Frey you may not think AB is here specifically for us but do you think he's here against us? He may be here for a bigger reason but surely if he saves the cpmpany and keeps us as a going concern we will all benefit compared to the alternatives!
Well I am confused now, I was going to vote against 7-10 but LJC and Val (who I have know on here since day dot to speak sense and normally well researched) speak sense. I don't want dilution, consolidation or nominal value reduced but on the flip side, I'd like there to be a company to recover from. It's definitely a hard call and one that each investor will have to carefully consider before leaping ahead with the obvious no /yes. I hope that AB releases an update RNS or details plans at the AGM prior to the resolutions are put forward for voting otherwise things could get messy. This AGM is not one to be missed that's for sure!
That's what is needed for a more reasoned debate. We know that money was spent on Assets that have been deemed worthless. We know that there were paid insiders at BMR, outsourced accounting and secretarial work. They were not officers of BMR, they were paid contractors and as a result they have questions to answer if the work done was not fit for purpose. Were there T&C's that were accepted? Did they meet the standards of delivery required? We know very little as to why and how the money was spent and who authorised or was made aware of the large sums involved. We have not been told there was a fraud or embezzlement, we just believe that something of a criminal nature took place. All AB has done so far is investigate the assets held by BMR and pin a value to only those that are deemed to have a value. We know he maybe pursuing other avenues to recover monies. It looks like we have a problem with the Revenue on top of everything else. He has also decided with BMR executives to change the route to process the WPT, LPT back to that originally intended. He has determined that Old Airfield is a waterlogged asset with buildings on and questions any further work in that area. The dumps 57, 21 and 23. our initial purchase has no value, although a small tonnage was sold at $85 tonne. The rest of the assets, the licences, the ZEMA approval, the consolidation of Kabwe appear to have no carrying value at all. He has given guidance to the market that on the suspension being lifted the share price is likely to fall below the nominal value. He obviously doesn't have any good news to offer on the back of that statement, so stop believing there is an MA rabbit in his hat. We still have value which he has implied is significant. How do we get to it? What are the costs involved? Who is going to finance it, if not the stakeholders? Who is going to process it? Is there any other value at Kabwe? He has virtually talked us down to WPT and LPT and come up with a carrying value of just under £10 for the assets.
Lets have some more meat on the bones. If he has shareholders on his Christmas Card list then lets have some direct information. So far we have had a 1:10 consolidated of our asset value courtesy of MA, AB wants to do the same again, why? If we are to follow give us a clear indication as to why. He isn't the only game in town and BMR won't go to the wall if he walks. A little more directness called for, I'm listening and am minded to follow once I have the relevant information.
Eh? How can MA do that with his illness? Unless he has someone acting on his behalf. It makes no difference as far as BMR goes anyway, old MA can't liquidate our assets, he 'aint involved any more. It doesn't matter whether he is riding giraffes, we should only be concerned with BMR, our investment here.
Didn't Scotch recently step down from the Shareholder Commitee because he wasn't deemed to be representing the interests of shareholders?
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.