The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen 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.
So the latest tweet was the expected Imminent News ? Lol -
This is now beyond a joke , When will it the all END !
Borrelli wants the deal done now. Its colin bird who is holding up the process. Mid sept is only a couple of weeks away
The Covid excuse is poor. The listed Co's will be JLP and GLR - most previous meetings would have been done remotely due to all parties living in different countries, so nothing to stop them holding meetings via video conference calls.
Same applies with Lawyers etc. Discussions and paperwork can all be done remotely. Covid is not an excuse when it comes to most corporate activities. There are literately billion dollar deals being done in the middle of a pandemic. Stop lying to shareholders.
No doubt the 'listed' company is JLP and the discussion is what else can we give away - so many people have lost so much money it is a very sad state of affairs
The next phase is telling us what the plan is. Phase 2 will be execution of the plan which will take another 2 years.
Thanks Bring. What the hell is Borrelli on about, the next phase?? We haven't even had the first phase yet!!
Load of bulcaca delaying tactics. Pathetic.
I posted well before lockdown that jubilee stopped work on the zinc plant. Liars the lot of them but who cares if your trading eh
Hi Scottie. Not sure how Jammer knows all of that, but I'm not surprised they want to have a clean break from BMR. What good are we to them technically or managerially? Lol.
The small-scale licence is the sticking point, the legal resolution of matters, so hopefully for us we can at least negotiate something fair for our exit.
The problem being our negotiators are Bird and Borrelli. The latter acting in his capacity as human dummy in all things to do with mining.
Scottie, we are knackered, but the degree of being knackered remains the unknown factor.
We shall no doubt see.
Only my view, and I haven't been following this too closely because Borrelli has told us virtually nothing since we delisted.
I'm not sure how it will work in terms of JLP's exit. We aren't a listed vehicle, so I have no idea how they plan to sell their shares or who will buy them. I don't think Companies House will have anything to do with that... Speaking of CH - I note the confirmation statement by BMR is late, it was due on 17th August and is yet to be filed on the CH website. The only recent filing is to do with BMR's registered address moving to the same office as JLP...
In terms of what BMR have planned next, I believe any proposals will need to go to a shareholder vote.
Unbelievable! How does Borrelli get away with it? How is he still allowed to be a CEO with other
Companies? I thought they had to be approved at Company house? Or somewhere like that...
I find it interesting that firstly, JLP haven't managed to build the Zinc circuit during the 2+ years since they took over the Kabwe project - and secondly, they have used the Covid excuse as a reason to halt the project for the foreseeable. I think I recall Leon mentioning a supply issue, but in the recent presentation he seems to refer to regulations relating to Covid for being the reason why they halted the Zinc circuit.
Leon Coetzer: "As stated we were forced to suspend construction of the zinc refinery circuit due to the COVID regulations that kicked in in March". - What Covid regulations are those, Leon?
I find it hard to believe that "regulations" have caused them to stop construction in regards to the Kabwe project, yet they are able to continue constructing new plants in Zambia for their Copper projects. I don't buy it at all... Leon also mentioned that the small scale mining licence was due for renewal, and that it was already done and would be issued by the Ministry end of July. We are now end of August and nothing has been said about the Kabwe licences.
They also plan to help GLR in transferring the large scale licence out of the BMR subsidiary and into their Star-Zinc holding. I reckon a few brown envelops are doing the rounds to ensure a 'smooth transition' of the licences. No doubt it will be announced by JLP once the transfer process is complete and we will get our update on the Royalty, and what JLP/BMR plan to do next. We await the "imminent" update from Borrelli...
Hi Scottie, I'm already aware that JLP plan to exit BMR. It was stated by Leon in a recent JLP presentation. I mentioned it here a few weeks ago and also posted it on BMR Watch. Click this link to see Leon's commentary surrounding Kabwe and BMR: https://tinyurl.com/y5zrj4u9
A must read. Go to to the JLP bbs and read Jammer1 comments about what they are going to do with BMR. He obviously is in the know because these comments were not in yesterday’s RNS.
What is your take Bring/Eric? We are being dumped!!
just sent a email reminder , we await this '' IMMINENT NEWS '' could Sept be the month of Conclusion for this sad saga !1
Keep sending the emails messages to Colin bird and borrelli. Do not stop because of a tweet. Remember who your up against a couple of immoral thieves
Doing a deal with Gallileo is my best option. Lets hope Colin bird gets a move on. This is out of borrellis control. Its up to Colin to get his finger out.
Sorry Bring - but you are di-luded....you need to let it go ( I am affiliated to no-one and lost a pretty penny on this and others and just looked in the first time for about 4 years)
Apologies for first time post (lost login)...was in this many years ago and gave up (in about 2014) when in about 2010 all went ti*ts up...the fool in me first time investor dived in - when I think it was jp and bear or something like that... I got out with £1200 from 20k (just on this "share"...looked in again and it's the same old, Alikani Alzheimer's should have been a big warning and the Borreli in interviews looking up to side with eyes and scratching nose...sure sign of (allegedly) lying.
