3card, this is what BMR shareholders have had to endure for years. Being told something will happen and it doesn't... Apparently JLP didn't want the Royalty to be ring-fenced but have now reconsidered.
A fresh set of resolutions will be published in around 1 week, these will probably include some of the previous resolutions plus 1 or 2 new ones. I suspect there will be some sort of deal sweetener for the Royalty, but how good it will be I don't know. I do know that if it goes into the listed Company in its current state, it will not benefit current shareholders.
Just to throw another piece of information out there, I was informed that a new CEO who's based in South Africa will be joining the new listed Company... I wonder who that could be?
First Tweet: “Revelo's CEO, Tim Beale, has been visiting Revelo's Montezuma project, which is subject of an LOI with BMR Group PLC. The visit was with BMR's technical report writer - geologist James Hogg, and Revelo's consultant geologist - Mario Orrego.”
Second Tweet: “Unusually - while we were visiting the Montezuma project - we had angry skies and some rainfall.”
I suspect the skies feel the same way as BMR shareholders do right now! These new proposals had better be good. We’re sick of being messed about with this Royalty and we are none the wiser of how it will work and what will happen to it. Sort this mess out once and for all!
Yes, update added to the website yesterday...
3card, thanks, hopefully see you at the next one… The AGM resolutions (apart from adopting the accounts) will go to a poll for count of shares. The GM was adjourned so there will be another date for this, and there might be an additional resolution or two to vote on. I’m hoping we can have positive talks with BMR/JLP before the GM reconvenes.
Hi Rosewall, yes I'm glad you mentioned it, thanks. We did call the Registrars and we're told the resolutions would be determined by number of shares. However, in the room it was possible to vote them through by show of hand, a bit sneaky really... I'm very happy with the outcome, it buys us more time to get things sorted.
It's funny too, because JLP sent a representative to vote at the meetings. She had the power of 29.01% in her hands, yet a few shareholders in the room managed to sway the votes and adjourn the GM.
It just goes to show that presence equals power! In future, we need more shareholders to get involved and actually attend these meetings. After all, it's your investment on the line...
I thinks it’s safe to post further details now…it’s fair to say I got a little drunk after the AGM!
The usual Directors were there, AB, AGH, and NL, the part time CFO. CB dialled in from his vacation destination, possibly on a beach sipping ****tails in speedos, I’ll leave the rest to your imagination…
Yes, there were only 7 shareholders present, one couldn’t vote as it was too late. Another very large shareholder wasn’t allowed in because he had no paperwork. They started off with the AGM first to vote on the ordinary resolutions, they asked for a show of hands to vote for and against. Technically, my hand counted as 3 votes, because I was appointed proxy by a couple of shareholders, I’m not sure if they actually factored that in, but we manged to vote against 3 out of the 4 resolutions by show of hands, the only one that passed was the adoption of the accounts from 2018. AB put the other resolutions to a poll which means they will be decided by number of shares voted. It appeared that they didn’t have the full share count to hand, so the results will be published at a later date.
When the GM started, AB read out the first resolution “approve the proposed Sub-Division” and asked if anyone had any questions before we vote... I raised my hand and asked “what does it mean?” The solicitor from Druces explained that we need to lower the Nominal value so we can raise money below 1p. This caused others to start asking questions and, long story short, thanks to FireballXL5, we manged to get the GM adjourned. In the meantime, AB proposed that we hold another meeting in a couple of weeks to discuss the future of the company and terms of the Royalty. We are looking to get a deal on the table that looks after current shareholders, before we consider voting at the adjourned GM.
Let’s just say it’s a good job those of us that went actually showed up, otherwise everything would have been voted through and we would have little to no negotiating power left...
On one hand they say we're worth less than 1p, on the other they say what we've got (the Royalty) is very, very valuable. However, with terms of the Royalty still to be negotiated, we don't know when or how we will benefit from it, and what effect that might have on the SP of the listed Co.
Resolutions (*Special Resolutions)
1 To approve the proposed Sub-Division
2 To authorise the Directors to allot shares in the Company
3* To disapply statutory pre-emption rights
4* To approve the Company's amended Articles of Association
5* To approve the name change of the Company to Callisto Resources PLC
Yep that's right. None of the general meeting resolutions (below) have been approved. These are adjourned. Currently we are going to hold a private meeting with BMR to gather more details on the Royalty.
AGM voting for show of hands has concluded. Resolutions number 2 through to 4 have gone for a poll for count of shares.
1 To receive and adopt the Company's annual accounts for the financial period ended 31 December 2018
2 To re-appoint Colin Bird as a Director of the Company
3 To re-elect Antony Royston Gardner-Hillman as a Director of the Company
4 To appoint Crowe UK LLP as auditors and to authorise the Directors to determine their remuneration
Initially they led shareholders to believe that Kabwe production would commence in Q4 this year. That's now been pushed back to possibly mid-2020 for Zinc/Vanadium and 2021 for Lead.
Now they have pushed back Z/V/L production and replaced with Copper, that nobody knows anything about because no details have been released. Not very professional really.
Why don't you explain the definition of a "T Trade" so the inexperienced traders know what you're talking about?
What kind of re-listing price do expect? 0.5p is my best guess. The only thing you face in the future is huge losses.
I've got my crystal ball out and I reckon most resolutions will pass. I'm hoping Bird is voted off the board, we need to keep that guy at arms length of the company if we want to stand a chance of survival.
If the company goes belly up or we don't receive the 11% Royalty, I'm considering taking legal action to recover my investment. If legal action is required, I hope other shareholders will make a joint claim with me.
Jammer, CB won't be the CEO of the new company. They already have a new CEO lined up, hence why he's looking to be re-elected as a Director.
Not sure if JLP are eligible to vote on all resolutions but they will be for most. No doubt the resolutions will pass because most shareholders won't bother voting, and many were unaware and never even received any voting information through the post.
The AGM should be interesting. I've already cast my votes, but I'll be there to vote on behalf of other shareholders too.