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Hi Mick, sorry to hear you can't get on BMR Watch.
I'm also happy to see this board come back alive. Hopefully the company will be brought back with a new lease of life too.
i am grateful that there is chat on here atm. im a shareholder who, despite laffer emailing me, am unable to access shutter.fly. im not tech minded, so its probably my fault. so, what im asking is, is please keep chatting here
The police won’t do anything, it would need to be reported to a government body like the SFO (Serious Fraud Office). I would strongly advise not to though as it could lead to us losing everything we have left. Like it or not, Blue Square helped with the return of the licence and the ‘relaxation’ of the licence conditions. The payments have helped ‘grease the wheels’. I believe the final payment of $50k is due to BS this month.
Regarding the Royalty, I don’t think we are in any immediate danger of it being sold. It’s not really worth much at the moment considering the Kabwe project isn’t generating any money yet, and still needs a working plant to be built/adapted. Selling the Royalty in a few years’ time might be a good option, for the right price, but I think we need to hang on to it for the foreseeable.
Alex Borrelli said that the money they recently received from an on-going litigation case (circa £300k) was to be used on due diligence for an acquisition. Not sure how he plans on funding the acquisition but it will probably involve buying an asset or distressed company via dilution to BMR shareholders. I wouldn’t be surprised if an acquisition is now close to being concluded.
F Forsyth's 'Dogs of War' to read over Christmas
I am not sure if bombarding Borrelli with "daily emails which spell out precisely the depth of contempt which surrounds his mismanagement of BMR" will be conducive to him interacting with shareholders or ever hold a public meeting.
If the Kabwe Royalty asset and the JLP shares are our biggest assets then sufficient communication from shareholders to the effect of our wishes for these (categorically) not to be sold to raise cash for any acquisition, should make it more difficult for him to proceed. Maybe.
I for one would be more than happy for you to report the matter to the police. I am very pleased to see your volte face on Mr Borrelli.
Hopefully you will reproduce your letter on this board together with a police contact point number for others to follow suit.
Fire away...
07747 020600
You've made some good points Vig. I feel it's touch and go as to whether he can possibly be sued already, for his actions that were supposedly on our behalf. Him overseeing any new project doesn't bear thinking about.
Only my opinion though, and I'm not a lawyer.
Just one point, Alex's surname is Borrelli, not Borelli.
Atb.
* the Blue Square payments were the correct thing to do.
As a private company he is all powerful.
An acquisition keeps him in a directorship
An FGM/AGM would not lock favourably on Borelli so not I can his interest plus if he cobbles some old 5hit together sharpish he could sell JLP shares to his fellow board member Colin Bird. He could sell the Kabwe Royalty to Blue Square. He could suggest that by giving away £400K of BMR money to people that would not pass muster under The Bribery Act 2010.
The point is the Chair and CEO need to know the views of its shareholders. Otherwise you are just a passenger. As a BMR Watch Group member, currently a 15% of the company voice or as an individual, you have to tell the company your view.
Anybody think the 'Acquisition' will be some more tailings - waiting to be processed with hidden Vanadium
I think to go for an acquisition is utter madness when we do not currently have anything concrete on when the royalties will commence.
How will we fund it
How will we cashflow it
How will we develop it
How will BMR shareholders benefit from it
How come it wants someone to acquire it
it needs Bozwallocks to FORGET IT!,
The absolute priority for any BMR shareholder is to communicate to Borelli that above all else, and the Kabwe Royalty cannot be sold. I think second is to wait before going forward with any acquisition but the Kabwe Royalty is our only certain road to future market capital value. Selling this asset would be catastrophic.
Cheers Vig, keep calling and writing to him. Apply a bit of pressure.
(firstly, I not sure if you are responding to anything I have written as lse now shows where my filter blocks are active so.....)
I am simply stating that the 12.5% Kabwe royalty will be quite substantial in a few years and if left alone + 60M JLP shares COULD eventually pay us back a portion of our lost monies. The thing that will ruin this is Borelli buying some prospect and start an interminable drill/ analytical programme to keep his director salary ticking along. I would like the whole thing locked down for 5 years and then disseminated to shareholders.
