The latest Investing Matters Podcast episode with London Stock Exchange Group's Chris Mayo has just been released. Listen here.
For those that have heard todays bearcast from TW will know that the Chairman has made the top ten. In actual fact straight in at number five for most wanted for scissor gate. Have a listen and the good news is that the 48 hours that the Chairman said would disappear as "noise" looks like that myth has been busted post 17th December. Happy 2015 Justin.
What have BHR and SBM group changed? *Still No communication as the BOD have been crying to mummy shareholders are having a voice. *Still no apology to shareholders for the damage caused at BHR. *still not adding value for shareholders at BOD level. *Still not doing anything to address shareholders concerns in any survey. *Still not meeting investments in RNS statements. *Still even with investgations into insider dealing the chairman is in place at the company. *Still no communication on voting numbers requested by the shareholder action group. *Still no shareholders register which was requested 19th December to BHR and St Brides. *Still no announcement of who the administrator will be thats been appointed. Clearly its getting to crunch time but as the company refuses to respond to shareholders from legal requests and requests into breaches of their own governance and conduct inside BHR. There appear to be so many things wrong as the board have taken the mantel as Moatize hide and seek champions when they should be leading and delivering and communicating. for the sum of over $500k USD for leadership..is showing more of a sinking ship. Shareholders have been patient, they have communicated and have spoken.
Survey one PI Satisfaction survey November 24th 2014 70% said they are unhappy with the return on their investment 65% said that RNS their investment had not met RNS statements 68% said that they dont feel valued as a shareholder 67% said that the board of directors were committed to PI's 53% said that II's would be accomodated at the expense of PI's 62% said that communication with the board of directors is important 64% said that the board of directors could do more to address shareholder concerns. Survey two BHR funding and board of director survey 01 December 96% said that they were unhappy at the RNS dated 01-02-2014 on finance and restructuring 96% said they would not be voting in favour of the resolutions in that RNS 96% said that they think that the BOD are not adding value for PI shareholders 93% said that they want the BOD removed from the company after the RNS 01-12-2014 Survey three concentrated on allegations of corrupt dealing by the chairman 19th December 96% said they think that the chairman of BHR did try to rig the EGM vote. 98% said that the Chairman should step down if they are true allegations. BHR were sent those surveys to work with as part of an initiative by BHR shareholder action group both to the company and St Brides media to work with to try to do something constructive. The company ignored all PI shareholder advice on how investors felt, and yet stated that they did work with PI's to work with shareholders for the best outcome. The analysis from the surveys even before scissor gate shows, no trust, no value, no commitment ,no communication, shareholders are not valued, shareholders want the BOD removed. That was before the placing scandal by the chairman which has angered shareholders ten fold. Lets keep a balance on this as this was all work done even before that scissorgate RNS fast forward to where we are since the EGM and shares are suspended. What has changed since these surveys have taken place from the company? What have BHR Shareholders action group changed? *Constantly fed back survey results to BHR and SBM for transparency. *Investigations are now on-going into BHR and irregularities with the Chairman. *Blocked the vote as a collective group as the board of BHR will not listen. *Gained more support from members across many boards. *Constantly attempted dialogue with BHR board and have been ignored. *Gained the ear of a media stream. *More people coming forward with investigations into BHR. *Notified BHR that they have breached their own corporate Governance and codes of conduct.
