Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Absolutely staggering massive T Trade.
Why else would I be against potentially flooding the co. with up to 3 billion shares and allowing whatever little money comes through via the Royalty being pumped into a co. that has already spent $25.5m who’ve achieved a current Market Cap. of $2.5m.
Why wouldn’t I trust Borrelli at this point?
Can only be T Trades.
Imagine shamelessly shilling for Borrelli ?
Never forget
BMR Tweet 09.01.2019
“We are working on a circular with proposals subject to shareholder approval for the acquisition of a further licence and the demerger of the royalty agreement into a separate company to be owned pro rata by shareholders to protect value“
Followed by months of carrot dangling over a imminent circular that failed to materialise for months on end. JLP shareholding liquidised. ACI money still not reimbursed. No actual material updates of any kind then......
We need to head to Chile because Colin Bird fancies completely decimating shareholders. Not happy with acquiring Kabwe for next to nothing he wants to see shareholders dead and buried entirely and Borrelli wants to provide the hearse.
A lot of people holding t-trades it would seem. That or massive shorts.
Couldn’t possibly be any other reason for voting against the resolutions.
I am bemused as to why JLP are voting for the resolutions as well. If things are as dire as Borrelli is saying then BMR could go for a next to nothing - but because JLP have not acquired 100% ownership of EML there may then be doubt of how likely they are to be able to get that licence. They probably still will, BMR being sold just opens up another can of worms. I’m sure ZG would be happy to see BMR completely removed from any benefit at Kabwe.
If memory serves me well, I believe the SML licence comes up for renewal in October 2020
The only reason BMR are being re-listed is so that JLP can liquidate their holding in BMR at some point. How that happens I don’t exactly know, but as the largest significant shareholder they are pulling the strings, even if they sell their holding at say at average of 0.5p that’s c. £486k back in the coffers also meaning they obtained Kabwe for £14k cash and a get to be agreed upon Royalty. Given the rumours and numbers I’ve heard AB considering for the Royalty I don’t think the idea of JLP seeking their shares in return for a a few % points of the royalty is out of the question, of the 11% they are already entitled to 3.19% of it given their 29% holding.
He has just placated shareholders and some have realised later than others that he has duped pretty much every shareholder. Some still support him and accept every ever evolving excuse he has made to drag the co. to this point.
He has worked from within against shareholders interests. We had very little chance, he withheld the info about the licence being in doubt and we were only made aware of it once the gov. dept. revoked the licence. To me, that is withholding financially sensitive information from the market, WHI say they were not fully aware that the licence was under threat - so AB took this upon himself to withhold from the market. Now I think ACI were, are and always were too good to be true but they may have withheld money because they were aware of the forthcoming licence issues.
A +$2billion asset given away for £500,000, some shares sold in the buying co. and giving them an almost controlling stake in the co.
Accord has to RNS releases the process that JH put in place had been independently peer reviewed. Yet an increase 4-5times in acid prices could not be counter acted by the discovery of Vanadium with on ground value that supposedly doubled the value of Kabwe. Hmmm.
Don’t think anyone could survive Alikhani and then Borrelli. Just wish more of us had trusted our gut and got out once the smell of BS had engulfed the nostrils time and time again.
Because, comeonvog that would be serving the interest of the long suffering shareholders. Truth is JLP want to be able to sell their shares at some point and they need us to be on the market in order to do so. They’re not bothered about what happens to BMR and neither is Colin Bird, he has got what he wanted for both his companies and when the time is right they’ll be able to sell their holding making back some of the £500,000 they initially paid in order to obtain a 29% holding in BMR, the right to acquire EML and the Kabwe Project.
20/10/14 - 1,334,133,886 shares in issue
Consolidated 10 to 1
01/05/15 - 131,965,452 on return to AIM
02/08/18 upon cancellation 335,710,864 share in issue +154.3% since he took over.
A bargain so far, when you think about what we have gotten in return from the wise old fox Borrelli’s deployment of company capital.
