Exclusive: Life Sciences Investor Briefing - Destiny Pharma #DEST, Shield #STX & Open Orphan #ORPH Watch Now
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The Royalty arrangement will only come into effect on implementation of the acquisition. The Directors believe that for BMR little value will be attributed to the Royalty until it comes closer to generating cash flow, but that the future cash flows from the Royalty will then become increasingly valuable for BMR.
I see no mention in the annual report about ACI and how the co. are progressing in getting the money, they handed to them, back.
The Group’s cash and cash equivalents as at 30 December 2018 of £104,517 (2017 £154,969) comprise cash at bank and in hand.
The Company’s cash and cash equivalents as at 30 December 2018 of £52,310 (2017 £11,205) comprise cash at bank and in hand.
The Directors considered the possibility of holding the Royalty in separate company to protect shareholders’ interests. However, further to discussions with advisers for the next stage of BMR’s development, in order to generate value within BMR for rising funds and pursuing a re-listing with a target acquisition, the Directors have decided that BMR would secure greater value by including the Royalty within the Group.
The Directors have consulted with a number of shareholders representing a significant minority percentage and understand that there is a strong preference for BMR to pursue a strategy of strategic acquisitions with a view to re-listing of the share capital on an appropriate stock market.
We propose that options will be issued to the management team representing 10% of the issues share capital as enlarged by the proposals.
"What does Callisto mean in Greek?
Callisto. fourth moon of Jupiter; in classical mythology a nymph, mother of Arcas by Zeus, turned to a bear by Hera, from Greek kallistos, superlative of kalos "beautiful."
“A bear is an investor who believes that a particular security or market is headed downward and attempts to profit from a decline in stock prices.”
Nice name change for the company lol. First it’s “montezuma’s revenge” now the new company is being turned into a bear (a beautiful bear?) We’re all doomed!
That would be a she dog.
Has Colin Bird made Borrelli his ***** or does it just look like it?
If not, serial liar looks like the probable pathology.
It's impossible to imagine how bmr shareholders could have had a worse or more destructive CEO than Borrelli. Even by the slum standards of aim degenerates, he has been atrocious.
3CB - said it forever and a day, nothing Borrelli states ever happens.
I just want to know for sure, is he a serial liar or genuinely a bumbling incompetent berk, in either scenario he should’ve been gone 18 months ago at least.
Make no mistake, terms of the Royalty are being thrashed out as we speak, that's why JLP haven't acquired EML yet. They will do so when a deal has been finalised for the conditions of the Royalty.
The whole idea of not hiving down the Royalty and not mentioning it in these proposals, is so he can strike a deal to sell some of it before re-listing. There's no way we will raise £1.5m or above to fund drilling of the Copper project through placings alone. Investors have their eyes on something else, something that is worth millions... Plans have been in motion for this for months. We're about to get shafted, again!
From resolution 2 ...
"the Directors be generally and unconditionally authorised to allot, or grant rights to subscribe for, or to convert any security into, shares in the company, up to an aggregated nominal amount of £1.5 million…."
"to convert any security".... could this possibly mean that he can (if he wanted to) sell the Royalty as its a security...
Taken from the LOI of the Chile adventure.... "BMR to deliver 19.9% of its issued share capital to Revelo on completion of BMR's Listing and Placement, with a minimum placement amount of US$1.5 million."
There is feck all chance of him raising $1.5 million... so where else is he going to get the money from ..... i have a VERY bad feeling about this. The Royalty is doomed.. whats it even worth yet??
brilliant post KlueLoss , the man is a walking disaster and a Charlatan. We must keep our Royalty at all cost or he will dilute us time and time again and that pillock CB.
Alex Borrelli has been in charge for 5 years this coming October.
BMR have been in suspension for two of those years.
In that time he has...
1. Lost control of the Kabwe mining licence.
2. Handed control to the Kabwe project to JLP with no confirmed agreement about the status of the Royalty.
3. Spent much needed capital on Ester project in Portugal, which had no synergies with the business in Zambia.
4. Once discovering valuable Vanadium present at Kabwe failed to get it valued or a JORC potentially losing millions in value for shareholders.
