1. Must be a matter for the authorities (rozzers or regulators, preferably both) 2. Share price will be hit when suspension lifts unless other good news is released 3. I'll be cannibalising in the event of a cash call 4. Rescued in the nick of time.....but who identified the issue and brought in AB? 5. Writedowns are horrendous in the context of the size of the company 6. No mention of Hunan?
While I have serious reservations over the previous actions taken, and financial control exercised, by the Company, I am confident that the Company has an effective asset base of significant potential value through its tailings at Kabwe and which I intend to process for the realisation of zinc and lead concentrates in order to generate revenues for the benefit of our shareholders. Management time will now be largely focused on the establishment of a suitable processing plant at Kabwe and on the production of a saleable zinc/lead concentrate from the washplant and leachplant tailings. An announcement on the timing for the start of production will only be made once our plans are finalised.
Furthermore, I have made a number of changes to the team and advisers, engaging parties with whom I have worked previously and in whom I have a high degree of confidence, and I believe that the Company is now well placed for delivery and accountability to shareholders.
I am confident that the Company now has a viable future with a solid asset base and I look forward to updating shareholders in this new chapter.
I have considered carefully the resolutions that are being proposed for approval by shareholders at the forthcoming Annual General Meeting summarised in the Directors' Report within the report and accounts for 2014. These resolutions are contained in a separate circular (with a proxy card for shareholders to complete, to be despatched shortly), for the meeting to be held at 10.30am on Thursday 28 May 2015 at The Courthouse Hotel, 19-21 Great Marlborough Street, London W1F 7HL, and will also be available on the Company's website.
The Directors strongly recommend that shareholders vote in favour of all the resolutions which include: a change of name of the Company to BMR Mining PLC to reflect a separation from the past; a share re-organisation to reduce the par value of the shares in order that any new equity funds can be raised by the Company in due course as the market price on the commencement of trading when the suspension is lifted is likely to be below the par value; and a limited share consolidation to restore the likely market price to a level above one pence per share.
Horacio Furman, non-executive Director, and Mark Wainwright, Acting Chief Executive, have independently decided not to stand for re-election at the Annual General Meeting. They were each appointed in 2011 as non-executive Directors. It appears that they placed an over-reliance on the former management which was with hindsight misplaced. They have selected not to take their remuneration from 1 July 2014 and have sacrificed their options. However, I have found them to be helpful and I am grateful to them for having acted appropriately in their respective capacities since my appointment, challenging my proposals and supporting my actions
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