining forces for Vallar to take a 25 percent stake in coal miner Bumi and a 75 percent stake in Berau Coal Energy (BRAU.JK).

The Bakrie group will own 43 percent in the combined London-listed company, which will be renamed Bumi.

JP Morgan Cazenove is sole advisor to Vallar and joint broker with Credit Suisse.

Rothschild announced his intention to float his second acquisition vehicle, this time focused on oil and gas assets, on Thursday. He said on Friday there were "categorically" no plans for further projects. Source: Reuters

BRIEF-Vallar to raise Bumi Resources stake to 40-50 pct

LONDON, June 10 (Reuters) - Vallar Plc:

* Says will increase stake in bumi resources from

25 percent to 'in the 40s'
* Says maximum stake in bumi resources would be 50 percent
* Says bumi African assets are 'non core', likely to be disposed of over time
as company focuses on Indonesia
* Says entry of new parent company bumi plc into ftse 100 is 'almost a
certainty'
* Rothschild says no plan to set up other acquisition vehicles beyond vallares,
says vallares is 'categorically last' venture. Source: London South East

Saham-saham yang dominan dibeli asing, 9 Juni 2011

Saham-saham yang dominan dibeli asing, Kamis 9 Juni 2011.

Kode Saham                       Volume                      Jual                   Beli

ADHI	727.000	0	144.000
ADMG	4.097.000	0	179.500
ADRO	17.417.000	2.532.500	7.242.000
AISA	986.500	0	35.000
AKRA	9.612.000	2.290.000	3.324.500
ASGR	813.000	0	24.000
BHIT	182.186.000	19.727.500	42.276.000
BKSL	23.347.500	0	958.500
BLTA	101.588.000	0	260.000
BNBR	267.001.500	2.750.000	3.750.000
BORN	34.249.000	9.767.500	15.190.500
BRAU	46.284.500	0	300.000
BRMS	71.530.000	0	6.965.000
BSDE	6.277.000	0	2.754.000
BTEL	43.544.500	212.000	8.158.500
BYAN	339.000	84.000	325.500
CFIN	571.000	0	212.000
CPIN	5.728.000	491.000	3.624.500
CTRA	33.423.500	5.259.000	23.735.000
DEWA	455.668.000	0	1.100.000
GZCO	4.413.500	300.000	675.000
HRUM	3.405.500	1.296.500	1.782.000
IGAR	4.662.500	0	87.000
IMAS	39.500	0	30.000
INTA	24.959.000	0	8.000
IPOL	29.059.500	2.724.500	4.750.000
ITMG	659.500	404.500	577.500
JAWA	8.350.500	1.883.500	4.750.000
KAEF	15.254.000	0	2.000.000
KIJA	9.032.500	0	2.919.000
KRAS	52.456.000	8.000	7.247.500
LPKR	26.977.000	10.894.000	14.998.500
LTLS	730.500	0	75.000
MAIN	1.250.000	0	128.000
MBSS	3.658.000	0	535.500
MLPL	1.504.000	0	225.500
MNCN	15.182.000	8.022.000	13.276.500
MPPA	470.500	2.500	98.000
MYOR	263.000	40.500	159.000
PBRX	13.459.500	0	383.500
PNIN	1.955.500	0	519.000
POLY	6.385.000	0	20.000
PTPP	218.000	10.000	209.000
PWON	13.208.500	0	375.000
RALS	1.630.000	0	888.000
RICY	325.000	0	58.500
RMBA	705.500	0	226.500
ROTI	48.500	0	26.000
SCMA	183.500	17.500	63.500
SGRO	3.871.000	236.000	976.500
SIMP	491.764.500	98.016.000	223.939.500
SMSM	318.500	0	57.000
SSIA	7.101.500	375.000	2.201.500
SULI	18.095.500	15.000	3.281.500
TBLA	4.202.500	0	113.000
TKIM	172.500	0	52.000
TRUB	88.598.000	0	500.000
UNSP	112.364.000	0	13.296.000
WINS	1.904.000	0	327.500

Rekomendasi Beberapa Sekuritas, 10 Juni 2011

Rekomendasi beberapa sekuritas untuk perdagangan Jumat, 10 Juni 2011.

