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That still ignores the current risks associated with the license. It is why the suspension was not lifted when the license was reissued. It is why AB and JLP still state that JLP is still to decide if it wishes to proceed with the project and with the JV. I understand you wanting to look to the positives, but this is a real point that I am making.
You are ignoring the issue of the license. BMR stopped anyone being able to buy (or sell) even a single share until that is resolved. It still isn't.
JLP can effectively never sell their shares in BMR. It is almost the same as saying "we don't believe in our Kabwe project". It would damage their own share price. And it's probably easier to buy a private company than a public one. In any case, I would have thought that they would only ever try and buy out the project, not the company. Of course, the board of bmr may not accept that option because it would not be great from a tax perspective for BMR. Amongst other reasons.
Bring, that is, at least, encouraging.
Troajan, I'm not sure why you are baffled. The LSE has written to shareholders about the impending delisting. Not that it can't be avoided, but the threat is real.
I doubt JLP really cares if BMR is public or private. They only care about the license and the economics of the project.
There is nothing wrong with the theory. Only your interpretation of it.
That doesn't sound correct. I assume that is only required if the board wants to delist voluntarily.
In some ways it is easier to raise money if off the market. If the mythical three investors are happy to own shares in a private company, for the long-term, they at least won't have to worry about volatility in the share price. If they want to sit and wait for dividends then they are probably fine with it being private. Pain in the arse for small shareholders though. What little protection (and liquidity) AIM provides is lost. It is possible that the three want to invest in a private company and that delisting suits AB's agenda. But I don't know.
No, Vignere, that is not correct. The rights to the tailings and the land rest with the license. Lose the license and all rights to Kabwe are lost.
I think LTH's have earned their right to whinge.
Maybe things will come together, but the track record suggests otherwise. I find the refusal to do the obvious and apply for an extension odd. I can only imagine how I would feel if I had life-changing amounts of money invested here.
Maybe the company can't apply without a NOMAD. Maybe the NOMAD won't accept appointment until everything is sorted. Perhaps BMR is stuck with no option than to hope the plan comes together. But if that's the case then AB should say so. Maybe that's what he was really saying to Bring?
I know Colin and Leon a little, and they seem pretty straight, but they must be tempted to let BMR fail. A 29% stake in BMR seems much less interesting than 100% ownership, and complete control, of Kabwe. If AB is relying on JLP to save BMR then he has failed and should go. I was being serious when I thought he would resign a few weeks ago and this is largely the reason for my comment.
Bird cannot necessarily act at the same time in the interests of both JLP and BMR. He may well have to recuse himself from certain BMR business.
That's where I slightly disagree. Get the extension and, if you then find that you can, resume trading. Getting an extension doesn't mean a delay in the resumption of trading.
Bird has a conflict of interest given that he is a stakeholder in JLP. We don't know what discussions are going on between JLP and BMR and he may just use this kind of correspondence to improve his negotiating position if he feels AB is under additional pressure. If JLP are confident that they would be able to assume the license then it is not necessarily in their interest to see BMR sorted out.
All reasonable points, Bring, but none justifies not applying for an extension. As others have said, plan for the worst, then hope for / work towards the best!
If BMR goes into adminstration then the ministry will remove the license and give it to someone else. Presumably JLP. You can come up with all sorts of conspiracy theories if you think about that scenario too much!
Genuinely I think they are just trying to make the project work economically. I don't think it can be viable at the small plant size. Also, there is no way that they can throw money at this until the license is properly secure. They have their own shareholders (and reputations!) to think about. AB has made it clear that he backs their approach, although I'm not sure he has an option.
There will be more delays. That's just what these projects are about. The main takeaway for me is the implication on profitability. I didn't agree with your high-level calcs but said nothing as I've nothing better to suggest. But if margins were anything like as strong as you say there would be no reason for delay design of the lead circuit. The implication that I take is that they are still to find a way to recover the lead profitably. But that might be a wild interpretation. Lead is the main thing that needs to be sorted environmentally so they will need to get there. Processing seperately would seem to be very inefficient. Again, fixing the commercially optimal product purity specification suggests that margins are tight. Bit time will tell.
The NOMAD is supposed to verify the contents of an RNS. Not that they seem to take that duty very seriously. There are also practical issues. The NOMAD releases the RNS, presumably through some system / process with the Stock Exchange. I've no idea how a company would do that. Maybe it's as simple as an email, but I doubt it. My guess is that the next RNS can only involve the announcement of a new NOMAD (plus anything in terms of a trading update) or a notice of delisting. I doubt we will see an RNS covering just a Kabwe update. But we'll find out if JLP issues anything and then BMR does or doesn't.
Hi Bryn, don't misunderstand me, there is no reason not to be optimistic. To hope. I thought BMR was dead in March, based on what I was being told locally. Believe me it was very close. The challenges faced now are actually lesser! Still much to do, but all of it is doable, if not necessary in BMR's hands. Most LTH's here now seem more aware of the risks, or less inclined to attack negative comments. That will make success even sweeter should it arrive. I hope that doesn't sound patronising - most here will know far more than me about the problems of BMR. So the football analogy seems apt - my expectations for England were limited so I could feel happy with a semi-final. Losing twice to a wonderful Belgium team is nothig to be ashamed of.