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I have no confidence whatsoever that the royalty will produce any meaningful value to the existing LTHs. So much so that if anyone wants my 300k shares on which my average us over 7p, they can have them for 2p per share.
Any takers, meet me on platform 2 at Euston. I'll be wearing a pin striped suit and sporting a very dodgy barnet in deference to the shower of snake oil salesmen running this outfit. Cash only. Or maybe gold.
First Tweet: “Revelo's CEO, Tim Beale, has been visiting Revelo's Montezuma project, which is subject of an LOI with BMR Group PLC. The visit was with BMR's technical report writer - geologist James Hogg, and Revelo's consultant geologist - Mario Orrego.”
Second Tweet: “Unusually - while we were visiting the Montezuma project - we had angry skies and some rainfall.”
I suspect the skies feel the same way as BMR shareholders do right now! These new proposals had better be good. We’re sick of being messed about with this Royalty and we are none the wiser of how it will work and what will happen to it. Sort this mess out once and for all!
The simplest thing to do right now is to convert our BMR shares at some ratio for Jubilee shares. A lot less hassle, we are then still invested in Kabwe and Jubilee have a director who seems to know what he is doing …..and they have a fairly solid future compared to another Borelli farce somewhere in Chile! The royalty and the special shares which were touted all become irrelevant at that point. The only problem is that we shareholders are now tarnished by Borrelis incompetence and I doubt Leon Coetzer has much sympathy for us!
Well that statement completely contradicts the AGM we attended. Only resolution 1 was passed and there was no mention of any reference to polls which would have been available at the time. Just ignored again, fortunately the sub division did not happen, well not that we heard but we were not notified of any votes cast. The danger is that money is raised after the sub division at a price which could dilute existing holders to nothing. The royalties could then fall, in the main, to those parties taking up the offer. Well I don’t need to expand on that if those involved want to collect royalties over a period of 15 or so years. We must sort out the option followed by the royalty agreement.
Yes, update added to the website yesterday...
According to the release on the company website all resolutions were passed.
At the Annual General Meeting held at 1:00m on Friday 23 August 2019, following the voting at the meeting on Resolution 1 and the results of the polls for Resolutions 2, 3 & 4, all the resolutions put to shareholders were duly passed.
3card, thanks, hopefully see you at the next one… The AGM resolutions (apart from adopting the accounts) will go to a poll for count of shares. The GM was adjourned so there will be another date for this, and there might be an additional resolution or two to vote on. I’m hoping we can have positive talks with BMR/JLP before the GM reconvenes.
Exactly gasman, the whole Pherfin system is fixed against the ordinary bloke. In the absence of a ceo in possession of even a hint of integrity, shareholders will always be easy to rob.
Guys - sounds like you did a great job on Friday. It is to my shame and embarrassment that I was unable to attend. My apolgies for that.
However does this now mean there will be another vote and invitation to another meeting or are they just going to count the votes that were sent in? Seems a bit unfair if they had already decided by a show of hands.
I have a relatively modest 300k shares in BMR although this represents around £22k of my hard earned so if there is a possibilty of preventing Birdorelli flushing it down the toilet, I too would be prepared to contribute to a fighting fund if required.
What is the point of sending out voting papers,and filling them in if a handful of people in the room can determine the outcome? In this instance it has played in our favour ,but 99% of the time we have been screwed
Hi Rosewall, yes I'm glad you mentioned it, thanks. We did call the Registrars and we're told the resolutions would be determined by number of shares. However, in the room it was possible to vote them through by show of hand, a bit sneaky really... I'm very happy with the outcome, it buys us more time to get things sorted.
Yes comeonvog, the dangers of train travel.
Im really pleased that the PI shareholders were heard. I dont often post anything that makes a difference but am really pleased that I raised the issue of show of hands being slipped in to circumvent the vote by shares. Al AGMs, EGMs and GMs need to be flooded with PIs so the BOD cant drive a coach and horses through the plebs. Well done all.
As i stated before i am willing to donate £100 to challenge the current BOD if we can,t get a better deal . As was always ,this is more than just making money, i invested in the hope we would improve the lives of the people in Kabwe . AB did you ever think of these people?????????????????????????????????????
A big thank you to all who attended. FireballXL5 did i meet you at the AGM 2016 , about 8 of us attended and you were slightly late on that occasion also.
We need to carefully monitor Alex’s next steps and work with him under scrutiny to ensure our interests are carefully protected. Remember, JPL do not have the tailings or the site. Alex appears a little battle weary and susceptible to Colin and JLP’s intentions may not be totally honourable. I suggest we look to maximising our current position as we have the asset and JPL have a plant, together we can tango. I would like for some of us to carefully monitor events and contracts going forward, I have a family member who might be able to look at contracts/agreements or we can designate an independent third party agreed by BMR and JPL.
We made have stopped some strong arm tactics yesterday and not allowed vultures to enjoy their supper. Yond Alex has a lean and hungry look, but he doesn’t think enough like someone BMR.
I do feel that a small number of shareholders have been grossly misled by management for whatever reason. Those should maintain their own court until we meet and discover what the next steps might be.
Apologies for being a little verbose but I’m tired of being treated as an irritation and so I believe are my drinking compatriots. BTW, the last AGM I attended someone threw themselves under a train and I missed the main part of the event. Last night someone once again decided to end their days on nearly the same stretch of track. Although not arriving home until 6am my thoughts are with that person and any family and friends
Have any dates been mentioned for another meeting,i had child minding duties on Friday otherwise i'd have been there,i may need to juggle my grandad role around for the next one,but i will do my utmost to be at the next meeting.