I really do wish you and anyone with any hope some luck on this but don't waste your life and energy on this...time , family and health is more important than this (and anything).
These companies put aside about 10% share issues to (very share knowledgeable) lawyers for 'emergencies' and you will one day look back and say what the fook did I waste my time on this for...let it go and karma will do your work for you.
Best O Luck...
Jammer1 posted a theory on the JLP board which might actually be plausible… We’ve all expressed an interest in swapping BMR shares for JLP shares in return for the Royalty, but what if a similar deal could be done with GLR?
We already own over 24m shares in GLR, these could be sold for cash, then BMR reverses into GLR bringing cash (which can be used for exploration activities or fund Star-Zinc setup) and a Royalty that will initially pay 5% of all profits from Kabwe, and eventually 11% after JLP recovers their costs (the terms of this could potentially change). Alternatively, the Royalty could be put up for sale, and again, cash used for operational activities.
GLR’s current MC is £7m with 766m shares in issue. A 1-1 share swap would be circa 40% dilution to GLR. 2-1 would be circa 80%. Would GLR shareholders be happy with those levels of dilution? Also, Bird owns almost 9% of GLR, would he be happy with that? I’m not sure how JLP would play things regarding their 29% of BMR.
From a BMR shareholder perspective, a 1-1 would only value BMR and the Royalty at circa £3.5m and I would be more inclined to accept an offer of 2-1. I believe it will become much more difficult for micro-caps to raise funds going forward. GLR aren’t likely to see any revenues this year, meanwhile cash is burning and it won’t be long before they need to raise again. A deal like this would pretty much guarantee them getting Star-Zinc online and would give an additional long-term revenue stream from the Royalty – you can’t really put a price on that kind of security in the current global economy.
I know JLP is a much stronger business given they have cash, revenues, and profits, so many would probably prefer a share swap with JLP. I just don’t see that happening, especially as it would seem JLP want to distance themselves from BMR as much as possible. If we compare JLP’s MC of £109m to GLR’s £7m – you could easily argue that GLR has a higher chance of their SP multiplying compared to JLP. If GLR can successfully bring Star-Zinc and Kash-itu online next year, you would have to assume a major rerate of the SP. If they had the Royalty on top of that, you can see why a share swap with GLR could be very beneficial to BMR shareholders.
Obviously this is just speculation, but something to think about and gives an idea of the type of deal we would like to see happen.
Yes Bryn, many shareholders have a lot of money in this, probably more than we should have put in… I would disagree that we’re unlikely to get anything back, but the next “deal” on the table will tell us more. I think many would be over the moon just to get 50% of their money back now, but we really shouldn’t be in this situation and thinking like that. We invest with the aim of making a profit, we don’t stick our money in hoping for only half of our capital back.
This epidemic has put many people into financial difficulties, so I’d imagine some shareholders could really do with access to their money. Thanks to Borrelli, we’ve been unable to access our cash for over 2 years now, and we still are left with uncertainties.
He needs to deliver a fair deal for shareholders… we live in hope!
Nicely put Bryn. Assuming my shares are worthless I'm around 22k down but at least am in overall profit with total PF. I remember some years back under Altzheimkhani seeing an rns whilst on holiday in France and SP rose to actually put me in profit. Should've stopped then.
At least I've learnt the hard way not to catch a falling knife. Goodluck and stay safe. 3cb
Whilst I put what I could afford to lose I put in a lot more than that too as I know a lot here have.
It is such a pity we are very unlikely to get anything back even a small percentage. It was bad enough in the MA days when folk remortgaged their houses in the days of Zedd and Razor with his toot toot slogan.
Lots of good folk were taken in by MA and MB - not sure what happened to one of the poster's who invested a huge amount. Hopefully he had managed to recoup something back from the shysters.
In the meantime, I hope everyone of the faithful here has not been ravaged by the effects of COVID.
This has been a huge lesson though for some an all too painful one - houses lost, marriages broken and families destroyed over the years. Thankfully I was not one of the unfortunate ones who took out a re-mortgage for this sure fire winner and probably more thankful I did not convince family and friends to invest.
Stay safe all - At the gates I am sure there will be some justice meted out.
According to the accounts, Borrelli took £118,800 in “fees” over an 18 month period (up to Dec 2018). Assuming he’s taken that amount again since then.
I remember when Borrelli would do presentations and he would say “I’ve put in more than I’ve taken out” – I wonder if that’s actually a true statement to this day. He keeps taking out, so I’d imagine he’s got his money back by now. Shareholders haven’t got the luxury of being able to take a salary from BMR. Even worse, he’s essentially paid himself to destroy shareholder value for the rest of us.
Does Borrelli still take a salary from BMR? He bought over £100000 worth of GGP shares at beginning of Feb. I wonder if the monies came from us.....Food for thought
I dont want a new defintion of the word imminent. Keep the messages up to bird and borrelli. Keep the messages up on when is imminent