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30:1 ‘Tis but a scratch
Royalty is mentioned in the Annual Report, basically kicked so far into the long grass ("midterm" is the expression used!!!) that they hope we will all forget about it.
As Jubille hold 29% of the shares, they get diluted as well as every other shareholder.
The fact that Borrelli remains Secretary and is still being rewarded for utter failure is staggering, but mates with CB so that's alright then!
Is there any point voting for/against the resolutions on the Form of Proxy? I presume all is lost with these shares?
Looks like on all BMR shareholders are being screwed over , 30:1 dilution is whats on the cards. Its going to wipe out few thats for certain . No mention of the Royality what so ever .
Clearly I am missing something . Resolution 4, proposed Share Consolidation ? I see no circular giving details on this on the Companies Website. Anyone seen it, got the details?
Just received annual report and notice of general meeting.
General meeting details
Monday 25th October, 9am at Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG
Does anyone else know about this?
Looks like an ideal opportunity for questions re BMR/Kendrick and also Royalty re JLP.
I can't attend but maybe someone else can and should.
Additional delays and more costs associated with Kendrick/Pursuit; any one surprised?
Extract from Pursuit Minerals Annual Accounts just released.
23 September 2021
Scandinavian Sale Process Update:
Kendrick Resources Plc (“Kendrick”) is targeting to list on the London Stock Exchange (LSE) prior to 31 December 2021, but currently is awaiting Financial Services Authority approval which remains outside of Kendrick’s control
Pursuit has agreed to an extension allowing Kendrick to extend settlement until 31 December 2021 as follows:
Initial Extension Payment to 31 October 2021 by making the payment of $50,000 by 24 September 2021;
Second Extension Payment to 30 November 2021 by making a payment of $50,000 on or by 25 October 2021; and
Third Extension Payment to 31 December 2021 by making a payment of $75,000 by 25 November 2021
Total consideration of ~$3 million (predominantly in Kendrick shares), to be realised upon LSE listing as follows:
GBP £1.25 million ($2.31 million), payable in Kendrick Resources Plc shares upon listing;
$250,000 in cash, upon the completion of a Bankable Feasibility Study, on any of the Scandinavian Projects, demonstrating an internal rate of return of not less than 25%; and
$500,000 in cash upon a decision to mine in relation to any of the Scandinavian Projects
The agreement is subject to Kendrick raising A$2.65 million to fund project development
Any news?
£10k here! :-(
Tiger, I am sure there was a lot of people frequenting this, and other, boards that knew exactly what was going on with MA
I reckon the last remaining asset was sold to fund the directors being cryogenically frozen cause there is nothing coming out of the boardroom at present
I was in here 10 years ago and faced abuse for saying I was selling up. I was accused of being a short seller, a deramper. Others were saying 'only the weak would sell now' 'ding ding, the train is about to leave the station'. Thankfully I sold up with a 20% and learnt a lesson not to listen to other people.
No updates from Colin Bird and worthless robbing directors taking up positions with other companies while we wait for nothing - as you can tell I'm totally p*issed off with this taking into account with no comms since delisted.
Yeah. Hell of a lot of nepotism on AIM. Smells almost as bad as the house of Lords and many directors just as incompetent.
KT, one of our two Directors, has been appointed a non-ex at Xtract Resources. Wonder where his priorities will be?
Yeah looks like a lively debate started when someone seemed to suggest he was the best thing since sliced bread. Probably his wife.
So ab has now been made director at red rock resources.
Hopefully the licence will disappear From under their noses and our London based Pasteur will see his pockets lined again. At least someone gets to make. I wonder what time limitations are built into the environmental permissions this time.
Bring. I doubt there's much left to shred
Originally they were going to build a processing plant at Kabwe under the 60/40 deal. They must have drawn up some plans for this to get an idea of costs etc. They love building plants and are experienced in doing so. They also have the cash and resources available to do it as a profitable stand-alone project away from Sable - so why don't they?
Taking on Sable gave them a convenient excuse to just veer away from Kabwe and adapt the plant solely for copper. Now they can leave the Kabwe tailings for many years until they are bored of copper or fancy diversifying away from it. Makes me wonder if it was the master plan all along... I know CB reads these boards and he's probably reading this thinking "damn, they figured it out, better warn Leon and shred some paperwork".
Hi Bring,
How they calculate a royalty from a multi purpose plant which is essentially the Kabwe Processing Plant which fornm the original 60/40 split. Where is this plant, it must be Sable as they have not invested capital in any other plant than the Kabwe integrated processing facilities? This plant was going to toll process the Zinc from Star which was also going to be part of that royalty. The on site copper tailings that belonged to BMR, where are they. How are they measuring the cost apportionment to the metals processed and those costs which are associated to particular metal extraction. There will be uniquely different processing of the metal sand the labour required on the circuits. The QC and testing and grading. They are obviously going to try and have us over. All this should be listed and agreed as part of a multi processing agreement. The royalty cannot purely be apportioned solely on Kilo production and sales. I'd be happy if they paid 11% on the revenue from the metals sold that were extracted from the tailings and that might force their hand to buyout the value from BMR. It's pretty clear that Bird in his untenable position as chairman of BMR is more than a conflict of interest to both sets of stakeholders but only operating in JLP's interest. Its a nonsense and we should start a Class Action on a no win no fee basis. Billions of Dollars of processed tailings that are being ripped off by JPL may prove an attractive incentive to some bright city lawyers, especially with the murky past, the bribes to regain licences and the shareholder contempt illustrated in bucket loads by this board.
Are we surprised?
Please watch this JLP presentation from Nov 2018 and tell me we’re not being fed a bunch of lies in regards to Kabwe. They are clearly very bullish on the project and obviously carried out a lot of test work to make sure it was viable.
http://webcasting.brrmedia.co.uk/broadcast/5bfc0a9dde87317597836b02
In the latest Kendrick (BMR) accounts, CB says JLP are focussed mainly on copper due to zinc prices being volatile and the zinc extraction might be “metallurgically” complex. So why after over 3 years have they now decided the zinc extraction might be complex? Also zinc is currently trading above 2018 average prices. These excuses are poor. Either they lied and they didn’t actually have a viable plan for Kabwe in the first place, or they are lying now about the reasons as to why they can’t go ahead with the project.
We won’t be getting 11% from Kabwe operations. It’s only from the original Kabwe tailings that contain zinc/lead/vanadium.
JLP have obviously chosen to put the Kabwe tailings on hold while they focus on producing copper. They have the resources to do all 4 metals if they wanted to, but it’s my belief they are somehow doing this intentionally to hurt BMR. They don’t want to pay out on the Royalty, they’d probably rather see us go bust and the 11% Royalty would magically disappear, never to be talked of again.