It all depends on the nature of the acquisition, Jubilee’s management of the project and metal prices. I’d rather be in a position to trade than stuck in a non listed entity. It’s like voting for the May Brexit deal and being hemmed in for an eternity. We cannot say where markets will go but I’d rather be the one with a little influence than none at all and certainly not locked into a Bullion or Crypto trap.
"It's possible that the deal could involve a reverse takeover of a company that is already listed, "
..with what ? A bag of beans? Parallel universe?
Amazing how old naive cheerleaders still seem to rule the roost..
I'm a member of the BMR Watch Committee and there are certain subjects and strategies that I'd rather not discuss on here. Is that too difficult for you to understand?
I have no idea what your post means. It may be due to my lack of 'lookiing in here' often enough or just not being involved in your previous beef.... neither of which I am interested in.
Bring. What you are suggesting is that the only body that stands in the way of BMR LTHs getting some of their money back is the BOD. That is fcuked up! I will continue this on the shutterfly board.
re "I will post answers to those questions on the BMR Watch website. Too many prying eyes here.."
Can't believe you just wrote that Bring. Who the hell do you think you are??
Hi Vig, I don't want to say too much on here but the acquisition doesn't require shareholder approval and they won't disclose details of the proposed acquisition until it has been concluded. If we were still listed something like this would require a shareholder vote. It's possible that the deal could involve a reverse takeover of a company that is already listed, and shareholders of that company might need to vote it through...
Obviously AB believes that an acquisition is the way forward but like others, I feel it could be a little too early for it. If we wait until we are benefiting financially from the Royalty, we would then be in a better position to make an acquisition. If JLP do manage to achieve production by April/May, we wouldn't have to wait long.
I will post answers to those questions on the BMR Watch website. Too many prying eyes here...
Thanks for this.
So. In a couple of years we will have significant income coming in. The only thing therefore stopping LTH's of BMR recouping money is a) the drain of BMR funds by BMR staffers and b) Acquisitions that will dilute our market cap.
Therefore mothballing BMR until is has accrued sufficient funds to disperse amongst shareholders seems to be the 'least risk' option.
Question. Is the 'BMR Watch Group' @ 15% of the company (I am a member) able to steer Borelli and his cohorts away from getting the company involved in a long lead time acquisition?
Question. Are they/we able to get rid of that layer of management so that BMR is a private company solely slowly accruing capital.
AdJshare,
Regarding the Royalty, here's my understanding of it.... It states that we get 12.5% once JLP recover all their costs, apart from an initial 5% payment. However, the 12.5% gets reduced to 11% if they spend more than $15m on the project. It's hard to say how much they will spend but I can't see it being anywhere near $15m if they are using the existing refinery plant. There are two ways they can fund the project, either by debt funding or from cash in staged developments. If they do it from cash it would be better for us as it won't be long before they recover their costs and have to pay us the full 12.5%.
The Royalty will come from cash that's generated by Kabwe and not JLP as a whole company. From what BMRW have been told, we are supposed to be getting the money from revenues and not profits. This might seem like JLP are having to give BMR more money but it will be cost efficient for them, as the Royalty payment will go down as part of their OPEX so they will pay less tax.
I’m kinda in favour of remaining a private company with low overheads (as we are now apparently). If we remain a private company I don’t think we need any more than two staff and could get away with not having an office which would save a bit. Once we get the full benefit from the Royalty we could then pay that amount (minus overheads) to all shareholders as a dividend. That way we will get our money back over time through annual/bi annual payments. That would be the safe approach.
The other approach is to make an acquisition of an asset and use that to enable us to re-list on AIM. I don’t necessarily like this idea as we could end up with another exploration asset which needs a lot of money throwing at it for exploration drills etc. Also we are likely to be heavily diluted under this proposal. The best kind of acquisition would be something that is already cash generative, and that could at least pay the bills whilst we await Royalties from Kabwe. It would add immediate value to the company but I see this as an unlikely outcome.
I think JLP are happy to keep BMR at arm’s length, they were only ever interested in Kabwe and they got what they wanted, by any means necessary. Not sure it’s wise to put all our eggs in one basket, even if JLP looks like a safe bet.