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Not sure about Borrelli still being at BMR - the Tweet said he stepped down from the board. Looking on Companies House it still says he and Gardner-Hillman are active directors. Perhaps paperwork hasn't been filed yet. I also noticed they have shortened the accounting period again by 1 day (30th Dec to 29th Dec) not sure why they do that - have they got something to hide? I'd assume if Borrelli has stepped down he will lose any rights to share options, and would also assume all that went out the window when we de-listed anyway. Certainly some good points to raise at the next meeting.
On the subject of Borrelli... Remember when he and Colin proposed a deal with Revelo and we were going to re-list under a Company they created called Callisto Resources? I posted a while back pointing out that they issued paperwork to have the Company struck off Companies House. I've just noticed that they withdrew the strike off and Borrelli was appointed as a director on 24th August. He must be getting ready to list Callisto and fleece another set of shareholders. Make a note of it and make sure you avoid that one, not that any of you need telling.
Regarding the Royalty, the idea would be to hold this in a private Company. It would then sit dormant whilst we wait (and wait) for JLP to start producing at Kabwe and value/cash can be created for shareholders, and regular dividends could be paid. I know Colin looked into this before, but I think there might have been a few options that were overlooked, it’s certainly not impossible to do. I can’t work out why JLP would be supportive of the Royalty going into a listed Company because it would dilute it for all holders (including them). Having said that, JLP have stated their intentions to exit from BMR so perhaps they aren’t bothered about retaining a percentage of the Royalty (this should worry us because the Royalty should produce a lot of money over time, why would they not want to retain a percentage ownership?). Surely it’s plain to see that we all benefit by having the Royalty ring-fenced/demerged from BMR.
I also don’t get why JLP wouldn’t want to take full ownership of the Royalty by offering to buy it and cancel it out, giving them 100% of profits from Kabwe. Perhaps that’s something we can look at in the future when the Royalty is worth more money. They are more likely to pay a higher price for it. No Company likes to pay Royalties, especially one that will hurt their pocket and be a pain in the ass over time. Perhaps JLP doesn’t want the Royalty to be ring-fenced because it would make it more valuable to BMR holders. Does anyone get the feeling we’ve been flogged a dead horse (the Royalty) by JLP/Borrelli?
British businessman accused of stealing mine in Zambia
Colin Bird, the Executive Chairman of two LSE listed companies, Xtract Resources Plc and Bezant Resources Plc, faces possible jail time in Zambia for contempt of court as he aids and abets a known felon steal a mine from local people. The media in Zambia is reporting that the UK businessman is part of a [ ] The post British businessman accused of stealing mine in Zambia appeared first on Zambian Watchdog.
Thanks for the update. I wonder why JLP are not moved to look at the royalty at this point. Hopefully we can glean some information from the documents regarding the royalty and the calculation. I am not sure how the ringfenced listing would work for a quoted company, there would have to be different share types and how both would be quoted I'm not sure, not sure that this is even possible. From a valuation point of view or as a tradeable share. Maybe a word with the share society before we pursue the impossible dream and we end up in a cul de sac with a fait a complet and find that Davies Shaft again and the bones of all things BMR.
Thanks for the update Bring. Sounds positive subject to written confirmation.
Just one point. Recent tweet said Borrelli had stepped down from the board. Did anyone clarify whether or not he is still employed by BMR and if so in what capacity? Also does he have any outstanding share options/warrants and would they be automatically rescinded on leaving BMR.
Just querying as would not want that man within 100 miles of BMR, nor to profit further from his disgraceful past behaviour.
Another meeting was held with BMR on 1st October, this time with wider members of the BMR Watch Committee included.
We made it clear that BMR shareholders wish to have the Royalty separated from any new listing. It’s imperative that this is done, otherwise it would dilute our interests in the Royalty. CB recognises this and will look into ring-fencing the Royalty for current BMR holders on the shareholder register. We have also requested to see paperwork on the Royalty agreement between BMR and JLP – we are confident CB can provide access to those documents. Discussions were held over the possible purchase of the Royalty by JLP, however, this isn’t something JLP would want to do at this stage and CB determined it would be more beneficial to BMR shareholders if it was sold at some point in the future instead.
BMR continues to pursue an asset acquisition and we hope they can share more information on this shortly. We also hope to have an update on progress of ring-fencing the Royalty. BMR will be required to publish any proposals via Circular for shareholder voting.
