Doubts raised over Bakries" stake offer The proposal by the Bakries to sell their stake in Bumi has been put in doubt after the London-listed miner said it would require 75 per cent shareholder approval, which is uncertain until the conclusion of an investigation into alleged financial irregularities at subsidiaries controlled by the Indonesian family. Bumi said Friday that an independent financial evaluation would be undertaken on the Bakries" three-pronged proposal. If this is favourable, the board would call an emergency meeting to approve the deal, which could be held in November. The Bakries, one of Indonesia's most prominent families, own 23.8 per cent of Bumi. On Thursday, they offered to first swap their Bumi shares for 10.3 per cent of Bumi Resources, the coal mining company they control and in which Bumi holds a 29 per cent stake. They would then buy Bumi's remaining Bumi Resources shares for $278.3m and Bumi's 85 per cent stake in Berau, another Indonesian coal company, for $947m. The scheme was the suggestion of Ian Hannam, the former JPMorgan Cazenove banker who has known the family for years. Mr Hannam, who resigned from JPMorgan in April to fight a £450,000 Financial Services Authority fine for market abuse, is not a formal adviser and the details were worked out by Credit Suisse, the Bakries" financial adviser on the proposal. Bumi, which was listed in 2011 after the reversal of Bumi Resources and Berau into Vallar - a cash shell listed in London by financier Nat Rothschild - said the share swap is a Class 2 transaction, which means it requires 50 per cent shareholder approval. However, it said the swap was likely to be considered at the same time as the purchase of Bumi Resources shares, which is a Class 1 transaction, requiring 75 per cent shareholder approval. The Berau transaction is also Class 1 but is unlikely to be considered until next year. Several prominent shareholders have said they are reluctant to support the Bakries" offer until the conclusion of the investigation by Macfarlanes, the London lawyers appointed by Bumi to probe alleged wrongdoing by Bumi Resources. The probe was ordered after non-executive directors presented evidence to the board pointing to potentially suspect transactions at the Indonesian miner. Bumi expects Macfarlanes to report initial findings to the board by the end of October. Some board members are understood to be sceptical about the proposal because of the way it was presented to them, in some cases less than an hour before Thursday's meeting in Singapore. One person with knowledge of sentiment within Bumi said that while there was growing consensus that the Bakries need to leave the company "to allow the plc to paddle its own canoe," there were differences over whether this should be achieved via the Bakries" offer. Bumi's share price last month fell to almost 90 per cent below its peak of £14, driven down what the Bakries described in their offer letter as "irreconcilable differences" between themselves and Mr Rothschild over corporate governance at Bumi Resources, and falling coal prices. Bumi plc's shares soared almost 40 per cent on Thursday after the Bakries" offer, and rose 8 per cent to close at £2.80 on Friday.