Hi folks, daft question probs but where would I vote for/against these resolutions? My broker is computershare so I'm assuming I'll be contacted by them?
As for AB im on the fence for now. It seems he has done a good job in bringing to light MA's discrepancies but now he needs to deliver some firm plans/objectives. I wouldnt be so bothered about consolidation, but I would only want dilution as a last resort. If we have money in the bank and assets (LPT etc) that can be realised why can we not go down the road of a bank loan or joint venture? Is there a reason why these options are not applicable.
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.
AB is talking about limited share consolidation, to restore the likely market price to a level above one pence per share. Say the share price finds a new base of 0.50p so would the consolidation be 5 to 10 to get to level above one pence. A few people are saying the consolidation,will be 1 to 10 is that if the share price falls to 0.10p or can it be done even say the share price is at 0.50p Why would the share price fall to 0.10p,we have money in the bank,lead & zinc metal.
That's the sort of thing I'm hoping for. We can plod on with a pilot plant for a couple of years whilst we drum up a few profits or we can raise funds, get a bigger and better plant and process the tailings more quickly unlocking quicker profits. The way I see it, AB won't get much support for consolidation/dilution until Zema confirm that leaching is approved. Once that has been approved though, then let's see what AB can offer and gauge that against short term loss in shareholder value. It's along shot but, if Zema can pull their finger out this time round, approval might even be available before the AGM.
Your right we need to see if AB will tell us the reasons for such drastic measures, Imo, if he was to look after LT investors then he would do something like this surely, Tell us the plans , how much the plant will cost, projected profits, adding a second plant to boost production etc, then we all will think this is good cash positive in a few mths mighty even reduce my average!! AB does the consoldation 1-10 at lets say 6/7p raises money around 5p then we have a chance?
I can understand your concerns but you need to see what you are up against before you fire your gun.
I'm prepared to wait and see what AB has got for us. He knows full well that he won't get resolutions like that passed without good reason, so I'm prepared to hear the guy out first, then I can decide.
Consolidation as a single item, I agree should not be damaging, just a division by 10, of the number of shares held. Value/percentage total remains the same, allowing for trading on day concerned, but the other two resolution plus consolidation, I see as us LTH handing some one a loaded gun. Will I be shot, I rather not give the bullets or gun, then I can wet my pants without fear of being shot with bullets, gun & gunman I payed for, whilst some one new is in the background giving the orders.
I can understand that investors are extremely concerned with what's happened, as am I, and this is something that AB is going to have to achieve to turn around those nervous investors that he is the real thing. I don't want to dwell on MA; we know what he's done now and the shocking effect it has had on the company but to continue to associate with him from hereon in is detrimental to our company, the reputation of which is currently hanging by a thread.
AB summed it up well in the last RNS - "Shareholders are entitled to place a high degree of confidence in a company's management and a company's reported audited results".
Difficult though it is with what has happened, I am giving AB the chance to turn this ship around into calmer waters and, in my eyes, is working very hard for the company and it's shareholders. Looks like I am in the minority but I don't want to see my entire investment go down the river as there was a very good chance of it doing so with MA at the helm. AB is clearing out the poison in the company and the last RNS, hopefully, will be the final line that needs to be drawn through that sorry episode.
I do think that AB needs to clarify his reasoning for the proposed resolutions, which he has not had the opportunity of doing just yet so let's see what he has to say before we jump to negative conclusions. Dilution is obviously a concern but consolidation is not such an issue (see VOG). Hopefully he will explain his reasoning in the next RNS and maybe discuss it at the AGM. Concerned shareholders should make sure they attend the AGM and have their say and vote against the resolutions if they are not satisfied with such proposals.
Was that not the same attitude that a lot of posters kept pushing others towards, trust MA, why would he buy assets if they have no value, dumps 57,21&22 plus the management fee for DH, above £1m payed, AB says tailings from those dumps not processable.
MA buying BMR shares nearly spending all his pay packet on shares was pushed again & again, ok we did not know he was trading via Swan & up to other abuse as well, but another item that the NED passed, increase in contributions into his pension, 2011:£160k, 2012:£170k, no explanation why such a large increase, 2013:£12k.
Wet pants not worried at all, under my control, my investment decimated by a simple play of rules & regulations, new investors come in & buy same percentage as me, for 1/10th of my investment & removal of pre emptions rights means I do not get a chance to buy at same price, wonderful, why would any present shareholder object.
That is not the plan, AB can clearly state his intentions & offer guidance , present shareholders will be able make their voting decisions based on facts, rather than any whisper or conjecture that is posted here.
But at present AB is asking us to remove any protection we have as present holders, no explanation or plans why these resolutions should be voted through. Should I accept a post on here that says "AB has told me no dilution"
Fear will not make me vote through what I consider to be wrong, not in my interest.
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