Bumi board on cusp of defeating Nat Rothschild However, it is also counting on the backing of two hedge fund managers Orchard Capital and Route One, which hold about 4.6m shares between them. That brings the board's total to 86.8m - a formidable bloc given that all shareholders are unlikely to vote. Mr Rothschild, who so far has 35pc-40pc shareholder support, has already claimed to the Takeover Panel that Orchard Capital and Route One have links to the Bakries. Mr Rothschild said it was Mr Cumming's "initial support of the EGM concept" that led him to call the meeting and that both of them agreed the board and management "needs to be restructured." In a veiled criticism of the Panel, Mr Rothschild added the vote had now come down to "the Takeover Panel's decision to admit new shareholders at the 11th hour." He is thought to have been stunned that all three buyers of the Recapital stake - Avenue Luxembourg, Argyle Street Management, and the Flaming Luck vehicle of Indonesia's Tanoesoedibjo family - were cleared of not being in concert with the Bakries. A media company owned by Mr Tanoesoedibjo recently tried to buy media assets from the Bakries, who were planning to use the proceeds to buy back Bumi Resources, in which London-listed Bumi holds a 29pc stake. A source close to the Panel stressed it would have done its due diligence on the buyers. "The Takeover Panel doesn't shoot from the hip," the source said. Richard Knights, a Liberum analyst said: "I think the Panel would have made the decision on the basis of the information they had. They don't take sides.