Great to meet holders yesterday and put faces to Avatars. We even met a very large shareholder, a lady with a small interest and a very jolly chap originating from Aus. Bring, Klue myself and Mr Aus took it upon ourselves to uphold the post AGM Alikhani tradition and nobly attempted to drink the Globe dry. Our largest personal holder was also present. We must increase attendance for the next meeting and have an overall willingness to plot the best course for what remains. BMR is a fugitive to reality until the option to acquire EML is exercised by JLP. Once this takes place the royalty agreement, whatever this may be, kicks in. I presume that Alex and co will agree this and on acceptance and signing the option could be exercised. I believe they have till September 2020. Without EML under jubilee’s belt, they don’t own the tailings and whether they have access to the site or the tailings needs to be clarified with Alex. The Sable plant just purchased would be pretty Patel useless without exercising the option. Please correct me if I have some of the ownership rights or the large scale minIng licence wrong. As far as I’m aware, although I wouldn’t be absolutely sure after recent revelations, EML and its subsidiaries EProps and EPro hold the assets on behalf of BMR. Once JPL exercises it’s option over EML I presume the royalty agreement , yet to be revealed, kicks in and we receive our 11% due to the excessive capital spend on Sable by JLP. Well that presents a dilemma, if there is no agreement then I presume no option can be triggered as a non royalty agreement cannot be triggered.
It’s absolutely pointless to allow the board to provide the sub division and pursue the Dysentery venture and potentially dilute existing holders to the same revenge. We must get the EML deal over the line and the royalty triggered. I’m presuming that Kabwe Operations would free carry the asset the way Leon has put the deal together by repayment of the capital project funds to Jubilee. As part of the royalty deal that asset should be owned on the original 60/40 basis or Kabwe Operations should be required to purchase that share. That would allow Alex to pursue Montezuma without the need to raise and dilute. The royalty is extremely valuable and whether it is ring fenced, which would bear administrative costs and not be open to new investors, or used as an income stream to lift our share price above 1p on resisting. Jubilee could release their 29% to investors, get out of being in a conflicting situation and recoup their investment. The royalty needs to be tightly monitored and collected so that the revenue stream which will be substantial unless the sly bod have a cunning plan to rape and pillage. Alex can use the royalty as an incentive to future investors or a new captain can use the income stream and the bags of losses to reverse in other ventures. We now need to be very clear and we need to be in attendance and attentive contd.
It's funny too, because JLP sent a representative to vote at the meetings. She had the power of 29.01% in her hands, yet a few shareholders in the room managed to sway the votes and adjourn the GM.
It just goes to show that presence equals power! In future, we need more shareholders to get involved and actually attend these meetings. After all, it's your investment on the line...
I thinks it’s safe to post further details now…it’s fair to say I got a little drunk after the AGM!
The usual Directors were there, AB, AGH, and NL, the part time CFO. CB dialled in from his vacation destination, possibly on a beach sipping ****tails in speedos, I’ll leave the rest to your imagination…
Yes, there were only 7 shareholders present, one couldn’t vote as it was too late. Another very large shareholder wasn’t allowed in because he had no paperwork. They started off with the AGM first to vote on the ordinary resolutions, they asked for a show of hands to vote for and against. Technically, my hand counted as 3 votes, because I was appointed proxy by a couple of shareholders, I’m not sure if they actually factored that in, but we manged to vote against 3 out of the 4 resolutions by show of hands, the only one that passed was the adoption of the accounts from 2018. AB put the other resolutions to a poll which means they will be decided by number of shares voted. It appeared that they didn’t have the full share count to hand, so the results will be published at a later date.
When the GM started, AB read out the first resolution “approve the proposed Sub-Division” and asked if anyone had any questions before we vote... I raised my hand and asked “what does it mean?” The solicitor from Druces explained that we need to lower the Nominal value so we can raise money below 1p. This caused others to start asking questions and, long story short, thanks to FireballXL5, we manged to get the GM adjourned. In the meantime, AB proposed that we hold another meeting in a couple of weeks to discuss the future of the company and terms of the Royalty. We are looking to get a deal on the table that looks after current shareholders, before we consider voting at the adjourned GM.
Let’s just say it’s a good job those of us that went actually showed up, otherwise everything would have been voted through and we would have little to no negotiating power left...
On one hand they say we're worth less than 1p, on the other they say what we've got (the Royalty) is very, very valuable. However, with terms of the Royalty still to be negotiated, we don't know when or how we will benefit from it, and what effect that might have on the SP of the listed Co.
The thing is on IG it’s stating there are no short positions held and 11-50 customers holding a long position. The notion of T Traders not wanting us to re-list is nonsense. Surely anyone who wants us to re-list wants us do so in as strong a position as possible. The board publicly agreeing the SP is worth less than 1p, though realistic, is not helpful to co. Market Cap.
Nothing wrong with your maths. They just want the flexibility to be able to raise capital as low as .0005 in a worst case scenario. If they don’t lower it, they can’t raise any capital. It’s a sad state of events when our shares aren’t even worth 1p anymore.
Not what anyone had planned. Thank you FXL5 for presenting a common sense resolution and causing the AGM to be adjourned.
Let’s all see what gets put into print.
Shareholders - please try and come to next AGM/EGM/GM there were only 7SEVEN of us but due to the fact we voted against the resolutions it went to a ‘count’. Apathy really is just lubing and lowering your own trousers.