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OMG. I amazed myself yesterday. I did the Dundee Kilt Walk and a little bit extra for Andy's Man Clubs. 26.6 miles, over 70,000 steps and in just a little over 8 1/2 hours. Met a lot of great people, heard a lot of touching stories and we all raised a goodly sum for our favourite charities.
A little bit of cooling rain, pipe bands, Scottish country dancing, great support from the volunteers, toots from passing motorists and trains all went towards making it a day to remember.
And, in two weeks time, I do it all again :-) when I walk another 26 miles for Macmillan Nurses. For those of you who have donated, believe me, it really is appreciated. For those of you who would like to donate, there is still plenty of time, just click on the links below.
Andy's Man Clubs
https://dundeekiltwalk2019.everydayhero.com/uk/i-must-be-mad-to-do-this-4
Macmillan Nurses
https://www.justgiving.com/fundraising/i-must-be-mad-to-do-this-3
Rosewall - I‘m personally humbled by your charity work below. I will also consider donating.
When you‘re done with these immediate projects of yours please consider a charitable event for us long suffering JLP holders too. Donations will of course be welcome. Call it ‚Return of the LEOCON Odyssey ....
LOL GG,
Remember, I am one of those long suffering LTH's too :-). Mind you, this is one share I am not worried about to any extent. I top up as and when at these prices. If you have confidence in the company and its markets, it is daft not to. My dealing charges are £1.75ish so it is simple for me to put in small amounts.
Yes, it has been a long, hard road but JLP has become a grown up company and will continue to become bigger and better.
Besides, it could be worse, we may have been in BMR.
JLP is 29% of BMR so you are in
True, JLP does own part of BMR. It's just that I jave never thought that BMR had a value. I just assumed that it was part of the price of Kabwe. Surely the BMR shares are not viewed as an asset. I meant, that as a PI, Im glad Im not in BMR.
Hi Rosewall!
I also have never thought that JLP's shares in BMR have any monetary value. They are certainly effectively worthless now.
If they could now be traded back to BMR in return for cancelling the Kabwe royalty (or even for a percentage of the Kabwe royalty), I'd be more than happy.
Apparently BMR are looking to re-list with the Royalty in the listed company and a Copper asset in Chile. If that's the case,
then BMR shares do have a monetary value.
To suggest BMR is worthless with an 11% Royalty from Kabwe, would suggest Kabwe itself is worthless... We all know it's not.
Hi Bring!
I think I expressed myself badly.
The BMR Kabwe royalty is not worthless - 11% of the profits from the Kabwe tailings is actually worth quite a lot over time..
BUT, BMR's current shareholders (including Jubilee at 29%) will be diluted heavily by the need to issue equity for a new listing and to raise money to drill in Peru.
GIven this, and that Jubilee have absolutely no interest in BMR's new project, if Jubilee can trade their BMR shares for a reduction in the Kabwe royalty, then that's a good deal (for Jubilee).
Bring,
Same here. On the JLP board, what I was referring to was not that the BMR assets were worthless to BMR shareholders, what I was clumsily putting across was that the 29% was simply part of the price to buy into Kabwe. I don't think that JLP have any long term designs on BMR or their assets and couldn't care less whether BMR survives or thrives.
The only reason BMR are being re-listed is so that JLP can liquidate their holding in BMR at some point. How that happens I don’t exactly know, but as the largest significant shareholder they are pulling the strings, even if they sell their holding at say at average of 0.5p that’s c. £486k back in the coffers also meaning they obtained Kabwe for £14k cash and a get to be agreed upon Royalty. Given the rumours and numbers I’ve heard AB considering for the Royalty I don’t think the idea of JLP seeking their shares in return for a a few % points of the royalty is out of the question, of the 11% they are already entitled to 3.19% of it given their 29% holding.
We're all assuming that it will be a royalty, but unless I've missed something its not been confirmed yet that we have taken 100% ownership of BMRs subsidiary to turn their share into a royalty.
We had 24 months from last August to activate the option of increasing our 87.5% share to 100%, which was subject to regulatory approval, so 12 months left to do it.
But we've purchased sable since then and got the regulatory approval for that, so whats the hold up on Kabwe?
Are we waiting for the 24 months to expire and then acquire BMRs remaining share on different terms and without a royalty?
