George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Blimey Fireball, it gets worse. You mention that the guy said there is no regulation, but we did have rules on AIM and I'm sure that in spite of something being largely unregulated, we do have business law and evidence (e.g. with the copper) which points to the apparent fact that we were officially lied to.
A top lawyer might help. And the Sweeney.
Can't see anything wrong with that proposal Bring. Transparency is key with the royalty, otherwise it's litigation as we have no idea what is in the agreement, who it was lodged with or if it's in a desk drawer being updated everyday of the week to cover eventualities.
Shocked me Eric, they all seem to know, everyone was on the take and Bailey bought a new man in to join them, well one that would kick up enough dust but still bury the tracks. How anyone employs Borrelli I don't know. This chap was shocked when he saw Alikhani, head in hands. His wife paid back a million but this chap reckons it was multiples and other back handers from City gents. What happened to the recovery from Anita and her company, Soda the accountant, the accountants operating from a private residence in Harringay a mate of Soda's. The Nomad, the legals if there were any when all these Zambian copper assets were purchased. As you say Erik, we had to wait for the Borrelli/Hawk Cherry, Blue Square.
This chap reckons there is no regulation, I can believe that with years of falsified accounts.
Bring, yes, and if we aren't happy about the terms then we should be able to vote against them. We've only ever been shafted to date, so it's time for that to stop.
If I had the money I'd have every fooker who has ever worked for and with BMR investigated. The mystery Blue Square deal is still my favourite kick in the b0llox.
Thanks for posting that info Fireball. It is terrifying and I'm even more angry after reading it, but maybe if the chap is willing to make a statement, as Bryn mentions, it could be given to the Fraud Squad to take a peek at.
Only my thoughts, but at this stage a spot of fair play and the truth for our long-suffering shareholders would be highly appropriate.
Cheers Fireball.
I’ve started listing questions surrounding the Royalty and its terms, when are we likely to relist, and legacy issues such as suing former advisors and recovering funds from ACI.
We need a full update and they need to provide strategies and plans for the next 6-12 months as a minimum. I suspect we won’t get an update on the Royalty until JLP announce it via RNS. The terms need to be published to all shareholders so there are no hidden nasty surprises. We’ve waited over 2 years for all of this, so it’s time to get some proper answers or drastic actions need to be taken.
We could suggest that Bird make a statement that Borrelli is retiring through severe Covid19 and as a gesture for his lamentable performance in charge, he has agreed to pay BMR £1m and forego his share options.
Bird can then change the name to BIR Mining and use the £1m to keep paying the salaries for the next 5 years.
Hell it's worked before.
Bring, good idea to set up a communication channel with Colin Bird. I'd love a copy of that Royalty agreement to see exactly what the terms are an what we are actually dealing with before any commitments are made. In fact, the documents should be made available to shareholders as there shouldn't be anything that would impact on any NDA's etc. or banking covenants, legal agreements or mining licences. Lets ask for copies of the relevant documents and whom they have be lodged with and witnessed by.
Fireball - nice work.
Would be nice to know if he would be willing to make a statement to that effect. The FCA may have some interest though they are like the SRA and are good at avoiding the conflict with their paying solicitors. As has been mentioned an investagative journalist type investigation would perhaps appease some though would not get our money back.
Very reputable gentleman and a friend of a friend. Knows a thing or to about Masoud, who enjoyed chatting and went on a few business trips to far off lands. Tis a small world sometimes.
Very interesting if unsurprising info Fireball. Hope for your sake it's from a reputable source as I've no doubt Borrelli is scrutinising this board and wouldn't hesitate to use some of his newfound millions to stifle dissenters
Just spoken to a chap that used to be the Investor Relations Manager for BMR, in fact, the man who was instrumental in the change of name to BMR and the logo in the colour of the minerals to be processed. He was there the day that the keys were handed to Borrelli, not an ordinary Monday morning. Entered seeing Masoud with his head in his hands and Bailey remarking on the Fraud, that Masoud was off and the new chair was Borrelli, who then proceeded to appoint his forensic accountants. In his words, to whitewash the whole episode. The invoices from Masoud's brother particularly galled him when he found out that he was billing 50k for Investor Relations Services and our outsourced Accountant was paying them. He was also minded to say that Alzheimer's was not something that Masoud was suffering from. It appears that Borrelli was there to clean up a mess, revealing some of Alikhani's embezzlements, enough to lay the body to rest, it appears. Borrelli and Hawke then prioritised this other method of recovering the tailings. He reckons you could fill a post-it note with what Jeremy Hawke knew and our Borrelli was happy to recruit and pay him to help finish off any chance of recovering the metals. Apparently and according to this source, the Macedonian company Ascot, had the process mapped and could have produced the metals using the gravity feed method to recover the zinc and lead, first extracting the iron and silica to recover 87% metals. According to this chap who researched and published a great deal of the BMR presentations, went to Macedonia and had knowledge of the Cranborne School of mines testing and visit by Ascot, the process was ready to roll. He never understood Alikhani's reluctance to process and his obsession with acquiring tin pot and flooded assets in Zambia on a copper grab. It seems Borrelli, more competent than Hawke, because he survived longer having covered the tracks for Alikhani. What I'd like to know is how long did Bailey know, when did he approach Borrelli and what was in it for Borrelli to accept. There is more to this clandestine activity than meets the eye. Save the collusion that was pretty evident between Anita, the Accountant, was it Soda and the Alikhani and family. The Israelis' were also involved, as Alikhani was highly respected there and always received a red carpet when visiting, the Israeli State Railways were mentioned along with a hedge fund close to Berkeley Square, as part of the plot. Wonder how much our rogue Borrelli knew. It seems that Bird, in the mining sector, also has rattling skeletons. This person remarked that there is no regulation in the city and they are left to monetise their shareholders. Panorama please take a look. Sorry for the paragraph, the conversation has both incensed and incentivised.
