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I feel your pain but AB has little legal obligation to tell you anything. He has to publish annual accounts and he has to hold an AGM. And probably anything to do with share issues. Other than that, nothing. Welcome to private company investment.
I can see some sense in carving out the royalties into a new vehicle. Another factor against such a move is that it is unlikely the new vehicle will be able to take the tax losses with it. So royalties will be taxable at the full rate, removing another 19% of shareholder value. And those tax losses will be available for what appears is likely to be a different set of shareholders in BMR.
It's quite possible that BMR doesn't have funds to pay the auditors. However, given the other activities being talked about, including restructuring the royalties into a seperate vehicle, obtaining new licenses, looking at acquisitions, etc, it seems highly unlikely, at best.
It is possible that the auditors are unable to sign a clean audit report. There are some unusual transactions. There must also be some doubt as to whether the company can continue as a going concern. No company wants a qualified audit report.
Finally, I've no idea when the accounts are due to be filed, but companies house aren't as patient as they used to be. They will eventually just strike the company from the register.
Happy New Year all.
Is it too late for that? I must admit to having moved on from this particular drama.
Your resolution for the new year should be to move on from BMR. It's over. Focus on your mental well-being and be pleasantly surprised if a dividend appears in five or six years time.
Re potential legal investigations - who is going to instigate an investigation?
Fund manager very rarely do. They take their losses and move on. Private investors don't have the cash. Regulators will consider this too small.
The only way an investigation happens is if the company goes into administration and the administrator thinks it appropriate.
That is unlikely because AB would appoint a friendly administrator and soon too much time will have past. Also, there will be very few creditors. Only shareholders will have lost substantially. And administrators are not there to protect the interests of shareholders, only creditors.
In response to bodg, the project is not and has never been very straightforward. There is no such thing as a straightforward junior mining project, tailings or otherwise.
I said a few times on here that JH's process could not possibly be viable. The maths: the margin was forecast at 50%. So direct costs were 50% of revenue. Half the cost was acid, i.e. 25% of revenue. Other costs were therefore 25%. Acid prices increased 4-fold. Therefore, direct costs became 125% of revenue. Not viable. That excludes capital costs, finance costs and indirect overheads.
But nobody took any notice, Vignere focused on calling me rude names and Bring called AB again to make himself feel better.
Plus the fact that it was a dangerous process that is avoided by most.
For anyone that still wants to listen, word in Zambia is that the project is still far from commissioning. It is at least as likely that the licenses will be lost as it is that the project will ever be commissioned by JLP.
The Met will not be interested, Vignere. The payments are fully disclosed and are for services rendered. They will more likely charge you for wasting their time.
The project is years away from happening. License problems remain and you guys really are best off forgetting about your investment for now. Live your life and hope to be pleasantly surprised one day.
Vignere is in denial.
Every new low is greeted with disdain for the realists that have been proven correct every step of the way. It's bizarre.
Do you realise that you have no idea what BMR's financial demanda are?
Do you realise that nobody will sponsor BMR for a relisting?
Do you appreciate that BMR will have to sell it's Jubilee shares to stay in business?
Do you recognise that there is no plan to recover vanadium?
Do you see that the likely profit share from the processing will be minimal?
Obviously not.
Nobody could invest in BMR whilst the license is in default and the new license conditions could not be met. It is still technically in default (whatever JLP tell us), although it seems that JLP has received verbal assurances from the Ministry around their proposed new timetable.
Ha! The p.s. amused me.
"Subtlety being negative"? It was not subtle! I was negative for a reason. There is nothing wrong with a negative opinion on a stock and I'm certainly not ashamed at posting sense!
Not valuing the opinion of someone that actually works in this area is one of the reasons that you are in this situation. Are you on of Gove's people that has has "too much of experts"? I don't claim to be cleverer than anyone else - I'm sure there are many things on which you could advise me. BMR isn't one of them.
I could just as easily query why you bother posting here, Bring. You have been wrong about everything and yet continue to try and speak for everyone (ref. your rude comment to Rofert). The point of my comments should now have become perfectly clear. Informed opinion was severely lacking around here. My opinion in the future would also be useful if you weren't so proud. I am one of the few people here that has been on the board of a plc, and has worked in Zambia, and in tailings and has experience of corporate finance. I'm sorry that you lost money (yes, it is likely lost) but your continual attacks on me are unjustified. I've been largely right so far and whilst that doesn't mean I will continue to be right (I'm not an inisder), some might find my comments useful. Naturally I will now comment less as the absence of news will give me nothing to interpret. It is arrogant to say so, but seeing as you are yourself arrogant, I will say it: it will be your loss. Not that you will lose sleep over it, I'm sure.
Not really any implications other than that a new listing is not close. Registrars can act for private companies but it looks like AB has cancelled the contract. It is possible that HSBC don't like to act for a private company, but you would expect them to hand over to someone else if it was their decision.
Nobody can really answer that. So, this is just my opinion... I would write off your investment. It is possible that royalties will be earned in the future; perhaps starting in three or four years time. I don't expect those to be material. Perhaps, at net present value, there is 5m to 10m to be earned from the project. Less running costs for the company that would leave value of something less than 1p or 2p a share. I am also not sure that people have twigged that BMR is not a company that legally can pay dividends. It's got 10s of millions of retained losses to claw back first. Maybe a capital reconstruction is possible, I haven't checked.
That's equally as valid as any other strategy
I'm not close to either business, although I have met / spoken with a few of the characters over the years - none of them this year. I am familiar with Zambia and with tailings work. And with corporate life. I don't see the esia as a big issue - an update would be easy enough. It's usually the social stuff that is more time consuming and a process change has little impact on that.
Danlaur, thanks for the kind request. I am not a shareholder. The truth is that I think my knowledge would be useful, but too many have not appreciated my input over the last few months. I would likely create more discord in the group. My only advice is that people need to be realistic about what BMR can do. AB should focus on getting lean so that the company will be around to collect its royalty in the event that the project is a success. He's not a man to trust to invest your cash well. Btw, I remain unconvinced on the viability of the project and the security of the license.