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As previously mentioned, BMR Watch has been working with ShareSoc who are activists for various groups and individual shareholders. It’s worth noting they have recently built stronger links with the FCA.
One of the ShareSoc Directors, Paul de Gruchy, had told me he was writing an article about de-listed Companies and the struggles shareholders can face after a Co goes private. He suggested giving BMR a mention and I thought it would be a good idea to get a little publicity out there for BMR shareholders. It was published yesterday on the ShareSoc website and was brought to my attention today. Here it is…
Extract on BMR and link to full article below:
“Another example that members have raised concerns about is BMR, which was a natural resources company focussed on producing lead and zinc from mine tailings in Zambia. BMR was delisted in August 2018 because its Nomad resigned and needed a replacement. BMR had informed shareholders they were in talks with another Nomad, but apparently this fell through because there was not enough time to call an AGM to propose the asset disposal, and therefore was forced to delist. But it still had shareholders and an apparently valuable asset. There appear to have been a web of various joint ventures and royalty rights which do not, however, currently produce any revenue for BMR, despite the Kabwe project supposedly being fast tracked by Jubilee Metals when they took over the project back in August 2018. Meanwhile, the company consistently rebuffed approaches from shareholders, asking for proof of identity and claiming that any attempt to hold an EGM would prejudice the activities of the company.”
https://www.sharesoc.org/blog/regulations-and-law/delistings-take-the-money-and-run/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SharesocBlog+%28Sharesoc+-+Blog%29
Bring - Great read , its so sad these so called Directors , can abuse there positions, and small PI end up loosing everything.
How Directors can continue to draw down funds and drain the last penny before disappearing into night is '' Criminal ''
It will continue until FCA have real clout to make these guys accountable.
BMR is good example of this Type Of Activity
I wonder if Borrelli and Bird have seen this but then they appear to be so hard faced- love the article and the number of companies allowed to use and abuse delisting will be wide spread - these guys have taken way our company and they need to be held accountable!!!
Every dog has its day Merlin.
Revenge is a dish best served cold.
Haha so I've heard and we deserve our day!!
Perhaps it should be shared on their twitter feed.
Here's the Twitter link to the article. Feel free to retweet and tag BMR/JLP in it.
https://twitter.com/ShareSocUK/status/1306247715509227522
Sounds like a Panorama expose "Slickers in the City". The South African, the Italian, the Vulture and Pastor Michael of Blue Square. How the man that forgot lead to the man that took us from an A listing to a safety deposit box holding agreements no one has seen.
It’s almost hard to believe that BMR lost the mining licence supposedly due to inactivity at Kabwe, yet JLP took full control of the project over 2 years ago and still haven’t touched the tailings. Conditions were attached to the licence when we first got it back, they were dropped, now conditions added again on the renewal. I’m hoping this might force JLP to pull their finger out, but I fear most of the damage has already been done.
I can’t help but think JLP have taken full advantage of the situation by going after Copper first to give themselves near-term revenues. By not going straight for the Zinc and Lead, they have deprived BMR of the initial 5% of earnings and has likely kept the value of the Royalty as low as possible. This puts us in a weaker position right before the Royalty is due to be activated (or so we are led to believe).
If I had a clue how to I would. I still use skype
We still have no idea of the structure of Kabwe Processing Ltd and the material flow or those products generating the revenues on which the royalty payments are calculated. It does not appear to be the input of product as the JV owned the tailings thanks to the Borrelli deal. On that basis the royalties might be on the processing plant in which case we should be applauding and collecting from all metals produced including copper and cobalt. If only we had sight of the JV agreement which morphed into a royalty. As we have to forego royalties until the capital repayment is made it points to all revenue generated from Kabwe processing which includes the Sable plant as no other has been constructed.
It could get very complex, Fireball. We are supposed to get an initial 5% payment until JLP recovers their costs, once they recover project costs plus interest, it goes up to the full 11%. Like you say, they are currently or are soon to be producing Copper and Cobalt - then we also have Star-Zinc to add to the mix at some point in the future.
How do you go about calculating what BMR are owed when there’s so much in the mix? And that could also complicate JLP’s project capital costs. It would be simple to just give BMR 11% of everything - it might be even simpler if they just buy us out of the Royalty.
It would be simple to just give BMR 11% of "everything - it might be even simpler if they just buy us out of the Royalty"
Bring, it would be nice if they would just have the common decency and courtesy to tell us anything, as promised.
But then Slipperelli doesn't do common courtesy does he?
Anyone got any thoughts about why it takes 3 days and counting to prepare an RNS/TWEET?
Must be proving hard for directors of all 3 companies to get their story straight I guess.
The turd must be well and truly polished by now. The extra prep time is so that Bozzer can have it delicately placed in a presentation case.