Bumi co-founder Nat Rothschild told CNBC on Thursday that shareholders in the company are unlikely to vote in all of the new representatives he has put forward as new board members.
Later on Thursday, shareholders in the coal miner will vote on Rothschild's proposals to oust 12 of the company's 14 directors in the final showdown of what has been a very public boardroom battle. Rothschild has been locked in a bitter fight with Indonesia's Bakrie family over governance of the company.
(Read More: Rothschild Hits Out at Bumi CEO and Board)
"It's highly unlikely... that we will succeed in getting all of our representatives onto the board," Rothschild said. "I think that the result today...is one of the most overwhelming protest votes that the U.K. has ever seen and the board of this company genuinely lacks a mandate to continue in its current form."
"It may be difficult for us to win," he said.
"Even at the eleventh hour this vote is too close to call," Rothschild told CNBC. He added however that if his shares and those of the Bakrie family were not taken into account, minority shareholders had voted against the current board.
"The true minority shareholders of this business have voted overwhelmingly against the current board and that is a deeply troubling statistic for shareholders of this company," he said.
Bumi declined to respond to Rothschild's comments on CNBC Europe.
"Until the management and the governance issues at this business are sorted out, it is practically uninvestable," Rothschild said.
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