1. E-Trading Securities

IHSG kemarin anjlok 19,6 poin (-0,51%) ke level 3.806,19, menyusul sentimen negatif dari bursa global dan regional. Asing melakukan net selling Rp 577 miliar. Secara teknikal, pergerakan indikator masih menunjukkan sinyal bearish, melihat MA 5 dan MA 10 berpotensi membentuk deathcross. Hari ini indeks diprediksi bergerak di range 3.781–3.825. Amati BORN, INTP, dan KRAS.

2. Indo Premier Securities

Bursa Asia merosot, karena investor berusaha mengamankan dananya dari aset-aset berisiko. Secara teknikal, IHSG masih berpotensi melemah ke level 3.775-3.825.  Saham-saham pilihan kami saat harga turun adalah BBRI, BMRI, ASII, UNTR, BORN.

Rekomendasi HD Capital, 10 Juni 2011

Rekomendasi HD Capital untuk perdagangan Jumat, 10 Juni 2011.

BUY: (BUMI, ADRO, DOID, ASII)

• Beberapa data ekonomi positif seperti proyeksi GDP 2011 (6,5%) dan inflasi 2011 (6%) yang kelihatannya dapat terlaksana akibat terkendalinya imported inflation dari segi penguatan kurs dan BI rate tetap belum sepenuhnya di price in oleh pasar.

• IHSG close (09-06) 3.813.623(-12.297/-0.31%) (Val.Rp.3.4T)

• Support: 3.770-3.700, Resistance: 3,880-3.950

 

Stock picks:

1.      Bumi Resources (BUMI) (BUY) (Target Rp 3.650) (Close 09/06 Rp 3.425)

• Momentum kenaikan laba untuk sisa akhir tahun 2011 dari deleveraging akibat kurs dan suku bunga kondusif, serta kenaikan permintaan harga batubara (mayoritas kontrak BUMI adalah ke pangsa export) masih dapat mewarnai laju saham ini.

• Entry (1) Rp 3.375, Entry (2) Rp 3.350, Cut loss point: Rp 3.300

 

2.    Adaro Energy (ADRO) (BUY): (Target: Rp 2.625) (Close 09/06: Rp 2.475

• Menurut perhitungan discounted cashflow (DCF), setiap kenaikan $5/ton dari harga batubara Newcastle akan berdampak ke peningkatan laba 2011 sekitar 11%, kiranya hal ini dapat offset kecewanya pasar akan slowdown di produksi pada awal tahun ini.

• Entry (1) Rp 2.450, Entry (2) Rp 2.375, Cut-loss point: Rp 2.325

 

3.    Delta Dunia (DOID) (BUY): (Target: Rp 1.220) (Close 09/06 Rp 1.120)

• Proyeksi analis mengenai pembalikan arah dalam pertumbuhan laba, operating margin yang tertinggi di sektornya (kontraktor pertambangan) serta potensi earnings upgrade dari skenario deleveraging merupakan katalis positif untuk akumulasi pasca koreksi ini.

• Entry: (1) Rp 1.120, Entry (2) Rp 1.070, Cut loss point: Rp 1.020

 

4.   Astra International (ASII) (BUY): (Target: Rp 60.250) (Close 09/06 Rp 58.700)

• Skenario ekonomi positif seperti proyeksi GDP 6.5% dan inflasi 6% seharunsya positif buat Astra International yang menjadi proxy kekuatan ekonomi Indonesia yang akan terlihat dalam pertumbuhan penjualan mobil.

• Entry: (1) Rp 58.650, Entry (2) Rp 58.100, Cut loss point: Rp 57.800

 

Dibuat oleh: 

Yuganur Wijanarko

Senior Research HD Capital (Yuganur@hdx.co.id)