Bry - U should cut and paste and send to our New Leader CB as reminder .... 2013 and still waiting
....may be the issue regarding lack of regulation. Most of the acquisitions appear to fall under EPL (A wholly owned subsidiary of BMR of course) who would be governed under Zambian law for its dealings.
Not sure who the directors in the Zambia company register are - probably someone called Alikhani - so it would be those directors who would be in the firing line first, followed by whoever is the overseer in the UK of that company. I may be well wide of the mark of course.
All the earlier acquisitions like Chingola, Ndola and all the other copper mines we were promised.
The below RNS from 2013 does tell us BMR provides an update from EPL - which we all now know was a pile of****** :-
RNS Number : 9298O
Berkeley Mineral Resources PLC
26 September 2013
BERKELEY MINERAL RESOURCES PLC
("BMR" or "the Company")
Copper processing update
Initial production expected to commence at Kabwe in Q4 2013
Berkeley Mineral Resources (AIM:BMR), the AIM listed resource company engaged in the processing of tailings dumps in Zambia, provides an update on the progress made by its 100% owned Zambian subsidiary Enviro Processing Ltd ("EPL") to commence processing of copper tailings in Northern Zambia and at Kabwe in Central Zambia. The Directors believe that copper production will commence at Kabwe by the end of the fourth quarter in 2013.
Kabwe area
Plans are now well advanced for the implementation of BMR's copper processing plant at Kabwe. The plant has been delivered to the Kabwe site and is being erected between the historic concentrator plant and the railway running through EPL's property. The tailings from this plant will be housed in EPL's Davis Shaft area. Installation infrastructure has been specified and is in the process of being installed, including electrical connections and water supply.
In parallel, negotiations for material supply have been commenced with third-party owners of commercial-grade copper tailings and in some cases mines within a 100 kilometre distance from Kabwe; there are at least 20 small-scale resources that meet these criteria in the region. A pre-feasibility study will be completed once all the test work and supply studies have been completed and Environmental Project Brief ("EPB") will be lodged with the Zambian authorities by EPL when resource negotiations are complete.
Aye Fireball. I feel we need a proper update, as the tweets have only really told us that two twats have left and nothing else yet has been finalised. We've been delisted for over two years, so I believe we need to know just when this next stage in our comeback will actually begin and what it means for shareholders. Via RNS.
Thanks for the update. I think we should press for sight of the royalty agreement first. Can BMR Watch request one on behalf of shareholders? We should know what assets/agreements we have left after the Quiff and his Pompadour left the building.
Is 4 months from the Gregorian calendar or the JLP BMR calendar which involves transcendental meditation and a pair of speedos?
further to my last - 11.45pps is my bad - hopefully we will get something back.
Thanks for the update and grateful that CB has continued the dialogue, however, as we know it counts for jack at the moment.
Positivity will be the way forward in discussion of course.
Thanks for the info. What about the royalty though, and/or BMR holders being given JLP shares?
Thanks for update Bring. Just 2 points from me.
Firstly is this to be a fait accompli or do we get to consider and vote on it.
Secondly, it's only positive if it produces positive sp results for LTHs. With no details, especially as regards dilution, it's a bit soon to say positive. Maybe hopeful.
BMR Watch has received initial contact from Colin Bird. He wants to build a small team and seeks an acquisition and listing for BMR. We are informed that the acquisition is close to completion. We anticipate a listing to take around 4 months to complete.
We see this as a positive step forward and further conversations will be held in the coming weeks.
https://twitter.com/BmrWatch/status/1310508808238702595
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.
Bring, the main concern is surely that we shareholders will have received absolutely nothing in return for our Kabwe assets, if the royalty is either not now given, or is used as leverage to go after the new venture.
We need to keep the royalty, it is ours. This considering also that BMR holders have not been offered any shares in JLP.
Best regards.
Since BMR is now under new management, I think it might be best if we contact Colin Bird and try to establish some regular communications ASAP.
If you have any questions or concerns, let us know and BMR Watch will compile a list and send it via Email. I’ll try to get something drafted at the weekend to go out next week.
I don't know runman, I'd imagine CB knows that BMR shareholders wouldn't be happy if he tried to sell or swap the Royalty for other assets. We've made it clear that we'd like to retain it and not have it diluted down. My thoughts are they could keep it in BMR and then leave it dormant. There must be a reason why they changed the address to JLP's office, other than just trying to save a few quid.