Member Info for BringMyReward

lol, the response was along the lines of he's meeting with the directors in the near future and will consider another shareholder meeting. That was 3rd January.

Sorry bud, I forgot to answer your question. No, we didn't receive an answer to the question regarding shares in issue. We provided him with a list of questions and requested to discuss them at a meeting.

A lot of the questions go into great detail surrounding the Royalty and I think he's evading them, amongst other questions. I don't think we can trust what he tells us anymore as the story always seems to change.

I wonder if the Directors backdated their pay when they received the litigation money? I bet the soon dipped their grubby hands into the pot.

As always, thanks for your insightfulness. Acid prices might have gone up 4 fold but Vanadium increased 5 fold. Had we been allowed to produce V from the start, I'm certain that would have solved the acid price problem. It's funny that BMR needed permissions (EIA?) to produce the V but JLP doesn't. Can you explain that one for us, sidebar?

Regarding legal, don't underestimate shareholders. A single shareholder might not have the money to make legal proceedings but combine the wealth of a thousand shareholders and it's a different story. The likes of AIM and FCA might also be willing to investigate if you twist their arm...

P.S. You don't need to hear from Zambia to know that bugger all has been achieved at the Kabwe site lol.

Anyone that is owed money is a creditor but I guess Blue Square would want cash only, plus I think they are now fully paid up.

I'd also like to know what creditors he was referring to. Like 3card said it could be the Directors themselves. Apparently they aren't currently taking a salary. I wonder why?

It was a cowardly act to use Jeremy as a scapegoat. Where is the accountability from the Chairman and CEO of BMR?

If I remember rightly, he mentioned in the shareholder meeting that creditors were accepting BMR shares as payment.

Based on that statement I'd say there's a strong chance that more shares have been issued. Unless they are happy to wait for a re-listing before the shares are issued?

Dilution post de-listing is a concern... It was a question that was asked in one of the letters sent by BMR Watch. Another meeting was requested in November and again earlier this month.

No reply has been received to confirm a meeting so I can only assume he has something to hide. What nasty surprises lay in wait for us this time?

Their website is still active although nothing has been updated since 2017 by the looks of it...

Their Twitter account posted this on July 29th 2018 https://twitter.com/Afrikancompass/status/1023497388697239552

Just a picture saying "offline". When is Borrelli going to get our money back from these crooks? He told me that JLP had offered to help us get it back. If ACI has been wound up we probably won't see a penny back unless he takes legal action against the Directors?

It's not Borrelli's fault, he hasn't put a foot wrong during his tenure (lol).

Vig, could it be that Borrelli is already under investigation and the Tweet was his attempt to deter others from coming forward?

I suppose an investigation could happen anyway, but I think investors are more likely to take action if he screwed us over anymore than we already have been. If he managed to re-list BMR and promised returns from the Royalty in 2-3 years time, it's likely to keep shareholders appeased and make them less likely to take any actions.

As humans we always accept that something is better than nothing.

I was thinking more along the lines of him facing legal action. If he lost everything for investors they are much more likely to want some sort of revenge. I very much doubt he wants to face a legal investigation into how events unfolded in 2018, so he must deliver some returns.

Whatever "the plan" is, he needs to start creating shareholder value. I think the Royalty alone could at least get many shareholders their money back.

If he fails and leaves us with nothing, he will face the wrath of many angry shareholders, so he must deliver something.

Hi Vig, I mentioned last week that I think the circular will be out this month, but it's possible it will be delayed until JLP update shareholders on Kabwe first.

I'm assuming the money from the legal settlement is to be used for an acquisition, if we still have it? The money from the 15.3m JLP shares that were sold was mostly used to settle Blue Square. We can't be sure if he's currently selling the remaining shares on not, it's all guesswork until proven otherwise.

It's not the right time to sell the Royalty, it just doesn't have any value assigned to it.

At this stage, I doubt anyone would even pay £15m for 100% of Kabwe. It's still risky, a plant needs to be built/adapted, they need to prove the process is profitable, and they need to make sure all is well politically.

If Kabwe turns out to be as good as JLP conveys then maybe in a few years we could easily achieve that figure and more, but just not right now...

One last snippet of information… You can also guarantee that if JLP didn’t hold 29% in BMR, Borrelli would just do whatever he liked without prior notice to shareholders. It’s funny that we didn’t get a say on selling Star-Zinc after it cost us a small fortune for just 15% in the project…

JLP will get to vote on his proposals so expect them to be passed with flying colours. Although the proposals will benefit JLP, they will also benefit all BMR shareholders (proportionate to their shareholding). If it was something that was going to benefit JLP more e.g. a takeover offer, things would be different and they wouldn’t be able to use their shareholding to vote. It’s quite clever what Borrelli is doing, in the conniving sense (allegedly).

It’s also worth noting that JLP are a 29% shareholder in BMR, and they will also get a say in what happens with the Royalty etc. as this will ultimately benefit them, should they make a success of Kabwe. So you can guarantee there will be a circular and I’m pretty sure JLP will already have had an influence on Borrelli’s plans.

Although JLP/GLR shouldn’t have an impact on BMR’s plans for acquisitions, re-listing, etc. I’m convinced that because Colin Bird is associated with all three companies, BMR is being coerced to suit the needs of his other Directorships. I also believe we might not get the circular until JLP have released further news on Kabwe which might also include a deal with GLR on the Star-Zinc project.

I’m afraid I don’t have a copy of the circular lol. I’m sure others would agree that it would be wrong of Borrelli to share it with the BMR Watch Committee before other shareholders. It’s important so should be shared with everyone. I don’t think it hurts if he shares his plans with us though. When I spoke to him on 5th December he told me about his plans of acquisitions and hiving down the Royalty, obviously no news on the acquisition / re-listing yet but he has mentioned the Royalty separation from BMR.

I think I’ve mentioned here before that Twitter and other social media accounts can be used by companies for official updates, and I know of a few companies that do this. Obviously any price sensitive updates must be done via RNS. I have a feeling that the circular might be posted onto the BMR website and then we will be informed via Twitter. Really it should also be sent by post as not all shareholders use Twitter.

I’m happy to vote through the hiving down of the Royalty, providing the details are fully explained to shareholders. If we vote that through, does it mean we are also voting for the licence acquisition? If we’re happy with one and not the other it might be a case of voting against anyway and go back to him with our own proposals. Any suggestions are welcome and you can post them up on the BMR Watch site for Committee members to consider, but let’s see what’s in the circular first...

1m share sell transaction on JLP today, is that the start of Borrelli selling the last 31m shares?

He said that he'd scheduled to make an acquisition in December 2018 but that never surfaced. He also previously mentioned BMR re-listing in Q1 2019 but I can't see that happening? The circular he intends to produce is to vote for the purchase of a licence and hiving down the Royalty, no mention of re-listing. Was it all talk or have the deals fallen through?