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BRR Braemore Res

2.10
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Braemore Res LSE:BRR London Ordinary Share GB00B06GJQ01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 2.10 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 2.10 GBX

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Date Time Title Posts
18/10/202012:42any nws30
15/1/201013:42Braemore Resources - Nickel on the Cheap19,747
25/8/200913:11BRAEMORE RESOURCES (BRR): CHART AND DISCUSSION THREAD49

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Posted at 29/10/2009 13:50 by aaaaar
BRE- Braemore - Court Order Sanctioning Scheme
BRAEMORE RESOURCES PLC
(A company incorporated in England and Wales with Registration Number 5350550)
(South African registration number: 2008/013973/10)
Share code on the JSE Limited: BRE
Share code on AIM: BRR ISIN: GB00B06GJQ01
("Braemore")
RECOMMENDED OFFER FOR BRAEMORE RESOURCES PLC BY JUBILEE PLATINUM PLC
COURT ORDER SANCTIONING SCHEME AND CONFIRMING REDUCTION OF CAPITAL
Braemore Resources plc ("Braemore") announces that, at a hearing held earlier
today, the High Court of Justice in England and Wales sanctioned the Scheme of
Arrangement (the "Scheme") in relation to the recommended acquisition of
Braemore by Jubilee Platinum plc ("Jubilee"). The Court also confirmed the
reduction of share capital involved therein. This Scheme was approved by the
requisite majorities of Braemore Shareholders at the Court Meeting and the
General Meeting which were both held on 7 October 2009.
The Scheme is conditional on the delivery of an office copy of the Court Order
sanctioning the Scheme and confirming the reduction of capital being registered
with the Registrar of Companies in England and Wales. This is expected to be on
30 October 2009.
Trading in Braemore ordinary shares on AIM has been temporarily suspended. The
cancellation of admission of Braemore Shares to trading on AIM will take place
on the business day after the Scheme Effective Date. It is expected that such
cancellation will take effect at 7.00 a.m. on 2 November 2009. The last day to
trade in the Braemore Shares on the JSE will be the Scheme Effective Date and
the JSE has agreed to terminate the listing of Braemore Shares on the JSE with
effect from the commencement of business on 9 November 2009, or such later date
as may be requested by Braemore and approved by the JSE.
Capitalised terms used, but not defined, in this announcement have the same
meaning given to them in the circular posted to shareholders on 14 September
2009 (the "Scheme Document").
Capitalised terms used, but not defined, in this announcement have the same
meaning given to them in the circular posted to shareholders on 14 September
2009 (the "Scheme Document").
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Scheme Effective Date 30 October 2009
Time of registration of the Court Order 4.30 p.m. on
with the Registrar of Companies 30 October 2009
Last Date to Trade in Braemore Shares on 30 October 2009
the JSE
Cancellation of admission of Braemore 7.00 a.m. on 2
Shares to trading on AIM November
Listing of New Jubilee Shares on 2 November 2009
AIM at commencement of trade
Listing of New Jubilee Shares on the 2 November 2009
JSE at commencement of trade
Suspension of trading of the Braemore Shares 2 November 2009
on the JSE at commencement of trade
CREST stock accounts credited with New 2 November 2009
Jubilee Shares in uncertificated form
JSE Record Date 6 November 2009
Dematerialised Scheme Shareholders' accounts 9 November 2009
(held at their CSDP or broker) updated on or about
Date for dispatch of certificated New 9 November 2009
Jubilee Shares on the JSE on or about
Termination of listing of Braemore Shares Commencement of
on the JSE business on
9 November 2009
Latest date for dispatch of certificated 13 November 2009
New Jubilee Shares trading on AIM
All references to times are to times in London (unless otherwise stated).
Enquiries:
Leon Coetzer
Braemore Resources plc
Tel +27 (0)11 465 1913
David Russell
Braemore Resources plc
+61 (0) 416 377 157
Dennis Tucker
Qinisele Resources (Pty) Limited
Tel +27 (0) 82 492 4957
Sharon Owens / Brian Chistie
Sasfin Capital
Tel +27 (0) 11 809 7500
Louise Goodeve / Leah Kramer
Walbrook PR
Tel +44 (0) 207 933 8780
James Joyce
WH Ireland Limited
Tel +44 (0) 207 220 1666
Nicola Taylor
Russell and Associates
Tel +27 (0) 11 880 3924
Corporate adviser
Qinisele Resources (Pty) Limited
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Nominated adviser
WH Ireland Limited
Independent adviser
Venmyn Rand (Pty) Limited
Legal adviser in the UK
Watson, Farley & Williams LLP
Legal adviser in South Africa
Eversheds
Reporting accountants
Moore Stephens MWM Inc
Auditors
BDO Stoy Haywood LLP
This announcement is not intended to, and does not constitute or form part of,
any offer to sell or an invitation to purchase or subscribe for any securities
pursuant to the Proposal or otherwise or the solicitation of any vote or
approval in any jurisdiction. Braemore Shareholders are advised to read
carefully the formal documentation in relation to the Proposal.
The availability of the Proposal to persons outside the United Kingdom might be
affected by the laws of other jurisdictions. Such persons should inform
themselves about, and observe any applicable requirements of, those
jurisdictions.
Copies of this announcement are not being, and must not be, directly or
indirectly mailed or otherwise forwarded, distributed or sent in or into any
jurisdiction where to do so would violate the laws of that jurisdiction and
persons receiving this announcement (including custodians, nominees and
trustees) must not mail or otherwise forward, distribute or otherwise send it
in, or into or from any such jurisdiction. Further details in relation to
overseas shareholders are contained in the Scheme Document.
Date: 29/10/2009 15:45:00 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Posted at 09/10/2009 23:57 by alex_raga
ye brr has the tecnology that jlp need in order to move forward. brr has a smelting refinery if im right and jlp need that for there platinum. i did watch a presentation with brr and jlp.

