Rather than mither and wallow in the gloom of the past year and more, there is another way. Ask pertinent questions of the board of directors. Already a number of people have contributed sensible questions. If you have a burning question then submit it. Do not leave that question until it is too late. Have no regrets just do it.
Laffer and others have done a decent job of keeping people up to date. It is not an exclusive club, it is not a load of people patting each other on the back, it is merely an alliance of shareholders who together have a voice. It is not a place of secrets, merely a place where people can stand aside each other and support the common goal.
Right - I am back off into my box - take care fellow shareholders.
Hi Laffer, Good questions so far. However, I would expect an opening statement from the company, to give us an overview of what has happened over the past 4yrs, including a review of all the RNS thru this timeline. This would give us the complete story of where we have come from and how we have arrived at this point.
Feel free to add to and discuss whats already there :)
1. Finances and Cash Burn So far this calendar year, the company has raised over £2.3M, the first tranche of which was on 14/04/14. At the time of suspension we only had £600K left, that's a cash burn of £250K a month, considering we are not producing, were on earth has all that money gone. What has become of this £1.7M?
2. Commitments and Obligations Can the BOD disclose the costs BMR are funding, have already paid and future payments, ref. copper, subsidiary company, MOU, JVA, contract, consultants, plant & equipment.
3. Joint Ventures Please provide an update to the following joint ventures (JV) that BMR entered into:
- Phoenix Joint Venture Has any of the copper bearing waste dumps been delivered to EPL for processing? Has the mining equipment required for the JV been acquired by EPL?
- Bwana Mkubwa Consortium Joint Venture What progress has been made by BMR with regards the erection of the production plant? Has the small scale mining license been issued to allow BMR/EPL's financial interest to be endorsed by the Dept. of Mines, Energy and Water Development?
- Rephidim Mining Supplies Joint Venture Has the criteria that governed the balance of US$400,000 been met? What progress has been made regarding the funding of the benefication plant together with infrastructure required by Mfubu?
4. Production Where is the critical path to production?
5. Hunan Please explain and clarify the Hunan relationship.
6. Staff Changes What are the reasons for the departure of several members of the team? There were many rumours. Please clarify for all personnel that have left.
7. Off take Agreements In February the company spoke of off take agreements in advanced stages, what are they, what is the current status?
8. Exit Strategy (what does this mean?) What is the exit strategy for BMR?
9. RNS Accuracy We have had RNS released which now appear to not be as truthful as one would hope. This information was backed up by the previous chairman in private conversations with shareholders. Are we to understand the information within RNS is correct, and if not will there be a statement of correction?
10. Plant Is the Copper plant on site and processing. Have we plant on site and are we capable of producing and what progress on the Zinc and Lead plant?
Indeed, all is quiet! I take it things will ramp up over the coming days and weeks. Although you are not not part of the group (and there is not reason you cannot join just because you are abroad and would be 'passive') you can still look at the site, that will tell you all you need to know really.
I guess we're all waiting for an RNS.
Lethargy is still the MO for most holders and members of the pool. The site is waiting for questions to be added to the list, some debate/discussion over the questions to be asked, a question list finalised and then a meeting setup with BMR to ask those questions.
I still believe this is a worthwhile endeavor.
To get a wider audience, I will post the questions here and ask for feedback........
know if the shareholder group has been taking things forward this last couple of weeks, or have things ground to a halt? Sorry, but I didn't sign up to Laffer's website as I sold most of my holding and live abroad so it would be tricky to arrange for my modest shares to be amalgamated with the group holdings.
The boards have been pretty quiet which kind of suggests that most have resigned themselves to whatever fate decrees. As for which questions to raise with the BoD, I hope the situation can be salvaged and one question that will not need to be asked is "Where do we send the hitman?" :-o
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