Now that Par value is to go from 0.01p to become 0.0005p (0.01/20) and we have agreed to raise (£1.25m) $1.5m to fund Revelo upon attempting to re-list the co. factor in we may need to be raising potentially more than $1.5m as directors want money for their efforts to give us lucky shareholders a chance again.
$1.5m (£1.25m) at 1p would be another 125,000,000 shares in issue. And this is on the optimistic side as Alex Borrelli and Directors agree the shares are now worth less than 1p per share.
That would give us
460,710,864 shares in issue.
Revelo are to be given 19.99% of the Shares in Issue. They aren’t taking part in the fund raising and unless JLP are giving them 19.99% of their holding I can only speculate that shares will have to issued to ensure Revelo get their 19.99%.
In order to do that a further c. 25% of the current shares in issue would need to be issued in order to give Revelo their agreed 19.99% interest.
460,710,864 + 25%
575,888,580 * 0.1999 = 115,177,716 shares to Revelo.
This will be maintained pro-rata until BMR have spent $2.5m.
I think I’m being way too ‘hopeful’ with the level of shares that will be issued in order to raise the agreed capital, the par value has been divided by 20 so they must be thinking much lower. This will be a new co. after all and will be treated as such, the moment it lists as Callisto Resources.
I would imagine by the time Borrelli and co. have spent the $2.5m within next 2½ years we will have closer to 2 billion shares in issue meaning Borrelli will have increased shares in issue 15 fold.
2 billion shares will mean each 1p in SP becomes £20m in Market Cap. value. Current shareholders will be wiped out in next few weeks. I’m not willing to entertain delusions or hopes that Chile will deliver the goods when Borrelli has failed consistently for the last 5 years here.
At best shareholders will get a chance to sell at a massive loss, realising that all the risk has been for nothing.
Upon these resolutions passing and Revelo receiving their 19.99% of the shares in issue, along with the holdings of JLP, Colin Bird and Alex Borrelli private shareholders will hold no sway whatsoever. This was always the plan with JLP taking such a commanding % of shares.
If people wish to vote against these resolutions it’s because they can see what’s coming. They will be +90% down on average, billions of shares in issue, a bloated board continuing take salaries for their part in the last 5 years near collapse in shareholder value - whoever move offered us a ‘life line’ out in Chile. A chance to fund another company with The Royalty no doubt.
There’s no way to spin any of this positively.
JLP obtained a 29% share in BMR Group following a payment of £500,000 and an exchange of a % of shares in BMR. BMR also obtained a no. of shares in JLP which were later sold (at very low JLP SP) in order to raise the bulk of the required capital to pay £614,660 to Blue Square Minerals in order to restore the SML. JLP ‘support’ our re-listing because they want the option to be able to sell their holding, upon doing so, realisation should set in that Kabwe was sold for a yet to be finalised Royalty which has the weird juxtaposition of currently being valued at very little, whilst also being used as cudgel to bring shareholders into line to vote through their own complete and utter decimation, thus being seen to support Alex Borrelli and Colin Bird despite the polar opposite being true in most individuals eyes.
nubie1
“Bear in mind jubilee, a company with good financial backing of institutional investors, diversified assets and multiple revenue streams , they are our largest shareholder and therefore I believe also we have been shown their support for this new acquisition due to its % shareholding , any acquisition could not I believe go ahead without their approval.”
2 separate sets of resolutions. If you read the resolutions you’ll see they’re different?
It’s an AGM and General Meeting simultaneously according to Neville Registrars.
Hoping to be there also. Nice start to the Bank Holiday weekend.
Happy to meet up prior with you FXL5 and anyone else? Will most likely get train down and look to be in the area an hour or two beforehand.
Call me cynical (whatever give you that idea) but Vanadium only became RNS worthy once dear leader attempted to buy MTR (with his bid of a handful of change from the side of the sofa) both SP were marked down, just as we were about to have an exercise of 7p Warrants - so with a week or two to go for said Warrants with the SP running low Borrelli puts out an RNS 20/01/17 about Vanadium which pushes SP again. But it was too late, damage was done and the market didn’t see that Borrelli was putting another foot right.
