Beacon Hill Share Discussion Threads

[asturius101] 30/1/2015 08:54

Looks like the shareholders here cut off their nose to spite their face. If the deal had gone through they would have at least got something for their pain?

[oliversanvil] 29/1/2015 20:32

Best place to hold a meeting is in Tete! Face to face with shareholders administrators and Bods. I wish. Or ? However, we have them by the short and curls!

[redbike_lse] 29/1/2015 20:24

What I would say is, where ever that meeting is take time off to attend it.
people have been working away in the background so show some support for the people attempting to get something back for shareholders.
This also gives you a chance to interact with shareholders as well speak with like minded people and put thoughts across face to face.
In general AGM's and EGM's had a poor turn out at BHR.

[oliversanvil] 29/1/2015 19:31

"Justin Lewis didn't jump, he was pushed" and now needs to be shoved into court and answer as to why?------ "if there is a meeting surely ARK would be better finding out which city the largest majority of shareholders live nearest that way they would get the best turn out" I live in Ipswich Suffolk

[oliversanvil] 26/1/2015 19:05

KatyLied We have another Achilles heel here ! Keep hitting the raw nerves. We are entitled to the truth.

[katylied] 26/1/2015 18:43

Oliver... Justin Lewis didn't jump, he was pushed. However, because he knew where the bodies were buried, the new BoD thought it best to buy his silence. Failure was thereby rewarded, and a precedent set for Golden Goodbyes, should any of the current BoD find themselves departing the gravy-train...

[oliversanvil] 26/1/2015 18:36

It is Justin Lewis that must be brought to book as i suspect the seed of deception was planted with him.Did the shareholders have then the option vote to take or not the offer of 16p per share. Whose decision was it to decline the offer of 120million and why? And why shortly after this move did Mr. Justin Lewis Resign as CEO BHR? He must be questioned/interviewd by the Administrators.

[oliversanvil] 26/1/2015 08:29

The BODS have used the shareholders as canaries down the coal mine. We are now coming up for air!

[cjl2112] 25/1/2015 22:38

Spot on !!!

[oliversanvil] 25/1/2015 14:53

Beacon Hill Resources PLC and BHR Mining Limited entered into Administration on 12 January 2015 with Phillip Sykes and Graham Bushby of Baker Tilly Restructuring and Recovery LLP appointed as Joint Administrators of both companies.

Graham Bushby is licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales. Phillip Sykes is licensed to act as an Insolvency Practitioner in the UK by the Institute of Chartered Accountants in England and Wales.

The affairs, business and property of the companies are being managed by the Joint Administrators who act as agents of the companies and without personal liability.

If you have any queries regarding the Administration of the either Company please contact Zoe Percy on 0203 210 8231 or [e-mail]


The Board is actively seeking to acquire or invest in additional projects to add value to its portfolio and benefit shareholders "What a load of Tosh"


MINAS MOATIZE EXECUTIVE MANAGEMENT TEAM


Adrian Bock - Chief Financial Officer

Adrian Bock joined Beacon Hill in March 2014 from TransAfrica Capital, an Africa focused Private Equity company. Adrian is a qualified Chartered Accountant with a wealth of experience in Corporate Finance, mergers and acquisitions, change management as well as operations and risk management. Adrian gained practical experience in the United Kingdom, working for amongst others, Accenture and Deutsche Bank. Most recent accomplishments include being the lead Director in successfully raising ZAR 165 million from DFI’s to be deployed in the Loan Book of Trustco Group Holdings as well as lead Director to the listing of Trustco’s ZAR 1 billion bond program on the JSE.
Mac van der Merwe - Operations Manager Rail

Mac van der Merwe has been appointed Operations Manager Rail effective from 1 March 2013. Mac brings a wealth of rail and port experience to complement the emerging Minas Moatize rail operation. Mac is a professional Civil Engineer with coal trading qualifications from Oxford University and an honours degree in Civil Engineering from University of Pretoria. Over the past thirty years, Mac has held various positions in rail and port most recently as a consultant in Rail and Port at BHP Billiton. Prior to this Mac was Project Manager Rail and Port at CIC Energy for the 1,400km Trans Kalahari Railway project linking Botswana with the Port of Walvis Bay where he completed conceptual and pre-feasibility studies. Mac has previously worked for COALlink/Orex as a Business/Commercial Manager and as Project Leader for the Eskom Majuba Power Station rail projects. He has also held various senior positions at Transnet freight rail.
Lynette Kruger - Marketing & Logistics Manager

Lynette is responsible for the entire marketing and logistics function which includes the Beira Port. She is based at head office in Gauteng. Lynette was appointed on 1 March 2013. Lynette has invaluable experience in all aspects of coal marketing and the logistics value chain. She completed her B. Com. Marketing degree from the University of Pretoria.Lynette has been in the mining industry since 1999 where she started with Metorex Coal Division, responsible for all domestic marketing and logistics for four collieries and a siding. After the Shanduka Coal buy out of the Metorex in 2006, she worked closely with Glencore International.
Ric Jose - Mozambique Country Manager