at the moment the shares are diluded and i think they will fall 30 there going down all the time. up and then down.

if i buy shares in jlp and point me buying shares in brr. or just load up all on jlp.

i feel the deal will benifit both thats ovious (thats if it happens) so the share price will go north.
Posted at 24/9/2009 07:41 by masurenguy
You consistently got it wrong - no crime in that - but since you are always so authorative and condescending a little bit of humility would have been appropriate. However I'm not holding my breath and you can just write my comments off as 'stupid' as you have often done with the views of others in the past !

wdurham - 19 Jun'09 - 10:18 - 17912 of 19650: Any offer that might be on the table is possibly not only not unwanted, but needed. That alters Atomaer's standpoint completely, wouldn't you say? Particularly if the rumours are true, and the potential bidder is Ruukki Group, where there would appear to be some good synergy.

sr12345 - 22 Jun'09 - 17:04 - 18045 of 19650: Jubilee Plat is down 8% so BRR fall is not out of the ordinary.

wdurham - 22 Jun'09 - 17:38 - 18046 of 19650: Braemore has technology totally unrelated to Jubilee Platinum's main project at Tjate - it is only relevant to the chromite/tailings projects on the western limb. There is no correlation between the share prices of the two companies.

wdurham - 24 Jun'09 - 17:04 - 18176 of 19650: j-j - Do you ever look past the end of your pessimistic nose at what's going on in South Africa? And more specifically what's going on on the Bushveld? Have you not worked out what Kermas and the Ruukki Group, along with their wholly owned SA subsidiary companies, might actually be up to? Kermas own Samancor, which is already the second largest ferrochrome producer in the world. They also own 16% of Ruukki, which owns 100% of Ruukki SA, which has just bought 4 x Mintek-developed DC arc furnaces at Krugersdorp - one of which is brand new and not yet commissioned - and has clearly expressed on several occasions an intention to move into platinum. The link D-D posted earlier states specifically that they are targeting tailings and UG2 feeds.

Do you really not understand any of this? Or what it might mean for the two companies who have now announced that they are in talks which might/might not lead to an offer? One of them being a PGM tailings reclamation specialist and the other possessing technology which can handle UG2 feeds? I can understand your average numpty trader not understanding, but you've been a shareholder for a long time, have a large holding and according to earlier posts here run your own company. Can you really only see gloom and doom?

Judijudi - 24 Jun'09 - 17:21 - 18177 of 19650: WD, Do you ever got off your high Horse? For the record I detest your condesending attitude and your know it all posts. You are extremely knowledgable on this company but do not for one minute presume to be the only person who knows whats happening with BRR and what may be at stake.

wdurham - 1 Jul'09 - 15:03 - 18464 of 19650: I can't see any logic in a Jubilee buy-out of Braemore.

wdurham - 3 Jul'09 - 00:55 - 18538 of 19650: I hear on the grapevine that Braemore ARE playing hard to get.

