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What's the point in BMR Watch getting updates anyway? According to you I was lied to by the board. Are you some how suggesting our actions are the root cause of the problems we face? It's BMR and JLP that are causing the problems, they don't need us to intervene, although they might use it as an excuse for nothing happening.
By the way, shareholders didn't vote down the proposals of a listing. The GM was adjourned by AB when everyone in the room was in agreement to. So we didn't get chance to vote.
According to Borrelli we were supposed to list by end of March, can't see that happening now. Maybe some time this year?
Bringmyreward
The BMRWatch played right into Borrellis and Jubilee hand by going for an EGM and to removing borrelli. Borrelli now refuses to communicate with your Group this has allowed him to go into a deeper secrecy with colin bird. Bird can smell the weakness into borrellis position now and imo will crush bmr furthur. Bmr need to relist asap as this is only going one way.
Sorry Bring, silly me, I was thinking of the real royalty, the one intended for the business rather than the BoD's salaries.
Bring - whatever the reason, if we had a CEO who was remotely interested in protecting his loyal shareholder base, he would have been asking searching questions of JLP and updating us. But then .........
One might be tempted to ask the question "What's in it for him to sit on his 'arris seemingly doing diddly squat. What bigger incentive to get things sorted, than all those millions of share options he's awarded himself.
Then again how many times have we seen with other companies where directors scrap previous options in favour of better ones. Sorry, do I sound bitter???
"But not for some time to come. There is the question of recouping JLP's capital costs."
Actually, BMR are supposed to get an initial 5% Royalty from the earnings before JLP recovers its costs. This deal isn't in place yet, because JLP still hasn't acquired EML from BMR to trigger the Royalty. I'm assuming at this rate they are just waiting for BMR to go bust or coming up with new plans to further weaken our position. How ethical of them.
" Important questions because this will determine how much we are owed in Royalties."
But not for some time to come. There is the question of recouping JLP's capital costs. I reckon that the bill has gone up markedly not least of all because of, in the absence of any technical expertise at BMR, "consultancy costs".
"I’ve been told on more than one occasion that JLP owes BMR money ........"
By whom?
It sounds like JLP are getting ready to treat tailings from Kabwe to produce Zinc, they will also mix ore to this from third party providers. This certainly complicates the situation for BMR shareholders. How much ore goes in from Kabwe and how much Zinc is produced? Important questions because this will determine how much we are owed in Royalties.
It’s going to be very easy for them to mislead us on this. I have a feeling the same will happen with the Vanadium and Lead. They will start mixing in ore from all over Africa to produce 4 or 5 types of metals. The easiest way around this would be to pay us a fixed Royalty sum on everything that comes out of Sable. I can’t see that happening though, so perhaps shareholder action is appropriate.
I’ve been told on more than one occasion that JLP owes BMR money which relates to transactions going back around one year. The sum isn’t massive and certainly a drop in the ocean for JLP. The fact that they haven’t paid us after all this time tells us all we need to know - JLP’s interests are not aligned with BMR shareholders’.
Hi Guys,
realistically, do you think we have any chance at all, of getting any money back from the BMR shares.
Colin
Go back a couple of years and look at the forst deal with jubilee. Fast forward and look where we are now. This is not just borrellis making this is mainly down to bird/coetzer the untrustworthy sly foxes who smell weakness like a hyena and start changing the deal. No borrelli and hawke are culpible but bird and coetzer are that smelly stuff sometimes you step in
Re " I loathe borreli but i hate bird/coatzer even more."
On the contrary, they are actually doing a good job, but for their own shareholders (of whom I am one). I am also a hugely out of pocket BMR shareholder but I certainly don't blame B and C for our demise. They don't work for us. The blame lies full square at the feet of the useless and conniving Borrelli. If his record is his idea of how to protect BMR shareholders, then we need to rewrite the OED definition of protect.
