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Bodg, it could be complicated (see below extracts from historic RNS’s) the terms of the JV between BMR and JLP were changed a fair bit. As far as I’m aware, we still own EML, which owns the Kabwe project, licence, land, and tailings. If BMR was put into Administration, all assets would be up for sale. Have JLP got all bases covered in that event? Or could the assets be put up for auction to the highest bidder?
They wouldn’t be able to complete the Kabwe project without BMR’s licence or tailings. It makes me wonder how they are able to produce Sulphuric Acid and Copper by utilising our licence, when they don’t officially own it?
Just a theory, but I think BMR going into Admin would be bad for JLP. Also, it would be an end to AB drawing his £80k salary, ABH's £42k, and CB's £21k – are they really prepared to walk away and liquidate BMR?
-- BMR would retain 100% ownership of the Kabwe Large Scale Mining Licence, tailings and infrastructure (the "Kabwe Assets"), and a minimum of 60% of the economic interest in the long term post-tax profits of Kabwe operation
-- A shareholders agreement between (i) Kabwe Operations Limited ("KOL") (referred to as the joint venture company in the Announcement and to be owned as to 85% by BMR and 15% by Jubilee), (ii) BMR and (iii) Jubilee; and
-- An operating agreement between (i) KOL, (ii) Enviro Processing Limited ("EPL", a wholly owned subsidiary of BMR), (iii) BMR and (iv) Jubilee.
Jubilee gains full control of the Kabwe Project increasing its interest to 87,5%
-- Option to acquire 100% of the Kabwe Project while BMR retains a maximum of 12,5% of generated earnings
-- Jubilee retains its 29,01% shareholding in BMR and therefore a total effective beneficial interest of approximate 91,5% in the Kabwe Project
We have been able to ensure that the success of the Kabwe Project remains independent of the financial position of BMR with the option to acquire 100% of the Kabwe Project.
The current shareholders' and operating agreements for the Project have been updated ("Updated Agreements") to better align with Jubilee's role to deliver a successful project. The Updated Agreements will place Jubilee in full control of the execution methodology and funding requirements to bring the project to account. In return Jubilee will hold a minimum of 87,5% shareholding in Kabwe Operations Limited, a company incorporated as a Joint Venture Company ("Kabwe Operations") assigned with all intellectual property developed for the execution of the Project as well as the right to fund and execute the Project
Jubilee will hold a further option, at its sole election, to acquire 100% of the issued shares of Enviro Mining Limited ("EML"), a subsidiary of BMR and the company that owns the Project through BMR's Zambian based Enviro Processing Limited ("EPL"). BMR will hold either the remaining 12,5% shareholding in Kabwe Operations or should Jubilee acquire EML outright a 12,5% share of earnings generated by the
If we are liquidated where does that leave Jubilee? This is Africa and it is no foregone conclusion that if BMR cease to exist Jubilee will pick up all our licences.
Bryn - that's just a small part of it. He started off by hoovering up share options for the directors representing around 10% of the then value of the company.
Let's not forget the proprietary method of leaching the tailings. As far as I'm aware there was never any application to patent the method and as we all know, it turned out to be a load of bullcaca.
Let's also not forget the actions against former associates. Eventually only one was completed and we weren't even told who or how much.
Let's also not forget the tie up with ACI and the 12 month "battle" to get the drawdown when it was obvious even to a blind beggar that ACI had walked. BTW did we ever get the money back we were owed?
Let's also not forget giving away several assets for a song including most of Kabwe. Was there not also an asset sold for a fraction of it's previous cost a year or so earlier? Can't remember.
Let's also not forget the incompetence of not renewing and therefore forfeiting the mining licence.
Then there's this new project in a different continent and totally unrelated to our raison d'etre.
One has to ask is it possible for a board of directors to be so unbelievably incompetent?? Which begs the question???????
If they were doctors treating us or builders doing an extension, we would have a very good case to sue the arrses off them. AIM is corrupt.
BMR - not only Borrelli but the other shyster Alikhani. How can these two get away with putting out lie after lie about the prospects of this company which had folk like me believing their tales. Alikhani told us we have billions of $s of assets in the main with copper tailings. Borrelli gave a similar story with the lead and zinc and them added the vanadium to the mix to con folk into going with the warrants etc. I must be wearing some of the largest donkey's lugs the world has ever seen.
Take care all and stay safe. ;@)
comeonvog / aim-sickness, cheers guys. Thanks for the support and hope you have a good Xmas, despite the horrid time we've had with this investment... I'm confident we will get some money back, if not through BMR, it will be via legal action through the courts.
2020 is the year we take back control!
BringMyReward you have my support and i am signed up with BMR Watch. Has Borelli no shame , why can he not do the right thing and give us some closure , this affects peoples lives .
Just ignore this idiot fellowship. He’s trying to discredit BMR Watch and anyone that opposes their agenda.
BMR Watch has many loyal members who have remained supportive of the Committees’ actions. Our members have been a great help to us and they know we have worked hard to fight for shareholders, even though we have limited resources.
I was at the AGM and as far as I’m aware nobody was “sozzled”. Members of the Committee had one small drink each, about half an hour before the meeting convened. After we stopped shareholders and the Royalty from being diluted to kingdom come, that’s when we celebrated by getting sozzled!
