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why not?
A good summary Cardo. I often wondered dhat it felt like to be buttfxxxxxd. Now I know
The GM was last Monday, no feededback but best guess all resolutions passed (Jubilee 29% remember).
Share "consolidation" 30 - 1 will happen early Nov.
Jubillee's 29% will not change.
£1.5m for listing maybe before year end, already running late! No idea how many shares that represents but unless Jubilee invest heavily in the new shares their % will be be reduced quite considerably from the current 29.
Royalty, which as far as I know has never been published or made available to shareholders, will simply disappear which is what CB wanted all along. Any and all questions re the Royalty have been met with obfuscation and excuses.
CB has stated that they expect no income, from the Royalty, in the midterm but with no definition of what midterm is!
If I am wrong, the Royalty will be diluted from the existing number of shareholders to a vastly increased number of shareholders after the new listing, thus making the Royalty worth a microscopically small amount to existing shareholders!
Jubillee wont care as they already have the assets!
Anyone care to argue?
What you also have to bear in mind that CB has many directorships. Public companies, AFP, BZT, GLR, JLP, TIR & XTR. I don't include Kendrick as the shares are suspended, but he is still a director! There are then atleast 10 (pty) ltd companies listed. Basically "private" companies. All this information is in the public domain and I don't suggest anything underhand. What I do question is how one man can "manage" 6 public companies and why does he need 10 private companies?
My views.
E&OE
consolidation and name change has already happened..
so whats happened to OUR royalty?
so what is the deal here or should i bad deal...i assume all will vote against this ?
Who's going to buy all these new shares?
Same here, I am sitting on huge loss with these and can't even off set this against potential gains i have made elsewhere.
Yeah, as far as I can see, all the money received from cheap sale of assets over the last few years has largely been used to keep the directors' gravy train going.
Thank God I hedged into JLP. Many others not so lucky alas
Subsequently JLP could just up there position, take over 100% for a song and bye bye Royalties and Shareholders ?????
And we get a shockingly low share of any future royalty as it hasn't been protected. Such a shame the majority are insiders across multiple businesses as to be truly in our best interests this company could've remained private and literally banked royalty shares in future and paid out via dividends... it is incredible that Victorian era scams like this actually get the light of day in the 2020s!
Put simply, the notional value of the company prior to suspension was around £6m. Following consolidation the shares are valued at £392k. Truly shocking and interestingly, the relisting price ensures that the existing shareholders no longer have any meaningful vote in the company's future if this goes ahead and the company will be wound up if it doesn't go ahead. Some choice eh?
Bunch of thieving scumbag shysters.
Roman. The dilution isn't from the 30-1 consolidation. It's from the extra shares that will be issued to enable the listing and takeover. The company state in the documentation that the share price has been set at 3.5p for this purpose but also mention a 40% discount to this figure.
So whether or not the loan note conversion (£210k) and fundraising (£1.5m) are at a 40% discount on the 3.5p sp, a further number of anywhere between 50 and 70 million new shares will need to be issued, thus massively diluting the revised 11.2m company shares by more than 6 times.
I rang Kendrick resources on Monday 11th saying that I cannot find any information on the website and I got a response from Mike Allardice @ quantumcapitalhk.com The Kendrick website now does have the documentation under publications , circulars and notices
Consolidation is proposed at 30:1 and the listing would be at approximately 3.5p per share
Shares in issue now around 335,710,864 and following reorg around 11,190,363
The spin out projects are
1. the Koitelainen, Karhujupukka North and Karhujupukka South projects in Finland;
2. the Airijoki, Kullberget, Sumassjon, Kramsta and Simesvallen projects in Sweden; and
3. the Hosanger, Espedalen and Sigdal projects in Norway
all money making tools for people like Colin Bird, MA etc. Nothing ever happens and they string everyone along for the ride. Any long term holders here like myself will never recover loses. My CFD been open for years paying daily interest and showing huge loss, not been able to close it because of the suspension.
Kendrick Resources GM 09:00am - Fladgate etc etc
Bezant Resources AGM 11:00am - Fladgate etc etc etc
Galileo Resources AGM 1:00pm - Fladgate etc etc etc
Xtract Resources AGM 3:00pm - Fladgate etc etc etc
Lots of time for questions een under Covid Rules!!!!!
Kendrick Resources General Meeting - 09:00am, Flagate etc etc etc WC2B 5DG.
Bezant Resources AGM - 11:00am, Fladgate etc etc etc WC2B 5DG .
Galilieo Resources AGM - 1:00pm, Fladgate etc etc etc WC2B 5DG
Extract Resources AGM - 3:00pm, Fladgate etc etc etc WC2B 5DG
Obviously lots of time for questions, even under Covid rules!!!!!
Still here and shocking, and as bad as BPC - lesson learned and a very expensive one. CEG as it is now is looking to dilute again too. ;@(
And does anyone in their right mind believe that Colin (conflict of interest) Bird, now in his 79th year, is really going to hang around and defer retirement long enough to bring on this new lame duck project. As soon as XTR sells Bushranger back to AA, you won't see him for dust.
Got my paperwork now. With a consolidation at 1 for 30 (not forgetting an earlier one at 1 for 10 of course), my 300k shares costing £22k are now going to be 10k shares worth £305.
It is vividly imprinted on my brain, a conversation I had with Bozzerelli after the suspension at around 1.8p when he insisted that even at that time the shares were worth multiples of that and that he would always work in the best interest of the shareholders. Trouble is he didn't say which ones.
Total feck'n bulcaca from a total scoundrel. Why does he still hang about at BMR like a bad smell?
I agree that this company should be a text book example of failed management. What can we do to make this happen?
Nick0212, we all feel the same way, but at the end of the day another Colin Bird company, Jubilee Metals, holds 29% of the shares so all resolutions will be passed!
What BMR/Kendrick needs is a thorough look at by an investigative financial journalist. As Klueloss suggests, past Directors (one of whom is still Secretary) have not had shareholder interests at the forefront of their minds.
Kendrick website, yes, a complete joke. That demonstrates the Managements respect for shareholders.
If I’m left with just 1-5% of my original investment upon relisting then who am I to say that Alex Borrelli was lying when he said ‘the company has never been in a better position’
Apologies for typos!
Does anybody know anything about this shmbles of a company. I am asking to vote on 'spin off projects' - whatever the flick they are. There is nothing on the Kendrick website that resembles news since 2019! How can I seriously be expected to vote for new shares to be issues without pre-emptive rigthts for a side project I know nothing about? Am I missing something or should Kendrick be being reported for failure to inform its shareholders (ultimately as a shareholder I am merely assigning the running of the business to agents, but in this case I don't trust the agents - certainly not without any form of documentation to tell me what they are doing!) Shambles.
Well well if it comes to it! I’d written it off to be honest few quid better than nought.