Kabwe is cursed. There have always been third parties that do not want to see Kabwe processing Zinc and Lead. Even after 2 years Jubilee are not processing and zinc or lead. Bear in mind Bmr lost there license through inactivity. It would appear Jubilee are following suit. Bmr have been screwed over by Jubilee bord/coetzer . I do not believe however you get properly screwed over without a willing party. This gives me great cause for concern from a bmr shareholder view. Yes there was a deal last year on the table which was voted down. My fear now is that jubilee will finish bmr off now with a long drawn out process which we have witnessed recently. The Royalty imo is worth nothing at this point of time. The value was in the licenses plant and area. This however has been given away with ease. Bird/coetzer are cunning greedy bad people. It so happens borrelli is in the same mould . Time is moving on and this increasingly looks like the final phase of bmrs demise. I have always said jubilee will not allow bmr to get any value out of the royalty. Jubilee would much prefer we were long gone and they can take that royalty for peanuts. This will be the final nail in the coffin and im sure every bmr shareholder will think that this has been the plan all the time. I loathe borreli but i hate bird/coatzer even more.
Hi Rosewall!
Let's assume that what BMR has written is true, and that JLP owe BMR money and have done so for a long time.
The question I then ask is, why?
JLP have cash and they could pay BMR if they wanted to, of course. So it's not that they're skint.
Rather, I infer that JLP are withholding the money because something is wrong with the Kabwe deal. That chimes with the increased emphasis they are placing in processing "outside" 3rd party material at Sable. And it would explain their total news blackout about Kabwe recently.
I'd suggest that either the Kabwe licence is in question again, or there is some legal challenge to the whole deal, or an injunction, or something like that.
I'm not sure yet, but I have an inkling this whole Kabwe business is turning into an unholy mess - for both companies.
Certainly, if JLP can't process the Kabwe tailings then the royalty is worth nothing.
"Apparently JLP owes BMR money"
Apparently? Please expand.
Thank you for explaining that for me. I suppose I'm wondering why we are not getting any comms from Borrelli/JLP or not requesting them as it gives them more time to put ducks in a row, rather than shareholders waiting until they do anything -
Lol. You really have learnt nothing. Were you the guy who would call borrelli up and pass on his misleading lies to shareholders on here. Well Done. You were called out numerous times but persisted with being his messenger boy
Just wondering why you posted 4 weeks ago saying JLP had stopped building the Zinc circuit and they won’t be producing Zinc anytime soon – yet JLP’s update on 28th Jan stated “The Integrated Kabwe project is progressing well targeting the commissioning of the first zinc production line during Q2 2020”.
You weren’t posting false information to try and crash the JLP SP was you? That could get you into trouble.
Hi Merlin, it’s possible to call an EGM and put resolution forward to remove Directors. All it takes is 5% of the shares in issue. We are certainly sitting ducks whilst we wait perpetually for something to actually happen…
Apparently JLP owes BMR money – not a huge amount, but a decent amount to BMR, and this has been owed for a long period. JLP wouldn’t be withholding the money on purpose would they? Perhaps to put BMR out of business for good? Surly that’s not the type of man Colin Bird is…
I don’t really see BMR going into liquidation though, certainly not at this stage. I think if that were to happen now, it would cause a lot of problems for JLP/GLR because BMR owns all the licences, and still retains ownership of the tailings at Kabwe. I’m pretty sure it’s in their best interest to keep the lights on… for now.
There is no doubt about it that borrelli has failed miserably for bmr shareholders. We are all screwed and in an awful position. Jubilee will turn the screw and crush the life out of us. The choice is relist whatever form that maybe or say goodbye to any chance of getting a penny back. Thats the stark choice we face.
Sorry to labour the point again but why can't we vote him off BMR?
We are like sitting ducks until he decides to do something - appreciate more in depth than that!!
They only mention Active and Dissolved. As a guess about half a dozen failures and two sackings
How many of his other companies are suspended?
With so many jobs, you can understand why the poor soul forgot to deal with the licence.
MAB is an "active" Director of the following:
BWA Resources (UK) Limited
Xpediator PLC
Greatland Gold PLC
Mineralfields Ltd
BMR Group PLC
Mineralfields Group Ltd
Borrelli Capital Limited
BWA Group PLC
Of course there are a goodly number of failed companies where he has been a Director. At least SML had the sence to kick him out before he could do any damage.