Nicely said mate. I do wonder if BMR would be better off in the hands of Administrators, rather than in the hands of Borrelli. He’s paying himself circa £80k per year (he received £118,800 in the 18 month period in the accounts). What has he done for shareholders that deserves that kind of pay? For every month he remains at BMR he is taking £6,600! It’s time for the board to deliver on their promises, or the gravy train needs to come to an end for all of them.
Might work for us as we still own the assets. We have no idea what or where the Royalty agreement is or where we are with any other agreements. Borrelli wouldn’t have made it to the Call My Bluff panel game.
Fellowship, you are a fool and anyone engaging with you further gives you license to continue with your playground threats and abuse. The worst possible deal is allowing Borrelli to go unchallenged, the best might just be voluntary liquidation. Borrelli is in an unenviable position and his idle threats should be taken as such.
(1) Directors Board Meeting
The directors of the company will hold a board meeting and resolve to appoint a liquidator for the liquidation of the company. They will also agree how to convene the necessary shareholders meeting for step 3.
(2) The Declaration of Solvency
The directors have to write and sign a Declaration of Solvency. The declaration states that the company is solvent and needs to be signed by a certain number of directors (the number varies by the size of the company). The declaration needs to follow set requirements and must also be filed at Companies House.
(3) The Shareholders’ Meeting
Depending on the company’s Articles of Association, the Directors will either need to convene a meeting of the shareholders or send out a written resolution to the shareholders. In both cases, the shareholders need to resolve to pass the vote for the liquidation of the company by a 75% majority. This resolution needs to be passed within a five week period of the filing of the declaration of solvency being filed at Companies House. The resolution must also be advertised in the London Gazette.
Once the shareholders pass the resolution, the liquidation comes into immediate effect.
(4) Liquidating the Company
The liquidator will commence the process of liquidating the company. Put simply; this will involve realising all of the company’s assets, paying off its creditors and distributing the remaining proceeds between the shareholders.
(5) The Final Meeting
Once the liquidation process has been completed, the liquidator will need to convene a final meeting of the shareholders. They also need to send a notice of the liquidation to the London Gazette.
At the next meeting get behind bmr or bmr will be liquidated. Jubilee will make sure they have all the licenses and will be thanking the watch for there obstructive efforts. Did you vote to take action against borrelli
The people you back are simply slowing the inevitable process. Bmr shareholders are being short changed by a handful of imposters. How can you follow a group that turn up intoxicated at the agm and allow them to use your vote. Wake up man and smell the coffee. Eric asked what has borrelli done for bmr. Bmr would be relisted by now if it wasnt for a drunken mob
Aim who are you?. You have 30k but back a group within a group to decide your fate. Liquidating bmr is not a good idea or do you just follow the shepherds.
Pretty much all of it. The AGM was attended by a number of shareholders and that resolution was not considered during the AGM. Acceptance of incorrectly dated accounts, Colin Bird and Anthony Gardiner-Hillman reappointment and Crowe UK LLP auditors. All duly voted down by a meeting in which sobriety was apparent.
Brynjon. Which part of im stirring it. Bmr proposed at the agm that bmr relist on an asset in chile. It was voted down by a bunch of drunks . Which part of that isn't true
fellowship - whatever your sick game is, it does not wash. Folk here are hardened to 7urd stirrers here. I find your attempts to create a negative vibe insulting - bearing in mind we endured the lies and deceit from Mr Alikhani and now Mr Borrelli.
Whilst you may be sitting pretty with your investment presently. just remember you can lose the lot in a flash.
Karma, should you wish to believe it, goes hand in hand with patience.
Eric. Borrelli has been stopped from doing something this year by the bmrwatch group within group.
Has Borrelli done anything for us this year, apart from what appears to be nothing?
Not sure why we are we still waiting on JLP now for further news on the royalty. We need to know what the delay is due to.
Blimey.
people have lost money here and you come on here to stick the boot in , jolly decent of you
hope you have a wonderful Christmas
Are broadcasting a programme called Conned By My Church. I wonder what your "consultants" are doing nowadays.
All aboard all aboard the RAZOR train
Chooo chooo
Fill ya boots
Fill ya boots
Making millions shorting a stock that’s near enough doubled in last twelve months. Nothing gets past you.
Im off work tomorrow. Borrelli did a good job for jubilee. No doubt about that but you had the lost the license. We bailed you out. My gripe with bring is he is very dangerous if he thinks taking borrelli out will improve the situation. I think he is telling porkies and using the watch for his own self gain. I hope you guys are not trading heavily on jubilee. Shorting the stock by any chance. See ya
A cardboard cut out would’ve been more use over the last 5 years.
Ester - waste of money. How does tin mining in Portugal compliment a tailings business in Zambia?
Kabwe - losing the licenses and failing to get funding sorted in the amount of time he had.
ACI - $???k given away to never be seen again.
JLP Deal - failed to get anything set in stone leading to complete uncertainty.
Revelo - can’t find money for an EGM but can get the capital together to fund a exploration co. in Chile.
You keep backing Borrelli, he’s never let you down it would seem.
Maybe your illustrious can turn this around. I am more concerned with the actions of bring/watch . Wait till jubilee have something to say. If bring was successful and removed borrelli who would have replaced him
or just a change of writing style to throw us off the scent.!!!!!!!!!