Ric is responsible for Minas Moatize's Corporate, Social and Political functions in Mozambique. In addition, Ric is playing a key role representing MML at the Mozambique Government. Since the signing of the Mining Contract, the Mozambique Government is a stakeholder in MML. Ric is an Australian Chartered Engineer with over 25 years of experience in the mining sector, having held senior operational and corporate management roles involving both open-pit and underground operations. A Mozambican national and a respected mining engineer well known within the Mozambican mining industry and government circles, Ric gained experience of the Moatize coal fields early in his career. Ric has also worked in Portugal, Papua New Guinea and Australia, latterly as Group Chief Mining Engineer at ASX listed Aditya Birla Minerals Limited. Very impressed with their wealth of experience and qualificationsBUT! if no coal was being sold why were they engaged. ? What did they do for BHR.We had a sole accountant Tim Jones based in Uk another Accountant in Gauteng. South Africa, So far away . The fact is The left hand did not know what the right was doing!

[oliversanvil] 23/1/2015 22:33

The longer it takes the more thorough the investigation ! The value goes up as coal commodity is now on the upward curve

[oliversanvil] 22/1/2015 18:59

"In terms of the train set valuation - there is no asset here as it was leased and subsequently sub-leased " from disscusmarket The train set should be a subsidiary to bhr as it also has combined the licence to use the Senna line which is worth more alone than it's coal mine operation presently.

[redbike_lse] 22/1/2015 15:31

The company is registered in UK so should be compliant with UK law as it also trades on the LSE AIM

Beacon Hill Resources Plc is incorporated in England and Wales
with registered number 5696680.

Registered Address (UK)

44 Southampton Buildings
London, WC2A 1AP
United Kingdom

Page 28
Under that law the Directors have elected to prepare the Group financial
statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and the Company financial statements in accordance with United Kingdom Generally Accepted Accounting
Practice.
Under Company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the
Group and Company for that period. The Directors are also required to prepare financial statements in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market.


They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 33
RESPECTIVE RESPONSIBILITIES OF DIRECTORS
AND AUDITORS
As explained more fully in the statement of Directors’
responsibilities, the Directors are responsible for the
preparation of the financial statements and for being
satisfied that they give a true and fair view.

OPINION ON FINANCIAL STATEMENTS
In our opinion:
the financial statements give a true and fair view of the
state of the Group’s and the parent Company’s affairs
as at 31 December 2013 and of the Group’s loss for
the year then ended;


All roads lead to the BOD at BHR if the accounts are not correct and any irregularities are discovered along the way.
The Audited accounts seem to be no more a guarantee to a guessed set of accounts
BDO LLP's audit at a glance doesn't seem to be worth the paper its printed on, its by no means a guarantee but did come up with a valuation, lets see if that valuation is correct with what BT come up with.
If they all tally up then great, if they don't then doesn't look good, someone asked a question on BDO LLP's accounting earlier, I think this may answer your question on how valid they really are.

[librag] 22/1/2015 14:53

redbike;
Agreed re. BoD "no comment". On reading the report, what jumped out at me was that BDO are liable ONLY to the management and they specifically said that are not liable to any other party.
I don't know if that wording is standard practice or not. Does anyone know if the Directors and/or auditors are liable under UK law? I'm not sure where BHR is based.

[redbike_lse] 22/1/2015 13:45

Every rose has its thorns

hxxp://www.bdotaxfraud.com/


As for BHR asset values,compare them yourself and see if they look reasonable.
Take note if they say £ or $ so you can convert £ to $ as a guide.

2012 accounts


2013 accounts


When questioned on asset values at the EGM, the BOD gave a no comment.
Odd kind of a response to something that should be transparent more so as the 2013 were fully audited accounts, presumably on all the assets we own.

[redbike_lse] 22/1/2015 12:55

Also signing off on BAO in next weeks AGM for their Audit.

[targatarga] 22/1/2015 12:27

LibraG - Hope their not as bad as each other.
Just had a look at the skr board[very similar]. That seems to have died a death!

[librag] 22/1/2015 11:48

BDO LLP were the accountants who signed off on the last audited accounts for year ending December 2013.

Could anyone familiar with accountancy tell me if the report and the firm look sound?

[bckttsim] 21/1/2015 13:35

For those who did not see this earlier in weekhttp://www.clubofmozambique.com/solutions1/sectionnews.php?secao=mining&id=2147486546&tipo=one

[redbike_lse] 20/1/2015 09:09

Latest from Baker Tilly

hxxp://www.bakertilly.co.uk/media/news/Statement-re-Administration-of-Beacon-Hill-Resources-Plc-and-BHR-Mining-Limited-UK.aspx

[humbugg] 20/1/2015 08:21

bossman,
enjoy the gravy train.