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PT Recapital Advisors executive said that the UK Takeover Panel was reviewing its affiliation with other shareholders in London-listed Bumi Plc. following Indonesian shareholder’s proposal to exit the company.

“The panel is looking at whether Bakrie’s side, Recapital and Borneo are concerted parties [associated companies]. If we are, I [Recapital] will not be able to use voting rights in deciding Bakrie Group’s proposal,” Recapital chairman Rosan Roeslani said on Tuesday.

The UK Takeover Panel is an independent body functioning party that supervises and regulates takeover actions.

Recapital currently holds a 10 percent stake in Bumi Plc. with 13 percent voting rights. Meanwhile, Bakrie Group — consisting of PT Bakrie & Brothers and Long Haul Holdings Limited — and PT Borneo Lumbung Energi & Metal together hold a 47.6 percent stake in Bumi Plc., with 29.9 percent voting rights.

Bumi Plc’s shareholders affiliation will have a significant effect when the company seeks approval over a proposal submitted by Bakrie Group, which states that it wants to take over Bumi Plc.’s stakes in two Jakarta-listed subsidiaries, PT Bumi Resources and PT Berau Coal Energy.

Rosan, who is also the president director of PT Berau, said that in case Recapital loses its voting rights, the fight would be between Bakrie Group-Borneo and other shareholders, particularly Bumi Plc. founder Nathaniel Rothschild, who currently has a 10 percent stake in Bumi Plc., with 11.92 percent voting rights. Rothschild has submitted a so-called alternative proposal to counter Bakrie Group’s proposal.

“We are waiting and it is estimated that [the panel] will come to a conclusion by late January or early February, at the latest,” Rosan said.

Bumi Plc. group head of corporate affairs and investor relations Nick von Schirnding declined to comment on the UK regulator issue.

Bumi Plc. has said that it would make recommendations on any transactions until it received a report on the investigation launched to probe Bumi Resources and Berau Coal Energy.

The company has appointed Macfarlanes law firm to carry out the investigation.

”We are hopeful that a draft of the report [on investigation results] will be presented to the Bumi Plc. board by the middle of December,” Von Schirnding said in an email statement.

Bumi Plc. now holds a 29.2 percent stake in Bumi Resources and a 84.7 percent stake in Berau.

Berau is targeting to produce around 23.5 million metric tons of coal in 2013, about an 8 percent increase from this
year’s estimated production of 21.5 million metric tons, Rosan said.

Sales volume could reach 23.5 million metric tons next year compared to this year’s expected 21.5 million, Rosan said.

The company’s coal production reached 15.12 million metric tons during the first nine months of the year. Rosan said that Berau would remain under pressure as coal prices were not expected to recover next year.

“Prices will unlikely increase significantly next year. We are expecting our average selling price to be US$85,” Rosan said.

The company’s coal selling price stood at $76.7 per metric ton during the January-to-September period of this year and, according to Rosan, will drop to $71.5 by year’s end.

Berau will likely issue new debt papers next year, amounting to less than $500 million, in an attempt to refinance its loans with high interest rates, according to Rosan.