Quite right Moneyhawk. Jubilee has not yet exercised its option to purchase Enviro Mining Ltd (EM) EM has a wholly owned subsidiary Enviro Processing Ltd(EPL), which owns both the large scale and small scale mining licences. The Zambian authorities first need to approve the transfer of the large scale mining licence from EPL to Galileo, who want it to develop the Ka****u zinc prospect. Jubilee has no interest in the large scale licence, but would acquire it with all of its obligations if they proceeded with their option before everything has been sorted out with Galileo. Once Galileo's transaction is complete Jubilee can then exercise their option. BMR will then have no direct further interest in Zambia, They will only have the beneficial interest in Kabwe through the royalty.
Another issue that is no doubt being discussed with the Zambian authorities is that both of the existing licences run out in 2020.Hopefully this issue will be resolved at the same time as the licence transfers.
Wouldn't it be good if for once Jubilee explained what they now intend to do with a shareholders' asset, namely the current 29% holding in BMR. Presumably they will be voting at this Friday's AGM in support of the BMR resolutions so they can apply for a listing. But why? The Jubilee holding is going to be diluted enormously through a placing on relisting and the royalty when it is available will be used as an asset to help fund a risky copper venture in Chile. An asset acquired by the way from another company our own Colin Bird is a director of! I hope the Jubilee Board has not been unduly influenced! Why would it not be better to just liquidate BMR at the appropriate time, after its direct interests in Zambia have ceased. Wouldn't Jubilee get a better return eventually? On relisting it will have little chance to sell its holding unless it is prepared to accept a massive discount to the very likely much reduced market price (at the time of suspension) AND an II or very wealthy investor is prepared to buy.
From what I've seen of the BMR proposal it doesn't appear to be a good deal for BMR shareholders. It looks the main purpose is to get BMR to pay for exploration at one of CBs other projects at the expense of BMR shareholders, and CBs other company (Revelo) will have extra BMR shares for free every time BMR do a placing to keep their shareholding at 20%.
I should imagine that once its all over our 29% will be reduced to a few % if we can't sell off the shares quickly.
I am bemused as to why JLP are voting for the resolutions as well. If things are as dire as Borrelli is saying then BMR could go for a next to nothing - but because JLP have not acquired 100% ownership of EML there may then be doubt of how likely they are to be able to get that licence. They probably still will, BMR being sold just opens up another can of worms. I’m sure ZG would be happy to see BMR completely removed from any benefit at Kabwe.
If memory serves me well, I believe the SML licence comes up for renewal in October 2020
There's a good chance JLP will take part in the BMR placing. They might want to retain a 29% holding so they maintain control over the company. Bird wants to be elected back onto the board. I doubt JLP will be able to vote on that resolution, it could be seen as conflict of interest with him being on the board of JLP. Good luck to him, but BMR shareholders don't even want the board we've currently got, let alone Bird.
Wasn't part of the BMR/JLP deal that JLP are given a seat on the BMR board? CB took that seat, so just wondering what happens if CB doesn't get re-elected on the resolution vote?
He will be! The Jubilee holding will surely ensure all of the resolutions go through. It will be a huge surprise if they do not. Could be good theatre at the AGM.
Possibly JLP would like all to think they will support. BMR board think they have a supporter and JLP pulls the rug causing bmr to be broken up and JLP selects which assets they want to buy and if they have to pay up to 2m will get a gem. Share holders in bmr will get little after expenses. Only when this is over will JLP get a reset of their SP.If I get anything back from BMR it is a bonus
Yeah it was part of the deal of JLP holding above 15% in BMR, or something along those lines. Either JLP are going to be diluted below that level, or CB has to be re-elected on the board because it's a new company.
Sorry for BMR shareholders, as after Jubilee had bought their 29% share in BMR , the delisting must have come as a huge surprise. I would be amazed if Jubilee now pull the rug out from ABs feet, although at face value it might be the best thing for BMR shareholders. Surely AB and Jubilee have agreed what is going to happen to him post Friday in exchange for their support. Jubilee could have removed him if they had wanted to a while ago. at an EGM.Jubilee probably also had a good legal case against him for concealing the letter about the potential removal of the licence when they invested in BMR. In my opinion it appears he has been a useful puppet for them.
JLP have to push BMR to a new company that has no liabilities then they can buy for a song. If the new company is legally liability free JLP will take it out for less than 2 m and get a play in chile, Whole new continent no royalty JLP win win
They won't buy BMR. They won't want the Copper asset in Chile.
The chile project is a non starter for Jlp, it doesn’t fit with LCs strategy of low risk and not mining. We most likely could have picked up BMRs assets that ended up with GLR, but didn’t because they involve mining.