Member Info for KlueLoss

Not sure why your stipulating that we can't sell JLP shares? Disposing of those shares is potentially an alternative to raising money through the investors?

I don't understand why AB simply requesting an extension or at least exploring that option is a risk if done as an aside to what he believes he can get done by the beginning of August. He should be giving himself options.

Anyway none of us have a choice and we will have to accept whatever is thrown our way I suppose. Hoping we relist no matter the terms for sake of every shareholder who will at least have the at least the option to buy/hold/sell.

How can it be risky to request an extension? If it's with good reason then surely AIM would at least look at the request and for once I think AB could be deemed to be acting with shareholders interest at heart.

The way it looks he is playing chicken with everyone and if someone doesn't play ball he is willing to see the company delist and with it any and all share value for shareholders.

The 3 investors are in a very strong negotiating position and I would be very surprised if they are still happy to take shares at 3p.

"Failure appears to be something that both companies, unfortunately, are prepared to accept."

Seems that way to me hence AB gambling it all on getting relisted this month with no intention of considering a potential extension request on our suspension. I just can't understand how/why the '3 investors' will be ready to stump up the required readies especially now at 3p.

I don't doubt the possibility that they only rubber stamped the RNS but isn't that the problem? Lack of DD especially with the 20.06.14 RNS. Why sign off probably the biggest news the company had in years without solid proof?

sidebar - Directors should be held responsible but given they BMR have been legally trying to go after previous associates including previous NOMAD and brokers then evidently some degree of responsibility must lay with them, else why bother?

WH Ireland signed off on the Kabwe approval which saw the SP fly up to then come crashing down on the Monday morning when it was revealed it was actually a defferal. 20th and 24th June.

Also the infamous 'Kabwe final stages' RNS

COPPER PROCESSING

Following the successful Proof of Concept trials which resulted in production of 92% grade cement from EPL's copper plant at Kabwe in February 2014, further work was halted pending the ZEMA decision.

Later disputed and dismissed.

Given the plans have been 'torn up' I'm interested to see how they're going to be able to change the plans too drastically without contravening the agreed stipulations within the ESIA.

mikebassetts - this is the detail we need clarification on from AB. They're all keeping very quiet so wouldn't rule out some deplorable yet legal machinations taking place in the background to secure EPL if BMR is unable to get a NOMAD, relist or gain any further investment. That's the danger of allowing JLP and Blue Square to control all negotiations as well, BMR reputation with ZG is poor enough already.

Excellent post, nicely puts together all of the shortcomings and why i also don't feel any trust that AB will be acting in our interests, until i see it.

He should, regardless of his confidence, be trying to get an extension on our suspension because we are reliant on far too many actions to take place simultaneously.

Evening, thanks for sharing.

Few queries and comments...

"They’ve not been very positive and they were part of the legacy issue with previous management"

Are they your words or AB's? Seems insanity to have kept them with the business for all this time if this is how he feels about them. I think most shareholders were a little bemused they had been kept on considering they had signed off on the copper assets (at least i know I was). Swapping NOMADs should've happened sometime ago, particularly given Alex Borrelli insistence that BMR group are nothing like the previous incumbents. If he did say that then and feels they are part of the previous 'legacy' why allow them to remain and why on earth were they allowed to be in on the agreement signed with the Alikhani's (£1m) previously.

"RNS 19-2-2015 - Accordingly the Directors consider, having consulted with BMR's nominated adviser, that the terms of the Settlement Agreement are fair and reasonable insofar as its shareholders are concerned." Surely a conflict of interest given they had signed off on RNS that were provably false.

"I asked if they were happy to put money in now as last time we spoke about the placing he said they wanted to know JLP's plans first, and wait for the go ahead from them. He just said they've changed to what he's announced!?"

So the 3 investors are supposedly happy with JLP change to plans? JLP still not fully committed and seem to be delaying fully committing for some yet to be revealed reason. This is why I think it's imperative that shareholders who want to and who can should let the company know they would be interested in investing as this gives AB another option and one less excuse (dependent on level of investment available).

