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Also, no details whatsoever surrounding the JLP deal, like for example their right to buy EPL. What's the potential financial gain for us? Is there a financial gain to be had? Looks like we'll be kept in the dark as per usual, utter disgrace!

4 pages long and it doesn't really tell us anything we didn't already know. Although it confirms the de-listing was staged so he could dispose of Kabwe without shareholder consent.

This is all we have left to go at: "the Large-Scale Mining Licence, Star Zinc and the Ester project in Portugal". Given that AB failed to raise funds for our share of the Kabwe project, do we really trust this guy not to completely mess up what little we have left? How does he propose we re-list when we have no money? We need to get back on AIM, otherwise trading conditions for our shares will be poor to say the least!

http://bmrplc.com/announcements/20082018%20Post-delisting%20announcement.pdf

Cheers Danlaur, I will send mine today.

I know that using social media to update shareholders is acceptable in the US, I'm sure the same applies here in the UK. The only problems with Twitter are A) Not everyone uses it, B) It's Ok for very brief updates but the length of the Tweets are limited.

I think that's why Borrelli will need to use the website, at least for our next bit of news anyway. Hopefully we will get an update tomorrow. It's been 10 days since JLP's update with no word from the CEO of our company. Maybe he's drafting a long explanation as to why things happened the way they did, and how it wasn't his fault and he did everything in the interest of shareholders...

Klueloss is correct, that deal is now off the table, and the money wasn't to be used for working capital anyway.

I doubt very much that BMR will be selling JLP shares on the open market, how many times have we heard that one? Has anyone stopped to think that maybe all the selling is due to investors getting fed up of the JLP SP being in decline for the last 16 months?

Jeremiah99, I'm going to set up a go-fund me page for Eric to cover his library expenses. He's been taking a lot of books out of the Erotic Porn section and those late fees are racking up!

"It sounds to me as though the disposal of Kabwe was the ultimate destination since the new management came in to sort out the mess left over by the old team. Unfortunately, that meant BMR becoming a cash-shell and its appears as if the oxymorons no longer like cash-shells. That, then, appears to be the reason for the company being booted off the Casino by a circular argument of having no Nomad, yet having a Nomad willing and ready to take office."

In actual fact we were not a "cash-shell" when we were booted off AIM. We still owned majority of Kabwe, we still have 15% ownership of the Star-Zinc licence, an 80% interest in Ester, circa 4% ownership in JLP, and as it currently stands we still own 12.5% in Kabwe. So the reason for getting booted off AIM was certainly nothing to do with not having assets. Something else was afoot, just like the suspected foul play surrounding the licence revocation...

As for Alex Borrelli, he seems to have come in for some criticism: getting delisted, handing over Kabwe (not for free, but free in some eyes). So is he quietly coining it? Well, not exactly – I gather he hasn’t taken any pay since the shares were suspended back in February.

More to the point, when he came on board the company was a basket case. Now, despite the delisting, it has assets (the Jubilee shares) and a decent income stream (albeit deferred until Jubilee gets its return). All in all that might not be too bad an end-of-term report. But the biggest prize would be getting the shares relisted.

Let’s see what happens.

Following my piece HERE which voiced concerns that formerly AIM-listed BMR Group (BMR) had simply been executed by the oxymorons, I had a chat with the company to find out what comes next. My hope is that the company will release a statement in due course, but in the meantime what I can report is that it seems all is not lost. I can also report a little more on the loss of its licence in Zambia (which was subsequently restored).

The attack on its license was apparently on the grounds that its wasn’t being used – except it was, and at the time it had enlisted AIM-listed Jubilee Metals (JLP) to help fund and deliver the Kabwe project. It seems there were dark forces at work and the attack was not entirely in keeping with government policy. With that cleared up, the project took a further turn when Jubilee wanted to fund a much larger plant. I am told that this was actually very good news, as the JORC compliant lead and zinc in the Kabwe Dumps and non JORC-compliant surface resources (including vanadium) are believed to support a larger operation.

But BMR hadn’t the cash to pay its corner and so a disposal seemed a better way forwards. As such, BMR has handed it over to Jubilee in return for a 12.5% royalty, once Jubilee has recovered its costs and a return on its investment.

That might seem quite a loss to BMR, but BMR now carries no project and financing risk and the company hopes it now has a nice annuity for many years to come – once Jubilee has its return on capital.

It sounds to me as though the disposal of Kabwe was the ultimate destination since the new management came in to sort out the mess left over by the old team. Unfortunately, that meant BMR becoming a cash-shell and its appears as if the oxymorons no longer like cash-shells. That, then, appears to be the reason for the company being booted off the Casino by a circular argument of having no Nomad, yet having a Nomad willing and ready to take office. It is bizarre.

So what now? BMR apparently is in a good position of having c. 4% of Jubilee shares (worth around £1 million, according to ADVFN) so that should be enough to keep it going for a good while. But I gather that following the delisting the phones were pretty hot and a good number of proposals came in (although time will tell whether they were good or bad).

More to the point, there is a strong desire to get the company relisted. The choices for this would perhaps include the Standard List – although the iterative process to get listed might take a while, a return to the AIM Casino (although that might stick in the throat of management) or NEX – which is perhaps too illiquid. So my guess might be that BMR makes its reappearance on the Standard List later this year.

Whether it returns as a cash shell or with a new business to its name I know not, but it seems like good news for shareholders that the hope is they won’t be lobster-potted for too long.

