The question is do we trust AB to act with our best interests in mind or not ?. If we do and vote all the proposals through . Will that be the correct course of action for our benefit or not ?. Imo very many grey areas at the moment to have any idea what the best course of action for us will be . If AB is batting for us then he should provide us with enough transparency with some detailed reasoning behind his thinking. An RNS with adequate details of costs and expected revenues over time prior to re listing would help underpin the SP and give us some degree of confidence . Imo this is essential.
I am as disappointed as everyone else but we have to tread carefully here. If AB has deemed these resoultions as the most credible way forward and they are not passed then what? Are we sure he has a plan B? Where do we go if he throws the towel in because he can't raise funds to move forward? The writedowns are a bitter disappointment but with zero funds for development did he have a choice? Maybe they can be resurrected if and when we can finance those projects. Just a bit worried that in the heat of our frustration we pull the rug from under ABs feet and he loses the will to continue.....then what?
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.
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