PT Delta Dunia Makmur Tbk and Recapital Investment Group have mutually agreed to cease discussions regarding a potential transaction which was previously announced in a press release dated March 30, 2010.
The potential transaction would have involved Delta acquiring a majority interest in PT Berau Coal Energy (formerly known as PT Risco) (Berau Energy), financed by way of a rights issuance with Recapital, the majority shareholder of Berau Energy, acting as the standby buyer.
Over the last seven weeks both parties have attempted to refine the commercial terms set out in a nonbinding termsheet, but without success. As both parties have been unable to reach common ground, they have mutually and amicably decided to end discussions.
Delta and Berau Energy remain committed to working together and maintaining a strong relationship through their respective subsidiaries, PT Bukit Makmur Mandiri Utama (Buma) and PT Berau Coal (Berau Coal). Buma is the primary mining contractor at Berau Coal and is responsible for over 70% of its current production.
Delta and Berau Energy remain committed to working together and maintaining a strong relationship through their respective subsidiaries, PT Bukit Makmur Mandiri Utama (Buma) and PT Berau Coal (Berau Coal). Buma is the primary mining contractor at Berau Coal and is responsible for over 70% of its current production.
Delta Dunia plans to have rights issue worth IDR10 trillion was taken from Recapital as the standby buyer. At the same time Recapital issues convertible bonds which will be converted on the due date in April 2011 into Berau Coal equity.
Convertible bonds here will be taken by Delta Dunia. Now, 40 percent of Delta shares are owned by the consortium led by the Indonesian private equity company, Northstar Equity Partners.
The final part of the equity swap scenario here is Delta Dunia became the direct major shareholder of Berau Coal, the fifth largest coal producer in Indonesia. Recapital becomes the direct major shareholder in Delta Dunia.
Convertible bonds here will be taken by Delta Dunia. Now, 40 percent of Delta shares are owned by the consortium led by the Indonesian private equity company, Northstar Equity Partners.
The final part of the equity swap scenario here is Delta Dunia became the direct major shareholder of Berau Coal, the fifth largest coal producer in Indonesia. Recapital becomes the direct major shareholder in Delta Dunia.
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