D-Day (2nd August): AIM had sent notification via an RNS to inform shareholders that we were to be de-listed from AIM. No update from the CEO of BMR to explain what had happened. Instead, on 3rd August, it was confirmed that we had our listing cancelled from AIM. JLP released an RNS to provide clarity surrounding BMR. They informed their shareholders that they were in negotiations with BMR to fully fund the Kabwe project, and this would lead to a fixed dilution of BMR’s interest in the project. The following Monday it was announced that the deal was signed, sealed, and delivered! JLP now has full control over Kabwe, and has an option to acquire 100% of EML.

Although Alex had said JLP wouldn’t commit any more money to the project without further clarity surrounding the licence, it would seem that Leon clearly states in his recent live webcast, that the Zambian Government are fully supportive of his new timelines for the commissioning of the Kabwe plant.

Most of the events which have took place over the past six months seem to have fallen perfectly for JLP, most notably the de-listing of BMR, which appears to have allowed Alex to sign over the majority of the project over to JLP, without having to consult with shareholders.

It would also appear that Leon quickly learned that a much bigger plant was required, and BMR would have struggled to fund their part of this, particularly with us now being a private company. With the Zambian Government fully on board with JLP, they were able to muscle us out of the project, luckily (or not) leaving us with a guaranteed minimum profit share, or Royalty payment of 11%.

Leon was just doing right by his shareholders, you can’t really blame the guy. Ultimately we were let down by our own management team, and as usual, it’s all been cloak and dagger, with the possibility of a few brown envelopes being chucked about....

Disclaimer: This article contains facts as well as my own opinions. The grammatical errors in the title of this article were intentional.

It seems Leon smelt blood when he first got involved with BMR... He probably knew all about the imminent licence revoke, hence the suspiciously coincidental RNS from them, the very day before it was announced that the licence had been revoked. In the meantime, Leon had no doubt held several meeting with the Zambian Government and had showcased the company’s abilities in extracting metals from tailings. This put him firmly in the driving seat where Kabwe was concerned, and made BMR look like amateurs.

The licence was re-instated on 5th April, first announced by JLP, then BMR notified their shareholders with two RNS’s, one on the day, and one the day after. The latter RNS contained details of the licence conditions and Alex stated that he anticipated raising £1m via a placing at 3p, with 5p warrants attached. Shareholders were once again filled with hope, we seemed to be turning a corner...

Less than a month after the licence had been re-instated, BMR had signed the JV deal with JLP, which stipulated that should BMR fail to raise funds, JLP could dilute BMR’s interest in the JV Company, and there was the setup!

Then came the dodgy sounding Blue Square deal, where we were seemingly forced to sell around a third of our shares in JLP to pay the $500k, plus six monthly instalments of $50k, making a total of $800k. We were assured that Blue Square’s efforts would increase our chances of the Kabwe project becoming a success. Everybody smelt a rat… JLP kept pushing back the deadlines for their budget and design parameters, also their decision to take the project forward. Shareholders were told on 14th June that BMR anticipated updating shareholders on both matters by end of June…

End of June came and went, and then we had another bombshell dropped on us, on 2nd July, our Nomad had resigned!! Our former Nomad was known to have signed off on £4m worth of Copper assets in Kabwe that never even existed! Despite this, Alex kept them on, and they fled which then gave us only four weeks to sign another Nomad, or we were to be struck off AIM… No matter, Alex had another lined up and had already been in advanced negotiations with them. He had received some very positive feedback from our “new” Nomad, and from our lawyers, relating to us being able to resume trading on AIM.

Yes, liquidation unlikely as we have cash in the bank, and 46m shares in JLP worth £1.1m at today's closing price. I can't see re-listing being a problem, highly unlikely to be on AIM but perhaps an alternative for now (NEX).

To re-list we will probably need a cash raise and obviously sign a Nomad. According to recent reports we do have a Nomad lined up. We should be guaranteed a minimum 11% Royalty payment from Kabwe profits (best case 12.5%). It's difficult to say exactly how much that will be worth to us, but let's say based on a 30tph plant producing all 3 metals, could add up to circa £6m per year should metal prices remain favourable? Considering we were a £6m MC company pre-suspension, it makes us fairly attractive for investment.

We just need a new project, something that is easier to monetise than Kabwe was, and perhaps new management to boot and we might just become a decent small cap company after all.

Go on the website and sign up - all instructions are on there. You can Email once you have made an account and mention your holding in it, or post up on the shares thread...

https:// bmrwatch. shutterfly.com

Remove the spaces before "B" & "S" (just for 3card)

lol - a lot of my posts contain humour, you should try it sometime...

There should be a "Discussion" tab next to the "Home" tab at the top. If you can't see it, send an Email to Admin and they should be able to grant you access to it.

I'm a shareholder in the company so I have every right to participate, just like any other shareholder. At least I'm making myself useful by trying to help. You on the other hand are just a bitter twisted wind up merchant!

Vig said he had 2.6m. Hopefully he will join up.

All I can suggest is joining the BMR Watch Alliance. We are pooling shares together to give us a decent amount of shareholder voting power. With this we can try to make difference. I don't think all is lost but there is a lot of work to be done, and I believe shareholders need to intervene to help the situation along.

We have over 15% and rising of the shares in issue, pooled into BMR Watch - let's keep it going.

It's probably not a great idea to advise people to invest in a company on a bulletin board, unless you're authorised to give financial advice...

There are no guarantees that people would make back losses in BMR by buying into JLP. You never know what's around the corner and I for one am done investing in anymore African based companies, far too risky!