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No surprises there, Borelli was bound to make a fiasco of it and true to form has proved yet again just how unlucky we are! This corona malarky is likely the final nail in our coffin. Commodities are going no where for at least a year and investment has dried up. I will be buying a lottery ticket on Friday....I stand a better chance with that than ever getting money back from BMR!
If we are liquidated where does that leave Jubilee? This is Africa and it is no foregone conclusion that if BMR cease to exist Jubilee will pick up all our licences.
The simplest thing to do right now is to convert our BMR shares at some ratio for Jubilee shares. A lot less hassle, we are then still invested in Kabwe and Jubilee have a director who seems to know what he is doing …..and they have a fairly solid future compared to another Borelli farce somewhere in Chile! The royalty and the special shares which were touted all become irrelevant at that point. The only problem is that we shareholders are now tarnished by Borrelis incompetence and I doubt Leon Coetzer has much sympathy for us!
What happened to all the rare earths we were supposed to have? Probably evaporated in much the same way as Borrelli has! Neither of them to be seen anywhere!
Another ill timed cock up! Sold at the bottom and will probably pay well over the odds for the next farce he sets his sights on!
You are an optimist!
Borrelli was and still is incompetent….. as quotes on the internet can confirm! He screwed us all by pretending to know what he was doing and it seems he has been doing that over the years with many companies. Well it isn't a crime to be an idiot...…..though it has cost many of us most of our savings. The thing that riles me most is that Borelli hasn't got the decency to raise his hand and admit he screwed up....to he contrary he tried to bullsh!t us by saying the directors hadn't put a foot wrong! So where is our investment Alex? Then to top that when he got the flak that he well deserved he got his wife to deal with the phone calls and other protests! There are many of us that face bleaker old age, debt and relationship problems while he just shrugs his dandruff covered shoulders and carries on regardless…..a career modus operandi. I truly wish he could salvage something from this but I very strongly doubt he has the intelligence or foresight to pull it off. This is probably a token move to create some smoke while he makes a hasty exit....and it won't surprise me if he awards himself a big bonus for all his efforts in destroying our investment. If you ever get to read this Alex I hope that you contemplate your disastrous management term at BMR and have the decency to offer shareholders a sincere apology…..then retire and disappear before you destroy more peoples lives!
We probably can't afford to post a letter to every shareholder! This silence probably means Borreli is selling off all our assets before we can react. He really should be investigated by the fraud squad…….for impersonating a company director!
He is hoping we all get Alzheimers!
I am still wondering why we are supposedly starting a new venture/listing with no guarantee that it will nothing more than dilution and another mugging…….. all financed by the sale of OUR assets in JLP. With Jubilees share price taking off and Kabwe shortly to begin processing maybe we should just put everything BMR owns on a care and maintenance situation with minimum costs and wait patiently for the value to increase. Can we trustour own directors or anyone appointed by them after the BMR fiasco? This new venture just sounds like another scam to empty our pockets of what little we have left here!
"BMR", the "BMR Group" or the "Company")
Placing of 16,663,272 ordinary shares in Jubilee Metals Group plc completed
This announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.
Further to its announcement dated 4 June 2018, BMR announces that 16,663,272 of its holding of 63,166,969  ordinary shares in Jubilee Metals Group plc ("Jubilee") have today been placed at 2.5 pence per share, raising gross proceeds for the Company of c.£416,000.00.
This provides the Company with the finance to pay the fee to Blue Square Minerals Limited of US$500,000 relating to work performed to date.
Following this placing, the Company continues to hold 46,503,697 ordinary shares in Jubilee.
How many have we left? Up 13% today!
A leopard doesn't change its spots Erik and miracles are unfortunately not seemingly bestowed on BMR shareholders. A fantastic project, £ billions in resources and just our luck to get not one, but two, dunderheads as chairmen! We really deserve better and so do the people of Kabwe. How many of their children continue to be poisoned daily while this total farce continues!!!