"I asked him about terms and conditions of the JV surrounding JLP having rights over our assets if we failed to pay them back etc. He just said there's no danger of anything like that happening, if anything like that happened it would be announced. He just said nothing has changed from what was announced but I felt his answer was a little vague."

hmmm. This is my concern and I think it should be clarified. Personal opinion is if we survive (NOMAD/Investment/relist) we will find that the JV terms are going to have changed, JLP have allowed us to sell our shares above the agreed lock in terms, they've been very accommodating so far. Yes they're well behind from what they originally agreed but they can't be fully blamed for that as the enviroment has changed considerably (licence revoke and suspension). Something has to give and I think BMR shareholders will foot the bill.

Have they spent beyond the first £300,000 and if so are they now into the first £1m tranche which is where they officially obtain all rights over EPL until we can pay them back, I wonder?

I'm not sure we are out of the woods personally but I do thank you for sharing BringMyReward.

Thanks for the update.

A placing of £3m at 1p would be enough to buy the company.

https://www.fbi.gov/contact-us/field-offices/sandiego/news/press-releases/international-con-man-sentenced-for-scamming-investors-and-dodging-taxes

Story about Sven Ulsteen

I haven't, someone came on the boards a while back and tried to advertise it they were immediately removed.

Looks like there may be a possibility of a few more chapters being added. Money spinner.

There are three main reasons why Nomads resign from their position:

1. Profit margins for Nomads have shrunk as the number of AIM IPOs have remained low. The tighter regulatory framework put in place by the London Stock Exchange has also added to the costs of Nomads. This has been intensified by Mifid II regulations, which have added extra complications and costs for Nomads that are part of broader stockbroking groups.

2. The client is unwilling to accept guidance from the Nomad on the company’s responsibilities to AIM or breaches the AIM Rules for Companies.

3.The reputational risk for the Nomad of continuing to act for that business is too great e.g. if the AIM listed company has poor corporate governance.

bjlabuk - have to say I agree with your interpretation.

Given scenario 1. and we can get a NOMAD who is willing and able we are likely to have to relist to avoid delisting. Without JLP agreeing to finalise the JV then I am unsure how we would be able to relist due to us self suspending due to our financial position originally, will the mystery investors gamble a million on a yet to be concluded JV? As far as we are aware the last set of money we had was £500,000 from JLP back in January, overheads were running at in excess of £60k a month (being generous) unless they are under control now we are going to be running very low on cash especially now we are on the hook for another $50k a month Blue Square Payment.

We need a lot to go in our favour, I have to admit looking at the company history we don't have much go our way but now we seem to need quite a few things to go our way all at once in a timely manner.

Will JLP make some form offer to try and get hold of EPL and all it holds? All they needed to do was put the first £1m and Borrelli had agreed that they would hold all rights over EPL until BMR were able to payback JLP - why not just do that and if things go badly become one of the main creditors who would likely obtain EPL should AB put BMR into liquidation? Are JLP maneuvering to ensure they have the best chance of just picking up the valuable pieces for nothing? BMR appear to be allowing JLP and Blue Square do all the negotiating, how does this look to the authorities?

Can't say I'm confident. If the new NOMAD comes on board and JLP take their full agreed allotted time to late August and we somehow manage to relist it's going to be a bloodbath.

Do you not feel a little duped by the phone call conversations you've had with Borrelli? He has basically been tapping your head and rubbing your belly. Not just you but everyone who has called up.

My suggestion is this...(in the event a NOMAD can be secured)

If shareholders really want to save the company and you are willing to invest anymore cash into the business then we need put something together seriously and ensure that Alex Borrelli knows there is more money available from shareholders because should a few weeks pass and the '3 investors' do not materialise we will be gone.

Paid himself around £250k through that period. Not bad work if you can get it, answering phones and kicking the can down the road.

*intention to

That's a life lesson for anyone on AIM. Would be interesting to know how AB has known about WH Ireland imtentionto resign.

Not looking good at all. A share only offer starting look very attractive if only to salvage something.

AB has over committed BMR and I can't help but feel the desperate position we (BMR) now find ourselves in is a ruse to move the not inconsiderable assets onto a predator on the cheap at the cost of a few disgruntled shareholders.