here is what Mitsui plan, with the rail..it's impressive as it involves freight as well to generate revenue with the unit Vale operates under VLI S.A, very interesting that they see Moz as a corporate priority and growth to come. Mitsui regards Mozambique as a corporate priority region because of its potential growth as one of Africa's leading resource-producing nations. Coal from Moatize will be a major export product for Mozambique https://www.mitsui.com/jp/en/release/2014/1203631_5699.html VLI S.A http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=232034294
RNS New Debt Facility and Restructuring Update, Tue, 4th Nov 2014 12:00 In April 2014, Minas Moatize Limitada ("MML"), the Company's wholly owned subsidiary was awarded a 25 year mining contract by the Government of Mozambique for Licence 1151L, which was subsequently ratified by the Administrative Tribunal. One of the key terms and benefits of the Mining Contract for MML confers the automatic right of renewal of the mining concession in favor of MML, subject to compliance with applicable laws. The Company's existing mining concession was granted in 2005 for 10 years MML has therefore commenced the renewal process for the mining concession for a further 20 years and on the basis of the signed Mining Contract would expect a timely renewal of the concession prior to expiration of the existing concession in June 2015 Agreement to Sub-Lease Rolling Stock, Thu, 9th Oct 2014 11:20 The addition of the rolling stock translates to 500,000 tonnes per annum The new rolling stock has a value of approximately US$21 million. This sub-lease agreement will support the Company's expansion strategy to advance Beacon Hill's Minas Moatize Coking Coal Project to Tier One cash cost status which will deliver an economically robust mining project even during periods of depressed coking coal prices. So the company have said that the rail two months ago was worth 21m USD (yes that's Oct 2014) and June we have auto dibs on the 25 year ruling, so now has a monetary value in terms of cash being generated from that sublease, all good information at hand as we know that the sublease is Vale and they have a massive vision and big pockets as Andy says they don't need T1 they have all the gear in situ but if they snapped BHR up would have diversity in two plants at T1 for a poultry 20m, end to end port allocations including storage and the whole of the coal deposits sewn up and then the largest single resource if you include Changara and make some losses back from any sales they sold already at a loss, the Beacon has it all for them and was possibly on its way to them. Well done everyone with the efforts in 2014 and when I say everyone will include the board of directors at BHR without the work you put in, could not have made the progress we made in such a short space of time. You can work with shareholders or you can try to ruin shareholders, but lets look where the attempt at ruining them is, the eye is on BHR, investigations are on-going, more support than ever, illegal activities uncovered and people digging up more information than this company on a daily basis to ensure we get what is right as shareholders. Happy new year one and all. Red
I think in June 2015 there is also an addition up for grabs on that rail, BHR have first dibs. Its in one of the old RNS's out there, so more additional value in terms of revenue. This is future value so clearly would want to highlight this to people and reminds the BOD that do post and read here we also know and haven't forgotten either.
If you look back no reason was given for suspension. The market reaction was to what the company did with its Darwin placing. Note this was the directors decision to both offer the heads of a majority to a minority and know what that reaction would be, SP could have been suspended weeks ago and wasn't. The BOD knew they would be defeated so took the ball home crying to mummy shareholders are fighting back Sad that's what a combined 500k USD gets you, on administration at least no one else will have to suffer it, with the exceptions of their partners muttering words of disgust while they fight it out for what's in the out of date today bin in Tesco, never know the Elite may squire a taste for bruised skanky finger poked chicken.
Sling me a mail when you get five minutes
Braz, You could be right on Jindal but have to run with Vale as someone put me onto something and after a bit of digging came up with Vale, as for them having That much cash injected means signals an intent to be the biggest operation in Mozambique and the rail would fit like a glove if they intend to be logistic heavy. Vale also said they were upping production this year, to do that you would need more rail. They have that from BHR (or had) so lets see how this affects Vales plans to produce more and get it to access points in ports. Leak that put me onto it was very credible.
The only thing blowing away will be you sir with your new room mate, while performing your own uber service. 56k blown, lets just hope your tips are better than your efforts here were. Your parsons nose will be deeper than moatize, a just reward for all your efforts here and well deserved.
