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Have any dates been mentioned for another meeting,i had child minding duties on Friday otherwise i'd have been there,i may need to juggle my grandad role around for the next one,but i will do my utmost to be at the next meeting.
Great to meet holders yesterday and put faces to Avatars. We even met a very large shareholder, a lady with a small interest and a very jolly chap originating from Aus. Bring, Klue myself and Mr Aus took it upon ourselves to uphold the post AGM Alikhani tradition and nobly attempted to drink the Globe dry. Our largest personal holder was also present. We must increase attendance for the next meeting and have an overall willingness to plot the best course for what remains. BMR is a fugitive to reality until the option to acquire EML is exercised by JLP. Once this takes place the royalty agreement, whatever this may be, kicks in. I presume that Alex and co will agree this and on acceptance and signing the option could be exercised. I believe they have till September 2020. Without EML under jubilee’s belt, they don’t own the tailings and whether they have access to the site or the tailings needs to be clarified with Alex. The Sable plant just purchased would be pretty Patel useless without exercising the option. Please correct me if I have some of the ownership rights or the large scale minIng licence wrong. As far as I’m aware, although I wouldn’t be absolutely sure after recent revelations, EML and its subsidiaries EProps and EPro hold the assets on behalf of BMR. Once JPL exercises it’s option over EML I presume the royalty agreement , yet to be revealed, kicks in and we receive our 11% due to the excessive capital spend on Sable by JLP. Well that presents a dilemma, if there is no agreement then I presume no option can be triggered as a non royalty agreement cannot be triggered.
It’s absolutely pointless to allow the board to provide the sub division and pursue the Dysentery venture and potentially dilute existing holders to the same revenge. We must get the EML deal over the line and the royalty triggered. I’m presuming that Kabwe Operations would free carry the asset the way Leon has put the deal together by repayment of the capital project funds to Jubilee. As part of the royalty deal that asset should be owned on the original 60/40 basis or Kabwe Operations should be required to purchase that share. That would allow Alex to pursue Montezuma without the need to raise and dilute. The royalty is extremely valuable and whether it is ring fenced, which would bear administrative costs and not be open to new investors, or used as an income stream to lift our share price above 1p on resisting. Jubilee could release their 29% to investors, get out of being in a conflicting situation and recoup their investment. The royalty needs to be tightly monitored and collected so that the revenue stream which will be substantial unless the sly bod have a cunning plan to rape and pillage. Alex can use the royalty as an incentive to future investors or a new captain can use the income stream and the bags of losses to reverse in other ventures. We now need to be very clear and we need to be in attendance and attentive contd.
It's funny too, because JLP sent a representative to vote at the meetings. She had the power of 29.01% in her hands, yet a few shareholders in the room managed to sway the votes and adjourn the GM.
It just goes to show that presence equals power! In future, we need more shareholders to get involved and actually attend these meetings. After all, it's your investment on the line...
I thinks it’s safe to post further details now…it’s fair to say I got a little drunk after the AGM!
The usual Directors were there, AB, AGH, and NL, the part time CFO. CB dialled in from his vacation destination, possibly on a beach sipping ****tails in speedos, I’ll leave the rest to your imagination…
Yes, there were only 7 shareholders present, one couldn’t vote as it was too late. Another very large shareholder wasn’t allowed in because he had no paperwork. They started off with the AGM first to vote on the ordinary resolutions, they asked for a show of hands to vote for and against. Technically, my hand counted as 3 votes, because I was appointed proxy by a couple of shareholders, I’m not sure if they actually factored that in, but we manged to vote against 3 out of the 4 resolutions by show of hands, the only one that passed was the adoption of the accounts from 2018. AB put the other resolutions to a poll which means they will be decided by number of shares voted. It appeared that they didn’t have the full share count to hand, so the results will be published at a later date.
When the GM started, AB read out the first resolution “approve the proposed Sub-Division” and asked if anyone had any questions before we vote... I raised my hand and asked “what does it mean?” The solicitor from Druces explained that we need to lower the Nominal value so we can raise money below 1p. This caused others to start asking questions and, long story short, thanks to FireballXL5, we manged to get the GM adjourned. In the meantime, AB proposed that we hold another meeting in a couple of weeks to discuss the future of the company and terms of the Royalty. We are looking to get a deal on the table that looks after current shareholders, before we consider voting at the adjourned GM.
Let’s just say it’s a good job those of us that went actually showed up, otherwise everything would have been voted through and we would have little to no negotiating power left...
On one hand they say we're worth less than 1p, on the other they say what we've got (the Royalty) is very, very valuable. However, with terms of the Royalty still to be negotiated, we don't know when or how we will benefit from it, and what effect that might have on the SP of the listed Co.
