Rosewall10 May 2018 11:39
Good points Rosie. Yes, I initially meant JLP not showing BMR respect, though as later written, that does apply to some JLP shareholders.
I understand why Leon must have been fuming with BMR, I do, but there should have still then been appropriate communication between our two companies, so that the licence reinstatement RNS news for each, was issued simultaneously with the other, or even BMR's RNS first. Our asset, licence etc. Only right to have done that, in my view. Good business protocol. Our news read as if Alex was surprised though, that Leon had issued JLP's news. We can read into that either way, but personally I feel that Leon jumped the gun. Granted however that JLP's share trading is currently active and does not have the luxury of being in suspension. Lol.
I do take your point re the cash and shares advance from JLP, but of course the asset we have is well worth any involvement. Plus, JLP also now has a massive percentage of BMR. We mustn't forget this is only supposedly a JV! Admittedly though, and unfortunately, yes, there are clear signs of BMR's distressed state in this deal. In my opinion.
I agree regarding the treatment of shareholders in general by each company, and our BoD in particular has been shocking, underperforming in perhaps all areas, especially in that of providing shareholders with the full, accurate operational picture. If only because Alex is obviously not one to highlight his own shortcomings. In fact Rosie, quite the opposite I would say. He has often been "delighted" to have delivered another small nail in the BMR coffin. Under construction, almost finished last year, but thankfully still not yet complete. Lol.
The fact is BMR doesn't have a decent CEO, insofar as he has proven quite inept, but I have to vaguely hope that he stands firm for BMR holders and does not allow JLP to acquire any more of BMR's future profits.
By "interference" I stand by what I say, but would include not working together. JLP will obviously undertake the bulk of site work, but working separately on the same project without communicating, will only lead to problems and the treading on of feet. BMR owns the asset and land thereon, the licences, which must be remembered and respected by our JV partner. JLP is getting a sensational deal out of this for the future, the better deal, when viewed as relative to what it is contributing now.
It really makes me weep Rosie. Lol.
Borrelli's fault of course. He's been awful, and my Spidey senses have been tingling since his doomed bid for MTR.
Anyway, best regards to you, and good luck to us all.