We would love to hear your thoughts about our site and services, please take our survey 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.
I concur with your "Does anyone get the feeling we’ve been flogged a dead horse (the Royalty) by JLP/Borrelli?". I think its imperative to have sight of the agreement before progressing. We might be better off using the Royalty as a carrot if the likelihood of seeing it monetised is remote or if operations are unlikely to commence in the near term. A relisting with a potential income stream might make the prospects more attractive. I feel very uncomfortable having Bird in the nest with a perch in JPL. If JPL are happy to move on then they will not have too much concern about paying any Royalty not that, that, would concern them anyway, as they have what they wanted.
It also makes me feel uneasy that JLP gave us an 11% Royalty, and now Colin Bird, who is Chairman of JLP, is now in charge of that Royalty. It needs to be demerged from BMR and put into a private Company. That private Company needs to be assigned 2 or 3 trusted shareholder Directors that will oversee any negotiations of its eventual sale. That way, the shareholders of BMR have full control of it, and we can potentially milk JLP for every penny that it's worth. If this doesn't happen, we will never see a penny from it.
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?
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.
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