Popper4 - 3 Jul'09 - 08:51 - 18542 of 19650: Rumour is Ruukki walked away. BRR approaching JLP for funding. Only a rumour. Maybe RNS today. Leon is quick to qualify rumours.

wdurham - 3 Jul'09 - 09:17 - 18543 of 19650: Ruukki walked away? I simply don't believe it. No Conroast = no new mine-to-metals empire for Mr McConnachie.... I suspect he has once again been sent packing by Braemore and Atomaer.
Posted at 23/9/2009 20:30 by masurenguy
wdurham - 23 Sep'09 - 19644: So without Jubilee and a bit of Northern common sense and business acuity from Colin Bird, Braemore would have gone to the wall many weeks ago, and shareholders would have lost everything.

A very different song, with the benefit of hindsight, than you were consistently singing just a few months ago.

wdurham - 14 Apr'09 - 16692: You will realise just how pointless it is if you understand that progress has been continuous and encouraging all the while the share price was sliding. The only bits of bad news in the last 2-3 years have been in the last 3-4 weeks - increased losses and the smelter incident. Subsequent to which the share price has doubled. Perhaps we should beg the Braemore directors for some more bad news?

wdurham - 21 May'09 - 17102: I think there comes a time in every company's history where you just have to place a level of faith in the company's ability to assess the market, assess their projects, and adapt to the company's benefit when circumstances change.

wdurham - 22 May'09 - 17148: As for a takeover, ask yourself what Atomaer might feel they would be willing to accept for 10 years of sheer hard graft in WA and several years with Conroast in SA.....the "right" price would have to be very, VERY right!

wdurham - 28 May'09 - 17212: IMO, the likelihood of a takeover of Braemore in the near future is zero, unless the price is very right. i.e. a very large multiple of the current share price.

Maybe a little humility would be more appropriate as a change from just frequently calling many of the other posters 'stupid'
Posted at 04/9/2009 19:24 by billthebank
If yes. Haven#t seen that before. Very interesting & I really do hope that the combined group will see a makor growth on the share price by at least 4 times & for many bleagured BRR shareholders poss a 1 bagger to get there money back. It was gr8 to hear that they will be cash flow positive virtually immediately & that we will have a clearer view of their combined strategy later this year. I feel it would be good to find out the numbers e are talking about regarding the combined profitability & armed with this information I guess the BRR shareholders will in all likelihood begin to see the merits of this merger & indeed average down on their entry point. The share price of JLP seems to have stopped falling & on release of some numbers I believe we could see significant upside. I have to admit I was impressed with the presentation! Time for more research I feel.
Posted at 14/8/2009 16:25 by wdurham
alimo - I suggest you visit the LSE website and read about SETS and the order book mechanism.

People with DMA are not necessarily large holders with large amounts to buy and sell. Having said that, it is relatively easy for low volume trades to be sent through the book with the deliberate intent of altering the share price. I am not saying it has happened, but the order book concept relies for its efficient functioning on sellers wanting to get as much as possible for their stock, and buyers wanting to pay as little as possible for their stock. If anyone wants to move the share price down, all he has to do is stick a little sell order on the book at the bid price, where he will straightaway get a match and the price will move down to the execution price. To move it up, you'd do the reverse - a little buy order at the offer price.... Little trades to keep the losses down.

Anyway, it's academic as things are now different - since earlier this week Braemore is no longer a SETS stock, but a SETSqx stock, so back to being more or less reliant on the market makers.
Posted at 21/7/2009 06:11 by assegai
madprofessor44, my own view, which doesn't carry any special authority with it, is as follows:

Forget about what the company is called and who it is owned by. Our shares now, day in day out, go linked in their fortunes to those of JLP. Soon this link is going to be an even tighter bond and our shares are going to disappear and become JLP shares. So the question is whether this new entity that is about to emerge as the result of the takeover is something which deserves our confidence? Here you need to look at the technical side of what the new company has going for it. Before BRR was good on technology, poor on raw materials and poor financially. Now, the new company will be good on technology, good on raw materials (look at JLP RNS of 4/6/09), and apparently in a much better position financially. The conclusion would seem to be that the resulting company is going to be a much stronger entity than BRR ever was, and a look at its current value (£45-46 million) would suggest that its true potential has not been fully factored into the price.

Far from bailing now, I see things considerably more clearly than I did before. It was always going to require an important upheaval for BRR to get really motoring. Now we know what the form of that upheaval will be. The gloomy dissent that has accompanied this move seems to me to be due to an excessive adherence to the idea of BRR as an independent entity. We are not BRR, BRR has no soul, it doesn't matter whether BRR is independent or not, nor whether its name lives on. Go with the flow, don't limit yourself with rigid thinking and false attachments, and it will be seen that here at least union is strength.