I don’t believe Vanadium was mentioned much of at all after that. Wasn’t like it was valuable or anything.
https://www.investegate.co.uk/bmr-group-plc--bmr-/rns/vanadium-update/201701200700066664U/
d) Vanadium Price Rise and Financial Implications for the Company
Metal Bulletin's website is reporting December 2016 trades (Rotterdam, Europe) for V2O5 at circa US$23/kg (earlier estimated at US$15/Kg) and as a consequence the Company has revised upwards the potential long term contribution of V2O5 production to the Company's income stream.
After discounting the current V2O5 price by 10%, illustrated below by gross sales value is its potential contribution to the Company when compared to the theoretical production of Zinc cathodes, Lead Sponge and Zinc Sulphate Heptahydrate over the projected mine life currently estimated at 19 years.
LIFE OF MINE INDICATIVE PRODUCTION TONNAGES AND GROSS SALES VALUES
PRODUCT
TONNES
PRICE, US/t
VALUE $M
Lead Sponge
276,364
$2,267
$626.5
Zinc Cathodes
144,853
$2,693
$390.1
Zinc Sulphate Heptahydrate
570,000
$750
$427.5
Vanadium pentoxide, V2O5
45,000
$21,000
$952.2
TOTAL
$2,396.3
Note. 18th Jan 2017 LME Zn and Pb cash sale prices.
The calculated production values of metals are indicative and should not be construed as likely revenues to the Company.
The acquisition is so good and the resolutions so palatable that the board need to threaten shareholders with an undescribed sale.
“We the board as always are acting in shareholders interests just as we were when we sold the co. prime asset for £500k and allowed the buying co. to obtain a near controlling stake in the co.”
You should contact your broker.
See link to Google Drive below containing what every shareholder should’ve received in the post. BMR have not uploaded this information to the website - I wonder why?
You should find the Annual Report for up to 30/12/18 (61 pages)
Circular for Ordinary resolutions and how to appoint a proxy (4 pages)
Circular containing the special resolutions (14 pages)
https://drive.google.com/drive/folders/1egtGtau4AE_xNA-r0ZHboHhlxMbeR8gb?usp=sharing
Alex Borrelli and Colin Bird are voting for all the resolutions. Colin Bird will I’m sure be ensuring JLP will vote all resolutions through also.
We vote this through and the co. re-lists with billions of shares in issue and the SP way under 1p with no guarantees over what happens to the Royalty.
charttopper - I received a prepaid envelope and two separate voting forms. I would imagine you can send by post, but please call Neville Registrars before you do that and confirm the process to ensure your votes get counted.
See below link to google drive .
You should find the Annual Report for up to 30/12/18 (61 pages)
Circular for Ordinary resolutions and how to appoint a proxy (4 pages)
Circular containing the special resolutions (14 pages)
https://drive.google.com/drive/folders/1egtGtau4AE_xNA-r0ZHboHhlxMbeR8gb?usp=sharing
If this link doesn’t work I’ll do a follow up post...
Everyone needs to vote. I certainly can’t support the majority of both sets of resolutions proposed.
To defeat any ordinary resolution shareholders do not agree with we would need as many, if not all Private Investors to vote AGAINST them.
We are up against the following shareholders who will likely vote FOR all resolutions.
JLP 29%
Colin Bird 0.15%
Alex Borrelli 0.74%
Tiger Resources 0.74% (I think)
Peterhouse Capital Limited ?%
(They invested in the placings towards the end, not insignificant amounts either so they may still be holding a lot on behalf of clients)
Maybe others as well who somehow believe Alex Borrelli has done a good job against all the odds. Not sure how you measure success but I have to say that the directors now agreeing that the value of our shares is now below 1p after +4½ years at the helm makes me think the white knight Borrelli hasn’t lived up to his own hype.