5. Sold Star Zinc for less than he bought it for within a year of owning it.
6. Tried to bid for MTR right before a capital raise at 7p knocking market confidence leading to a very low take up.
7. Issued himself a pay rise for his efforts.
8. Probably more than the above.
He says ‘he has never put a foot wrong’ as the director. After 18 months suspended he still hasn’t produced the accounts, no tangible update on the Royalty and he now wants us to vote to ensure he and the board have total power to dilute shareholders into dust because Colin Bird has an investment in a company prospecting in Chile which according to their own presentation (http://www.reveloresources.com/content/125/RVL_Corporate_Presentation_201907.pdf)has spent $25.5m already to get to the position they find themselves in (page 5)
‘KlueLoss you’re so negative, look at the positives’
We’d be better served with the Royalty (if it still exists) hived off into a co. and that’s it - sell once JLP are making the progress they’ve outlined. Make AB sit on his hands or just leave.
A Borrelli - liar or serial truth massager? You decide. I make no comment other than:-
1. Tweet Jan 9th - We are working on a circular with proposals subject to shareholder approval for the acquisition of a further licence and the demerger of the royalty agreement into a separate company to be owned pro rata by shareholders to protect value. Really??
2. In a telephone conversation with me some months ago, and prior to the coffers being topped up more recently, when I queried the share price value compared with the pre-suspension SP of 1.98p, he assured me that as far as he was concerned, the SP was already worth multiples of that price. Yet a few months later, we are told that the SP needs to be subdivided as the value of each share is clearly less than the 1p par value of the shares.
So what has happened to all that value which Borrelli spoke so confidently about just a few months ago?
Or could it be that the value is still there but the current share structure doesn't suit the board's plans.
Make no mistake, we vote this lot of crap through and LTHs will be wiped out.
Who would vote any of this through without knowing what is happening with the Royalty? Speak to AB yourself, he is clear in stating that nothing has been finalised with the royalty. Nothing has been agreed. We could find that the Royalty is gone for pennies.
His words ‘the co. has never been in a better position’ What is the position you spiv?
I don't have very many shares but I've had them for a long time (bought 26333 @ 1.899p at one point in 2014)
Even though I purchased more through dilution I now have 6646 at an average price of *drum roll 27.38p
Not sure I'm going to get much value back :)
From a quick read, I make it:
a. 1:200 share consolidation to reduce number of shares in issue. The stuff about "deferred shares" having no value is just part of this process. In itself, there is nothing bad about a share consolidation. BUT,
b. The company directors will have power to issue a mega number of new shares to dilute old shareholders. Not good.
c. Colin Bird to stay on - after all, Revelo / copper in Chile is obviously his deal.
d. Company changes its name to Callisto Resources and pretends BMR never was.
Key questions not answered:
1. What happens to the Kabwe royalty, which is worth real money over time? There seem to be no arrangements to hive this off into a separate company for the benefit of current shareholders. Was that another Borelli lie? Will the royalty be sold off for cash / the return of the 29% shareholding in the company that Jubilee own? (I can't believe that Jubilee want to continue holding shares in this company).
2. What happens with the GLR shares (currently worth about 125K, but theoretically worth a lot more) that the company owns?
All in all, this isn't good news for current BMR shareholders, and I'm very sorry for that.
Has everyone seen these voting forms on interactive investor? How bad is it? I've read them and assume I've been bent over and have to say thank you very much?
Annual Report was included in my very fat envelope - still not looking at the detail within until the weekend now
As I say I only got voting forms. Nothing else.
I too have only received voting forms
Foggy - you should have had the Annual Report also ?
I just got voting Forms , nothing else. Sub division, name change etc but no details to enable me to vote so I presume either there is a second letter or Postman has delivered it somewhere else
Just returned back from late birthday lunch to find my documents from Neville - in too good a mood to wade through it now but will do after golf tomorrow.