Member Info for Pocko

As welcome as the letter was, it's 'a rum do' as we say around our way, when the only line of communication is via a letter and carrier pigeon. I appreciate the 'open nature' of the letter, but heavens above!

We need to be doing something... and simply waiting is no longer an option. A few weeks to go to the spring budget, we can see what that brings, if anything. After that, Budge needs an action plan because the people that he has met previously, appear to have no influence at all...

Suzy2, it’s not grounds for an appeal. That would only come as a result of a decision, which the Swedish Goverment seems reluctant to take. However, Budge can legally force the issue as I previously stated. I wish he would...

Perhaps...

True Suzy2, but I’m invested in BEM, not Boliden et al... And it’s not been a positive reaction to our investment in Kosovo... Spotlight is well down on recent highs... 6.12% down on Friday alone. So it’s hardly a ringing endorsement. We wait...

We wouldn’t have needed to fundraise just yet, if he hadn’t invested £500k in Kosovo. And yes, it’s uptimately better to have a timely rights issue; And I agree about life after Kallak and diversification. However, most investors are here precisely because of Kallak. I’ve no idea how long you have been invested here, but I assume you won’t be hanging around another 10-years for Kosovo or the Finnish project? At the end of the day, we need a project delivered through to sale or production. Kallak is ringfenced through JIMAB... Sale? Just a thought...

The fact is, however much I think Budge has overall performed well, though I disagree with Kosovo; He is the man at the helm, paid to deliver results. If he doesn’t know the answer, then he needs to find it sharpish. I appreciate fund raising takes time, although I suspect it was the same brokerage, if he did know that something was imminent, then he could have raised funds at a higher SP? We might not have the answers, but it’s certainly Budge’ job to know...

And I argue that 'strong support from government' should manifest itself as 'action'. Unfortunately, we have very little of that from successive governments!

At what point is enough?

I think we all ultimately want this to succeed... it’s just a question of how.

It hasn’t been a democratic and clear process... far from it. That is clear for all to see... It’s not even clear what you are actually arguing for? The ‘wait and see’ policy has to date, failed. Unless Budge knows something we don’t, a change of direction is required. The government and the agencies involved, have already worked through their ‘processes’ and mechanisms. To argue that it would be undemocratic to impose a timeframe is nonsense I’m afraid. What else could the government possibly be waiting on? And as for the spring budget, a regeneration package could be announced... one that actually null and voids any need for a mine. It works both ways. As investors, it’s out job to scrutinise, and Budges responsibility to deliver.

And to re-iterate, a timeframe can be imposed on all parties if a Judge or panel of judges see fit to do so, in order to resolve a matter.

Hi Eric... Yes, Budge specifically referred to the legal route as ‘The Nuclear Option’. And I’m afraid I have to disagree with Suzy2 on the specific point of timeframes. As I have a legal background, an abuse of process, and in this case, specifically a time frame, whether one already exists in the ‘process’ or not; Is exactly the type of thing a court can be requested to make a ruling on. The giveaway is in their title ‘Judge’. To make a judgement based on relevant legislation and case-law.

Support from the government? And yet the chairman has had to resort to writing a letter to the Minister essentially begging for a meeting! And yes, he should be focussed on the exploitation licence, and not distracted with ‘Blue sky projects’ like Kosovo. Like many, I am thoroughly frustrated... and the facts speak for themselves.

Legal redress is about much more than ‘yes or No’. It could be used to have a timeframe imposed on the government for example. The ‘wait and see’ policy has proven to be wholly ineffective, and has caused untold financial damage to the company, and by extension, financial damage to all shareholders.

On the basis that Kurt Budge is correct, in that our application meets all criteria; then there is no legitimate excuse for any delay. But then there never has been... The pertinent facts will have been presented to the minister, and its not a question of him pouring over the fine details of the application. Experts in that field will have done that for him already, so that an informed decision can be taken. After 2-months, he has failed to do so. (Of course, that’s on the assumption that he has even set eyes on the application?) As for the fundraising this week, it remains a necessary evil given that BEO do not currently produce any revenues. However, £500k invested in Kosovo is misguided. It is, to quote the updated company presentation, ‘Greenfield Exploration’, and therefore years away. Meanwhile, the company slowly cash burns... The letter from the Chairman, whilst positive, is unlikely to illicit a response. This will only be achieved through legal channels. And before anyone responds in the negative to this course of action, individuals and companies seek redress against Governments through the courts all the time. It’s a sensible, measurable and achievable thing to do in my opinion. The government and government agencies have been in repeated contravention of their own processes. Budge stated that BEO is in better shape than 2018. I seem to recall the same statement when previously reflecting on 2018, 2017 and 2016 respectively. But the facts speak for themselves, and whilst we have acquired assets, they are not cash generative, and are a considerable drain on ever dwindling resources. And in truth, Kosovo is not exactly a stable jurisdiction. Not that Sweden has proven to be much better... These are the facts as only I see them. Others will not doubt disagree. But the truth is, it’s not where you’ve been, or where you are going that counts. It’s where you’re at. And BEO remain a junior exploration company, that having invested considerable finance in an opaque process, are still waiting for an exploration permit after 6-years.

As interesting as these projects may be, they are years away; And those respective governments are no more likely to grant an exploitation licence as the Swedish Government. Do I detect negativity Suzy2?

Try a few calculations... 10p, 15p per share, multiplied by the shares in issue to give a potential market cap. What looks fair value? It’s hard to say... each to their own really...

To my knowledge, yes. But I don’t recall exactly where. Probably in a previous presentation.

Referenced on page 14...

SP is a little out of date though...