It will be interesting to see the spin re. Kabwe in relation to BMR shareholders and JLP shareholders . Jubilee have to talk Kabwe up and Alex has to talk it down to limit our expectations. I'm sure he has designs on selling the royalty cheap and getting rid of all the shares we have from Galileo and Jubilee to fund his next fiasco.
Even if he is replaced you can bet he'll be a director of some sort and we will still be paying him!
Jubilee and Galileo have got what they wanted from Borelli….. and after he shafted them by losing the licence I feel sure they won't be sorry to see him go.
Borelli was being paid £60,000 a year to "manage" BMR.....evn though it is basically a part time job. He can say what he wants about being given the wrong advice regarding the licence etc. but if you are earning that sort of money and something so critical as the licence is under scrutiny you have to check and double check! He alone is liable for BMR financially, morally and legally. This he failed to do....like he failed with ACI and all the back up options he mentioned thus dropping us deep in the doodoo. Now to be fair once the licence was lost there were probably not many options. BMR had no money or reasonable case to take the legal route and appeal via the courts. That could have taken years and was a non-starter. It was hinted Leon Koetzer of Jubilee was the instigator of the Blue Square initiative, being African and knowing how "business" is managed in those parts. We had to pay Blue Square because it was Alex that threw the baby out with the bath water and I am sure his standing with our "business partners" was a big fat zero! Hence we were basically mugged of our company and ended up with a token royalty that we will probably never see. Still without Blue Squares intervention there would likely be nothing. Borelli has paid so the trail comes back to him ...… but he could argue that the 800,000 was for consultancy, lobbying or legal fees etc. It won't be easy to prove otherwise when all the doors close in Zambia! I don't see at the moment that chasing this line of inquiry is helping us move forward. Alex has a lot answer for but on this issue I think his hands were tied and I doubt he had the ability or contacts to organise the Blue Square rescue.
BMR is progressing well? Is that some kind of sick joke on those shareholders who have lost their savings. pensions, house, relationships and even their hair? Has Borelli absolutely NO idea what an impact he has had on so many shareholders lives while he sits in his £4m ivory tower in Chiswick? Lives shattered and decades of hard work straight down the pan! Is he totally detached from the consequences of his glaring incompetence managing BMR? For Christs sake the product is laying on the ground at Kabwe right next to the area where it was to be processed, They managed to do this in 1904, over 100 years ago. On his watch he has managed to sit on his hands with ACI while time ran out.... and then he took his eye completely off the ball and lost the license….then in desperation he gave our company away for a promise…..and a very small and unlikely promise at that! And now he has the gall to say BMR are progressing well? Shame on you A.B.!
I am sure Borelli wants all this to disappear as the BMR saga under his tenure has been a fiasco and he will not want this story investigated, examined or bobbing around in his history like an un-flushable turd. IF he creates a new company, allegedly for our benefit, if it ever sees the light of day it isn't because it will be a better road to profits for us but a way to bury all his cock ups. That would be a very tidy state of affairs for him but what happens to the tax relief on the £800,000 cost to Blue Square and all the other tax advantages we have for example the money we lost on ACI? How is Borrelli ever going to use these tax benefits if BMR ceases to exist? Does he still have to provide all accounts to the tax authorities despite BMRs demise?…... just in case we ever get the chance to take this to court!
Bryn....you were not an idiot to invest here in the first place as it was, and still is, a fantastic project. The only problem was Alikhani and Borelli…. the corporate equivalent of Laurel and Hardy....one a crook and the other an incompetent! Kabwe is still worth a fortune and will greatly benefit the local population, but unfortunately not us long term investors, if it ever gets started.
3CB...…..True......bad research on my part! Just think we were, and probably still are, paying that fool £1,000 or more a week to manage what was a promising multi billion pound project. Now after being held over a barrel by ACI and taking his eye off the ball and losing the licence we are left in dire straits with only an unlikely profitable fraction of our company and investment remaining. And we appear to be paying Blue Square £800,000 to hand the company on a plate to Jubilee and the other vultures that Borrelli invited on board! Anyone who thinks AB can salvage anything from this corporate car crash probably still believes in the tooth fairy!