The thing is on IG it’s stating there are no short positions held and 11-50 customers holding a long position. The notion of T Traders not wanting us to re-list is nonsense. Surely anyone who wants us to re-list wants us do so in as strong a position as possible. The board publicly agreeing the SP is worth less than 1p, though realistic, is not helpful to co. Market Cap.
Nothing wrong with your maths. They just want the flexibility to be able to raise capital as low as .0005 in a worst case scenario. If they don’t lower it, they can’t raise any capital. It’s a sad state of events when our shares aren’t even worth 1p anymore.
Not what anyone had planned. Thank you FXL5 for presenting a common sense resolution and causing the AGM to be adjourned.
Let’s all see what gets put into print.
Shareholders - please try and come to next AGM/EGM/GM there were only 7SEVEN of us but due to the fact we voted against the resolutions it went to a ‘count’. Apathy really is just lubing and lowering your own trousers.
It was suggested at the GM that the differing nominal values of .01 and .0005 could essentially be ignored but, if that were the case, why, in relation to the company wanting authority to allot shares to achieve £1.5M, is the amount of shares needed put at 3 billion (max), which would put the value of each of these share at .0005 only. Or is my maths not what it used to be?
How much per share would it take for the share holders to make a take over and take us private
Why would the company want to buy-in to Montezuma, apart from the involvement of one of their directors. The terms of the Letter of Intent recently announced on the BMR Mining website appear ridiculous given BMR's current position.
Check out www.reveloresources.com.
particularly the current capitalisation.
Thanks for all the updates BringMyReward, much appreciated . I would be prepared to donate £100 towards a legal action group. pls keep us informed.
My understanding of T trades is after hours when we d listed so will only effect a few. What it may also cover is derivatives. IG still has all the spread bets open and I have a few on the buy side at 1.9 so 0.5 will be a bit of a relief as I have factored in 0.0 At 0.5 can breath a sigh of relief . Those on the sell side will be hoping for 0
Thanks to all those that attended today and trying to fight our case - well done!
Resolutions (*Special Resolutions)
1 To approve the proposed Sub-Division
2 To authorise the Directors to allot shares in the Company
3* To disapply statutory pre-emption rights
4* To approve the Company's amended Articles of Association
5* To approve the name change of the Company to Callisto Resources PLC
Yep that's right. None of the general meeting resolutions (below) have been approved. These are adjourned. Currently we are going to hold a private meeting with BMR to gather more details on the Royalty.
Id be interested in that, but I'm genuinely skint Bring.
Let's see what happens with these AGM results. If we don't receive the royalty then the whole thing appears to have been only engineered to handJLP Kabwe in return for nothing for our shareholders. A $2 billion asset that we owned 100%, gone.
Notably, JLP still faffing about at Kabwe, yet the licence hasn't been revoked a second time.
How convenient.
Only my thoughts.
Hi Bring!
The General Meeting was adjourned without any votes being taken on the GM motions? Is that right?
That means that the share consolidation has not even been put to the vote, yes? If so, that could be a win for shareholders - though with Borelli you always have to mind your back.
Unfortunately held up at the Globe, had to gate crash my meeting, Bozzer not amused, "put a chair against the door"was uttered. Needless to say he wasn't the least bit amused by my dress sense or my lack of sobriety. From inside my Alibaba Alikhani suit I managed to utter something incomprehensible and raised my arm late on all occasions. The motions were all duly declined by those present. I staggered to the door in order to continue at Shakespeare's retreat. Hic.
The General Meeting has been adjourned, pending a further announcement at a later date. The results from today's AGM will be published shortly.
AGM voting for show of hands has concluded. Resolutions number 2 through to 4 have gone for a poll for count of shares.
Ordinary Resolutions
1 To receive and adopt the Company's annual accounts for the financial period ended 31 December 2018
2 To re-appoint Colin Bird as a Director of the Company
3 To re-elect Antony Royston Gardner-Hillman as a Director of the Company
4 To appoint Crowe UK LLP as auditors and to authorise the Directors to determine their remuneration
The Globe, sounds like an all encompassing local. Bit of a change to be falling out of somewhere other than the EU in Brex**** Britain lol. Well let's hope for some earthy conversation before meeting the Artful Bozzer, he might want to pick a pocket or two.
So JLP won't commence production of Zinc/Vanadium until around mid-2020. The lead production won't be until 2021. That doesn't sound good for the Royalty in the near term.
Not familiar with the area but there’s a ‘local’ called ‘The Globe’ just on the corner?
Are we meeting up pre AGM? If so can someone let me know the name of the Bozzer Boozer :)