As shareholders we are feeling cheated by the BOD. My guess is that they have checked the regulations before acting as surely they cannot be stupid enough not to. The AIM is so poorly regulated they probably have not committed any infringements. If they have they will be investigated. When we go into administration they will be out of a job but either way we will not see our investment back.
In the interview RK stated that Vitol could buy the mine out of administration for $1. I assume the rest of the assets would be sold off by the administrator, if there are any assets left after the middle of January.
I find it strange why the BOD tried to rush through the last motions at a time when foreign companies were paying good money to invest in local mines and it must have been known that the rail allocation would be increased, thus potentially raising the SP and perhaps making the procurement of a sensible financing deal more realistic. The BOD seems to be scared of increasing the SP for its owners and will do what it can to decrease it. Would love to know what their hidden agenda is (all IMHO)
That's too expensive - I've heard you can buy the mine for $1
I'll get a computer from your website Redbike if they will take my abacus in part exchange
Computer Redbike? What is this new fangled contraption of which you speak? How do I get one of these...?
I agree with your comments that some of the English on here is sometimes questionable, however before submitting such a criticism you should double check the accuracy of your own post - the title of the magazine is Miningmx, not Miningmix!! Any response submitted to the magazine should be factually and grammatically correct with no hostile comments or emotions. Hard I know given the circumstances but we need to represent ourselves in a professional manner.
Great news - let them have it!!
They probably won't print a view from a single shareholder but worth a shot. This interview was staged to release news which should have been given to shareholders in an RNS ($1 deal with Vitol, date for news update).
Having re-read the interview 2 things strike me. 1) Vitol can buy the mine out of administration for $1. The key word is MINE, so I assume NOT the company and its other assets in S Africa and Australia. 2) It mentions that Farr Jones has invested $400,000 - his shareholding is still showing 2.5m shares on the BHR website and I do not remember seeing an RNS about him buying more shares. Such an investment would have to be reported.
I don't think that the BOD is looking for a buyer - in 10 days we go into administration and Vitol gets the mine as planned - IMHO
In fact they are getting BHR for $10m (their loan) which is a bargain. If this had been known it may have affected the vote. If it is true then shareholders get nothing at all - game over!
Did we know that Vitol could buy the mine out of administration for $1? Sobering reading seeing in print that the value of BHR dropped by just under $230m in 3 and a half years !
Who would pay for the lawyer? As you say time is running out and legal action takes a long time. With the BOD under investigation I had hoped that it would now behave appropriately and communicate with shareholders but even the FCA is no threat to them. I think the best chance of a decent offer would come from an administrator tying to sell the assets rather than from this BOD. If we are out of cash mid January then administration must be close. I assume the BOD is still drawing its wages although we are suspended and the cash situation is critical !
I cannot understand why the BOD is still in place. We won the NO vote, why can't we table a No Confidence in the BOD motion - I am sure we would win that one too, Given the activity in the area there must be a credible buy out there.