...with all the usual disclaimers!
Posted at 11/7/2009 08:33 by zaitoon
From my perspective as a very long term holder of BRR this recent saga has been disapointing.
I was drawn in before Conroast PGMs etc had been heard of here. It was simply the Australian Nickel Tailings.
Seemingly little progress has been made in this area over many years. I understand the collapse of metal prices has hindered that recently but would still have expected BHP to take a long term view on this.
This slowness has caused me to have doubts over the management of BRR.

Conroast is something I am not sure about. The technology appears to work but I do hear views that it is not the holy grail and other processes work equally well. In a sense this take over removes that uncertainty or at least the importance of it.

I am now becoming positive on this tie up with Jubilee. OK we are taking a massive hit on the share price of BRR right now but the opportunity to build a successful business from the Conroast technology must now be greater and the timeframe shorter.

That is my take on it anyway and right now I think BRR shares are at an attractive price.
Posted at 11/7/2009 07:31 by mirandaj
As a shareholder of Braemore for some time now, I was pretty shocked by the Braemore/Jubilee announcements. I am also extremely fed up with some of the comments being made in various places; so to clear up some things for my own understanding, I wrote to Mr Russell.

He has kindly replied and in so doing has put my mind at rest about many things. Hopefully this will help others have a better understanding.

I have just listened to the following and some of my concerns were actually allayed by this discussion (already highlighted here I note) - starting about 5 minutes in. Even so it was good to hear from the company.



This is what I wrote to Mr Russell and below that is his reply and the questions I asked and his replies. Mr Russell has given me permission to disseminate his reply as you will see.

"Dear Mr Russell,

I have been a shareholder in Braemore Resources for quite a while now but am getting mixed messages about exactly what is actually happening to my investment and why. One can read all the reports there are from various sources but still remain in the gloom. I am pretty angry and upset to see all the company announcements being misread by what I see as manipulators and misinformation being bandied about.

Would it be possible for you to answer a few basic questions that might clear up misunderstandings? If so, may I disseminate any reply that you give?

Yours sincerely,
Miranda xxxxx"

Dear Ms xxxxx

Here are the replies to the Questions that you put to Braemore. I can
give you permission for these to be disseminated in their entirety. I
hope these answers set the record straight given the high degree of
uninformed speculation we have been subject to recently.

Regards

David Russell


1. Why did Braemore go for a takeover in the first place? Was the
company really that broke?


The merger was motivated from a position where both companies
recognised the enhanced value of a combined entity. Braemore had
completed its development phase and was seeking a partner for the
commercialisation phase, ideally a partner that held assets which
would directly compliment the ConRoast technology and nickel potential
in Australia. Jubilee fitted the bill and shared the passion to
utilise the ConRoast technology to access their surface stocks in
the short term while recognising the value it brings to their longer
term Tjate project in South Africa. Braemore issued a cautionary RNS
in May 2009 informing the market that working capital was under
pressure, as margins contracted sharply on a weaker PGM basket price
and a strongly appreciating Rand, amid the global economic crisis.


2. And why choose a takeover deal instead of raising cash in the
market? Especially one with another junior that has little money and
no better access to funds than Braemore do themselves?


Combining a company that offers the solution to PGM processing for the
future with a company that has a platinum resources portfolio of both
underground and surface assets establishes a totally new force in the
sector. This new entity has the potential to generate significant
cashflow in the near term and transforms both companies and will be in
a much stronger position to access funds going forward. Braemore
carefully assessed all potential sources of capital and investigated
debt (backed by PGM alloy as collateral), straight financing, equity
placements and committed equity financing. Placement terms offered
were at punitive discounts and would have resulted in significant
dilution to existing shareholders.


3. Why, when all the rumours were about a bid by Ruukki, did the
company choose to go with Jubilee at a huge discount to the prevailing
share price?


Braemore cannot account for all the rumours nor why they surfaced.
Braemore reached a critical juncture in its history with the
conclusion of its development phase, in a tough market and while
receiving recognition from the platinum industry. It reached a point
where the technology was no longer a dream, but a reality.
Unfortunately, this point was reached within a world recession with
sharp contractions in metal prices and Rand strengthening. To
commericalise the technology, platinum resources on which the
technology could be implemented needed to be secured. Choosing to
merge with a large, funded entity already in production would cause an
unfavourable evaluation in current markets, whereas joining two
companies in similar positions creates potential for far greater
upside once a solid, cash-generative position is reached. The ?huge
discount? is not correct when you include the fact that the
performance shares have been cancelled at no cost, removing a 50%
overhang, and that Jubilee will provide working capital totalling R50m.



