Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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)
1Â To approve the proposed Sub-Division
2Â To authorise the Directors to allot shares in the Company
3*Â To disapply statutory pre-emption rights
4*Â To approve the Company's amended Articles of Association
5*Â 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.
The General Meeting has been adjourned, pending a further announcement at a later date. The results from today's AGM will be published shortly.
AGM voting for show of hands has concluded. Resolutions number 2 through to 4 have gone for a poll for count of shares.
Ordinary Resolutions
1Â To receive and adopt the Company's annual accounts for the financial period ended 31 December 2018
2Â To re-appoint Colin Bird as a Director of the Company
3Â To re-elect Antony Royston Gardner-Hillman as a Director of the Company
4Â 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.
Alikhani is going to be appointed to the board of JLP. The Copper is up his sleeve lol.
So JLP won't commence production of Zinc/Vanadium until around mid-2020. The lead production won't be until 2021. That doesn't sound good for the Royalty in the near term.
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.
nubie, what happens if the resolutions are not passed, and what little we have left is cleared out by the bandits in charge?
What do you plan on doing with your 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.
They won't buy BMR. They won't want the Copper asset in Chile.
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.
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.
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.
We will ask questions and bring up statements made in the past, I'm sure. I've got a feeling Borrelli is in for a rough ride at the AGM... I wonder if Bird will show up?
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.
Definitely some lies being told by Directors. We were told that the Royalty wasn’t worth much in its current form, and would be ring-fenced to protect it and create future value for current shareholders.
Now he says the Royalty must go into the listed Company, otherwise we wouldn’t get a very good deal and likely be unable to re-list? Doesn’t make sense does it?
I say it’s Colin Bird’s idea to put the Royalty in the listed Co. He’s using JLP’s voting power to make it happen. He’s also on the board of Revelo which is the Co we are doing the Copper deal with. So win-win for Bird, and he expects us to vote him back on the board too! What good has Bird done for BMR shareholders? I think the answer is pretty obvious... Nothing!