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UPDATE 1-Miner Bumi satisfied chairman has cash for split deal

LONDON, Nov 29 (Reuters) - Coal miner Bumi is satisfied that chairman Samin Tan would be able to finance the purchase of company shares owned by the co-founding family, the company said on Friday, paving the way for a long-awaited split with the influential Bakries.

The Indonesia-focused group was last week forced to delay a December shareholder vote on the planned separation - key to its turnaround plans - after outgoing chairman Tan failed to meet a Nov. 20 deadline to prove he had finances in place.

That deadline had been extended until Nov. 29.

"The independent directors have reviewed and are satisfied with the terms of the financing agreement and other associated documentation," Bumi said in a statement.

Tan, already a major shareholder after a $1 billion deal two years ago to help the Bakrie family avoid a loan default, will hold 47.6 percent of Bumi if he secures the Bakries' 23.8 percent stake in Bumi - a $223 million purchase.

This week Tan said he had secured a $223 million loan from Austria's Raiffeisen Bank.

The vote on the split, delayed from Dec. 4, will now be held on the week of Dec. 16, Bumi said.

Bumi's management and its key Indonesian shareholders have been hammering out the details of a separation for months. The company's managers say a split with the Bakries will be a key step towards a long-awaited overhaul and efforts to refocus the group on its Berau coal operations.

The company will also change its name.

Bumi was created in 2010 to bring Indonesian mining assets to London investors but has struggled with feuding shareholders since its creation. The Bakries' relationship with their co-founder, financier Nat Rothschild, soured within months.

The split, if approved by investors, will see the Bakries sell their stake to Tan. The Bakries will then buy back London-listed Bumi's 29.2 percent stake in troubled Jakarta-listed business PT Bumi for $501 million, above the market price.