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ondon-listed Bumi plc announced on Friday that shareholders would vote next month on the Bakrie family'€™s proposal to separate from the company.

The London company said it had received a document that proved chairman Samin Tan had the financial capacity to meet the terms of financial arrangements to acquire a 23.8 percent stake in Bumi plc from the Bakrie family for US$223 million.

'€œThe company [Bumi plc] has now received the relevant financing agreement and other associated documentation. The independent directors have reviewed and are satisfied with the terms of the financing agreement and other associated documentation,'€ Bumi plc said in a written statement.

Ravenwood Acquisition Company Limited (RACL), which is controlled by Tan, needs $223 million to buy Bakries'€™ entire stake in Bumi plc, which owns a 29.2 percent stake in Jakarta-listed PT Bumi Resources and 84.7 percent in another listed coal miner, PT Berau Coal Energy.

The purchase will be an interlinked transaction with the Bakries'€™ plan to take over a 29.2 percent stake in Bumi Resources from Bumi plc.

The Bakries are trying to disentangle themselves from Bumi after a dispute with another founding investor, Nathaniel Rothschild, a scion of the Rothschild banking dynasty.

The Bakrie family, which in this case consists of Jakarta-listed PT Bakrie & Brothers and its related entity Long Haul Holdings Limited, plans to pay Bumi plc $501 million in return for a stake in Bumi Resources. As much as $223 million will be from RACL, which has obtained financing from Raiffeisen Bank International AG.

The London-traded company had yet to receive proof that the Bakries would be able to finance their share of the transaction, CEO Nick von Schirnding said on Nov. 8, as reported by Bloomberg.

Bakrie family senior vice president Christopher Fong has said, however, that the company has had the $278 million needed since last January.

The company has put $50 million of the total in an escrow account as a guarantee for Bumi plc that the planned purchase of Bumi Resources will go through.

'€œOur initial cash offer of $278 million [...] is a direct investment by the Bakrie family. [...] Once approved, we expect to finalize the sale to Mr. Tan and inject the additional funds into the buyback process [of Bumi Resources],'€ Fong said.

Samin previously failed to meet a deadline to provide the appropriate financing support on Nov. 20, leading to further uncertainty about the Bakries'€™ plan to end its London journey, which began in 2011. The deadline has now been extended to this Friday.

Bumi plc shareholders were initially scheduled vote on the Bakrie family'€™s plan to take over Bumi Resources on Dec. 4. However, the meeting has been delayed as RACL failed to provide the financing assurance documents on Nov. 20.

The London company is now planning to adjourn the meeting to get shareholders to vote in the week commencing Dec. 16.

'€œA supplemental circular is expected to be sent to shareholders next week,'€ Bumi plc said, adding that the completion of the deal is expected to occur in January 2014.

Uncertainty over the prolonged Bakrie family'€™s exit from Bumi plc and plan to takeover Bumi Resources, which is now struggling to settle its mounting debts, has put pressure on the latter'€™s shares.

Rothschild, who owns about 21 percent of the voting rights for Bumi'€™s stock, has argued against the sale to Tan. Should the deal go ahead, Tan'€™s Bumi interest would double to 48 percent.

Bumi'€™s shares lost 4.92 percent to end at Rp 290 on Friday compared to a day earlier. Friday'€™s price was the company'€™s lowest share price since December 2003.