FireballXL5 How i wish this could be taken up with Panorama or infact any brodcasting company who look into scams and doggy management. Letters to local MP's might be a way forward if they totally screw us over.
Alex borrelli ....We have never been in a stronger position , so why have you done a runner with all the cash. !!!!!!!!
Hi Fireball, the RNS where JLP took over the project was released early August 2018 - it states they had 2 year option from the date of the updated agreement (see below). So in my mind, that date has already lapsed and JLP must have taken up their option to acquire EML. We are probably waiting the final transfer of all assets before JLP announce anything.
“In terms of the Updated Agreements Jubilee is further granted, for a period of 24 months from the effective date of the Updated Agreements, an irrevocable free option to acquire 100% of the issued Shares in EML (the "Acquisition"). Following the Acquisition Jubilee's equity interest in Kabwe Operations and EML will increase to 100%.”
Ljchandler, I don’t see why we can’t list back on AIM, especially now Borrelli has left. They could also do a reverse takeover, where our assets are transferred to an already listed entity, and we get shares in return. Although I think it’s more likely they will go for a completely new listing.
Hi Bring. When does the option to acquire EML lapse. This should be an indication of their intent at Kabwe. I don't trust anyone who has conflicts of interest to engineer an equitable exit. Too much time has past while shareholders have been got at and thus undermined the Watch which has to be united. I don't know how many posters here are known to the Watch but we should post according to our allegiances as undermining the message is protecting those with the power and influence. Come on guys, this must be the finale and we must give these thieving crooks a run for their money. Our Cash balance has probably fled the Bank along with the two officers that exited by the back door. Colin is under no pressure to work for BMR holders and he has already appointed a nodding donkey. We need to find a way of procuring the original JV document and the subsequent Royalty agreement as JLP and Kabwe Processing are not JLP and Sable now. They have paid F all for Kabwe and if they say they bought 29% of BMR as a price then they need to think again before writing off the holding. Funny how our biggest holder with Bird on board made few objections to the loss of a listing. The whole deal obviously contrived. A fraud specialist or a Panorama reporter might be our best bet. Bet JLP wouldn't like anyone looking closely at their Zambian activities or those in SA. Opposed to any listing that does not recognise our Royalty and value.
Member BMR Watch
Will they be allowed to relist on Aim??
Colin Bird to lead the way at BMR - Not sure how well this will pan out…
He holds directorships at several companies, none of which are doing very well, apart from JLP, and GLR are starting to look a bit better (largely thanks to Star-Zinc courtesy of BMR). His hobbies include diluting shareholders. His biggest success was striking Copper in Zambia under Kiwara, which was then sold to First Quantum for $260m back in 2009. That’s Colin’s CV in a nutshell.
Not sure about this Raju Samtani guy - he’s also on the board of one of Bird’s other co’s, Tiger Royalties, which used to be called Tiger Resources - they mainly invest in other companies on the stock market and hold a small percentage of BMR.
We have a few options. We can call an EGM, we have the 5% and can put forward resolutions for shareholder vote. We could knock on the door and see if we can build up some communications through BMR Watch. Colin is notoriously bad when it comes to engaging with shareholders, although BMR Watch did manage to speak with him back in 2018.
I’ve been assured that the Royalty will be put in place and Colin is currently in discussions to make an acquisition. Obviously they will be looking for a mining asset, but I don’t know how they plan on relisting. They will no doubt use the Royalty as leverage for a deal and JLP will look to exit their position.
Excellent credentials for yet another rinse and repeat. Where is the transparency, where is the Royalty agreement. Where is our value. I see conflict of interest and appalling choices of partners in crime is the only open and honest part of the tweet. Who is ring fencing the Royalty for BMR shareholders Mr Bird. I'd rather have the Bird in hand and rupture a few organs.
They still haven't acquired EML through their option, have they. Where is our Royalty, that's what was paying for the assembled dumps worth around £10 million, more than £6 mill at cost?
Would have thought this warrants an RNS tomorrow from JLP , BWTFDIK
Dunno mate. That's above my pay grade. Where's Bring when you need him?
So how much will these new BOD start paying themselves ? It will be the same old Rinse / Dilution story , and all of COURSE in the Best Interest us Shareholders - we need to request Information on our Royalty !! That can not be ignored . It was also said Borrelli was the lame duck and CB held all the cards , seems its was the truth then
3CB - its time to rally the troops , they need to answers a few questions before they do anything , Borrelli has done a runner , can we call a EGM ?
Not gonna happen Roman. JLP don't owe us anything and the real rogue has fled to count his millions in ggp. Very sordid business indeed
Just read it ? No No No , want nothing to do with this transaction , just want our Royalty given back to the LTH in BMR - and like most LTH get out of this hole for good !!