Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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The last thing AB will want is lots of question being asked.
The shareholder group is a waste of time. (Turkeys electing the butcher to represent them!)
BMR will go bust very soon. There is no asset to raise money on.
All records, files, evidence of payments and bribes will then be lost. That must be attractive to some.
The shredder and the delete button are probably working right now.
I was always confident that JLP would always get their money back that they have spent one way or another. Even down to the flights to Zambia and the meetings with the Big Blue (I wonder where this leaves them. They are needed to ensure that the right money goes to the right places).
I know, right? But I am sure AB has taken advice. A key part of the plan appears to have been contriving a delisting event and then moving before shareholders have a chance to stop anything. I still wonder if AB has had to extract himself from a very dodgy legal position with JLP having not disclosed the loss of the license at the time of the original deal. Perhaps this is the price.
Can't believe this is all being done legally.
It is now possible to stay afloat. BMR will be not much more than a postal address. Once the next audit is out of the way, it can be run for < £10k a year plus whatever the BoD gets paid. (ignoring potential for legal fees!). It has nothing to do other than file statutory documents and wait til JLP is operating at the site. It will be interesting to see if the BoD still sees fit to pay themselves much at all.
I've put £ but it's actually $ - how we stay afloat to get to this point isn't clear to me. I cab't believe there is no update on the bmrplc.com site. I say I can't believe it, I can.
"Apart from an agreed initial 5% Royalty on distributeable earnings, BMR will only be entitled to a Royalty payment once:
(a) the Project is fully operational and has generated distributable earnings;
(b) Jubilee (or its nominee) has been repaid in full its capital investment and its agreed capital rate of return of 30% on the first GBP 2,3 million invested and 20% on any further capital invested."
So they are buying the project and also have the rights to acquire EML. This cost BMR millions to acquire and it would seem we are going to give it away.
No, I never invested. I didn't think JH's method would work and then had (and still have) license worries.
"If JLP spend as much as they state they may need to then royalties won’t kick in until they’ve made £18m. That could be quite sometime."
I think it is much worse than that. They need to make 18m clear profits PLUS cumulative interest at 20%. So, 18 becomes 21.6m after a year, 26m after two years. This looks a pretty complicated set up and I'm not really sure how on earth it will be computed. But I would think the details have been figured out.
Have you ever been invested in BMR?
I was expecting a royalty deal, but that is a particularly bad one. JLP has to make a 20% IRR before anything is payable. It is very possible that BMR will not see a cent. A royalty should be payable on revenue, not on profits. AB has outdone himself here.
This was my thinking as well. If they will do it to another company's shareholders then they'll do it to their own.
Well I doubt that shareholders will get much satisfaction by pursuing him through the usual channels...
Makes me think of Queen !!!!
Why ???
Mama, just killed a man
Put a gun against his head
Pulled my trigger, now he's dead...........
Worth it, I'd say yes !!!
Jlp are just as guilty as AB,a plan worked out nicely-----if i was an investor in jlp i'd be worried of another con in a couple of years,screwing any investment there.
Rofert you may be onto something.
If JLP spend as much as they state they may need to then royalties won’t kick in until they’ve made £18m. That could be quite sometime.
The 'plan' was to: weaken BMR, AB to take whatever money is available as salary and payments; let JLP have the licence, royalties and anything else they wanted; BMR will go bust so the liabilities disappear, files will be shredded, and there will be no investigation or prosecution.
Just put him in front of me for two minutes
That's all I ask..... just two minutes.....
If we had been listed AIM wouldn’t have allowed it, hence us going private.
I just can’t believe he hasn’t got anything in return for shareholders e.g shares in JLP or a lump sum of cash. This royalty is years away.
or even more baffling....some sort of fee/payment
Surely giving away such a large part of the company should have required some kind of shareholder input/vote
is this the 3rd Aug plan that was referred to?
Other company's Ab is involved in when they have an Agm some of us need to turn up & disrupt,that's if they don't get delisted.<br />This was his plan all along,as far as the 7p fund raise i consider this as him stealing funds from investors.
Im sure AB has had a nice little payment for our assets. Spineless ***** hasnt even had the decency to show hi sface and explain how we have come to this point. This really smells of corruption
We need a statement from you explaining how this is possibly a good thing you have done.
Is all lost for us PI's ? The share is delisted, we cant sell ? My only mitigation is to use the losses to offset gains on other investments and reduce tax liability. This has been a rough ride into oblivion over the last 6 to 7 years for me :(