Great write up and old but as you see the same tricks time after time, you will see this time and time again in boards. You have to admire these people, for the people not aware the ones from RRL were tracked down supposed to be representing shareholders, however were not on boards just like this very board. http://boards.fool.co.uk/de-rampers-handbook-7623066.aspx
Here is a very plausible theory on the sublease, and would welcome alternatives on this, although I do believe what is here is very credible based on the story. 9Th October the sublease is announced as a break through by Team Beacon. Agreement to Sub-Lease Rolling Stock Thu, 9th Oct 2014 11:20 RNS Number : 8852T 12 months to use the Sena line with an option to extend. Fast forward a bit to December and Vale and Mitsui tie up what could only be a miners dream 9th December $450 million for the mine $313 million for the stake in the infrastructure project, known as Nacala Logistic Corridor, or NLC, http://www.bloomberg.com/news/2014-12-09/mitsui-pays-763-million-for-stakes-in-vale-africa-coal-project.html So what we have is a huge investment by Mitsui in a coal project but more importantly The investment in Nacala logistics for half the line, lets just assume that it is Vale on the sublease tucked up before Mitsui goes public and now have a link from Beira to Moatize one way and Moatize to Nacala the other way, or laymans terms an end to end solution from port to port. Thats a flexible solution with diversity for any mining company but does have credibility in terms of who it is and why. You can see its importance here. http://en.wikipedia.org/wiki/Mozambique_Ports_and_Railways 9th November 2013 1p share price. http://www.*****************/great-interview-with-the-chairman-of-beacon-hill-resources-plc-justin-farr-jones/ My opinion is it is a great interview as it shows how much this is worth. Here is what the Chairman said in his own words. "I think most people are unaware there is enormous demand for new rolling stock in Africa. This cemented our rail allocation and long term access to logistics. this access with trains in my opinion could be worth more than the current market cap our company over the medium term" Lets forget about falling coal prices and the fact that people have had to have a turkey drumstick and face Christmas with not as much caviar and champagne as they would liked, this is 1p as an asset value ignoring coal in terms of worth, as we have an abundance of that stuff that's worth nothing we have been told. But really is it if were to believe the people at Board level in BHR? BOD saying one thing but meaning another doesn't ring true, anyhow that's my take on who that mystery subleaser really is and would make some sense as to why they want it and possibly try to scoop up the mines we have as that's a serious operation they have with the funds. Tony Robson analyst what say you on the possible theory at play here.
Co op, Straight forward question to a man with all the answers. You are telling shareholders on here assets are secured, stop bothering the BOD eh.. Stop wasting your time here chicky baby, your talking through the parsons nose. Deramper who's time is coming.
Which assets are secured, specifically?
All legal and above board in terms of a request. Good communication can work wonders for a company and shareholders see the gap
Perfect example of how to generate funds, having more mines than claymore are only of use if you intend to use them. May mean you have to cut one or two and become a success first and then go after other resources. Get your own house in order before you attempt construction of others. Seems all very logical but for some reason are happy to liquidate when we could have sold parts off to fund T1. Unless of course there is another reason that will be revealed.
Well noted puphead, The reason the SP has been battered is due to Darwin and Henderson. Company had plenty of time to do a placing with terms Darwin got but chose not to. They did take extraordinary measures to rush Toni and Guys offering through and offer PI's a dire dilution placing. A well balanced BOD should be looking at how to gain back support due to errors made. Nothing wrong with making mistakes as long as your humble and have the Best interests of ALL shareholders as your focus, takes a man to stand up there and say we got it wrong, and here is what we plan to do to correct the path to put it right.
If a company is under investigation on a few fronts those investigations would have to have concluded? Here BHR are under the microscope for insider trading plus a few other areas. Mouchel may have been a different case, ie just a no vote. You cant sell what you may not have, so presuming investigations and a full audit to see what we do have in accordance with what has been stated or we then have misreporting to add to this. A bit like removing evidence from a crime scene, so BHR is no ordinary case and have not been stated as no longer a going concern yet, normally 30 days before cash runs out.
Matt, where on earth have you been, 15M shares and popped in to say hello. Nothing is certain as the share is in suspension due to the no vote which would have left you enough to buy a bag of revels up until the next funding where you would have been left with enough to purchase a tenth of a penny chew.
Interesting that if times are bad we see Baobab in talks with not one but three chinese engineering groups for pig iron. Having been granted a licence 17th December in Tete plus a bridging loan of 1m in November. Another one out there achieving the impossible, making three now in less than two months.