4. Was the Jubilee bid a last minute rescue after Ruukki walked away?


Certainly not. Jubilee and Braemore are well known to each other and
have tracked one another?s progress over the past year and a half.
Both companies have reached critical milestones that supported the
transaction ? Jubilee released their resources statement in June and
Braemore concluding their technology development. The fit between the
two companies offered great synergy to provide PGM resources to
Braemore and smelting and refining technology to Jubilee. It is what
we refer to as ?total capability? in the PGM business. In the time
between now and commissioning Tjate, the new company will be producing
PGMs in final concentrate from the previously announced reprocessing
of PGM-rich tailings deposits and at the same time is examining open
cast UG2 mine operations. Do not forget the synergies between the
nickel projects held by Braemore in Western Australia and Jubilee in
Madagascar. There could be aspects of the Braemore atmospheric
leaching technology applicable to Jubilee?s nickel deposits under
exploration in Madagascar.


We are seen as a fully fledged platinum company with very strong
process capability. Yes, Tjate is a few years off, but it is a superb
project due to its grade, reasonably shallow depths and location.
This bodes well for the future. Bramore is significantly strengthened
with the Jubilee resources and can finally give light to the
commercialisation strategy in a market that heavily discounts a
company that is emerging from technology development and entering
commercialisation.


5. Is Conroast really as exclusive as you have always claimed?


Definitely. Look at the repeated problems experienced at other PGM
smelters when excess chrome is added to the smelter feed. The revised
ConRoast agreement further strengthens the technology partnership
formed between Mintek and Braemore which provides for the commercial
exploitation of the ConRoast technology through the smelting and
refining of PGMs. Two key points within the amended agreement are as
follows:

Braemore Platinum has consolidated its sole, exclusive right
to use and commercially exploit the ConRoast technology within the PGM
industry on a global basis.

An extension of the exclusivity period is available to
Braemore for the life of the ConRoast patents which expire in 2020


6 If so, why do Ruukki say they will smelt and refine PGMs at Mogale?


I want to stress that in terms of the ConRoast Agreement between
Braemore and Mintek, Braemore has an exclusive global licence to the
patented ConRoast technology. Ruukki acknowledges these rights.
Braemore has stated previously that it will continue to engage with
companies within the platinum industry to form partnerships on
commercial terms.


What is being referred to by Ruukki relates to DC arc smelting of
chromite concentrates which does not cover recovery of PGMs. It is a
subtle but important point.


There is nothing in future to stop Ruukki and Braemore coming to an
agreement to apply ConRoast technology to assist in recovering PGMs
but that would be subject to negotiation.


7. Have BHP backed out of the Australian operation?


Certainly not. We had a meeting just this week in the BHPB offices
where technical discussions continued.


8. The CEO was talking of deals and discussions re: Conroast only days
ago - have these fallen through?


Not at all. The focus has always been to ?un-clutter? the Braemore
strategy and demystify the technology offering. This was tackled
through very difficult global times and ensured that Braemore reached
one of its most critical goals: to conclude development and move into
commercialisation. Braemore therefore had the potential to deliver
the growth for its shareholders, when the industry had been hit by a
collapsing world market where growth ground to a halt and companies
ran for cover. This realisation drove Braemore to find a suitable
partner that offered complimentary assets that could ensure the
ConRoast dream can continue and in fact grow through these most
difficult times. Clearly there are other companies who from the
outside might look to offer greater synergies and are already
producing concentrate; but these companies value their positions even
higher and therefore ours even lower.


9. Are we still smelting for Northam and AmPlats?


The demonstration smelter is temporarily shutdown awaiting the
completion of the hydrometallurgical refining facility that will boost
margins to levels where it is feasible to recommence smelting. This
is in response to the continued strengthening of the rand and low
metal prices .


10. What do Atomaer get out of this deal?


Atomaer gets Jubilee shares in exactly the same ratio as all other
shareholders. They actually get less given the decision to cancel the
305m Performance shares at no cost which effectively removes a 50%
overhang on the share price.
Posted at 09/7/2009 14:20 by geko5trade
Yes that's the point joeblogg. Assuming this TO goes ahead banging on about BRR management is ancient history. It's what happens to JLP's share price and Bird's ability to raise finance. Will their share price reflect their current assets and all of BRR's tech. There is a good argument that the synergy can produce early cash flow and release the value in both companies.
Braemore Res share price data is direct from the London Stock Exchange

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