| Share Name |
Share Symbol |
Market |
Type |
Share ISIN |
Share Description |
| Bmr Group |
LSE:BMR |
London |
Ordinary Share |
GB00BWV0F181 |
ORD GBP0.01 |
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Price Change |
% Change |
Share Price |
Shares Traded |
Last Trade |
| |
0.00 |
0.0% |
1.90 |
0.00 |
01:00:00 |
| Bid Price |
Offer Price |
High Price |
Low Price |
Open Price |
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|
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| Industry Sector |
Turnover (m) |
Profit (m) |
EPS - Basic |
PE Ratio |
Market Cap (m) |
|
Mining
|
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-1.60
|
-0.88
|
|
5
|
| Last Trade Time |
Trade Type |
Trade Size |
Trade Price |
Currency |
| - |
O |
0 |
1.90 |
GBX |
Real-Time news about Bmr Group (London Stock Exchange): 0 recent articles
| Trade Time |
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No Trades
| Date | Subject |
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29/1/2021
10:32 | qsmeily456: Remember BMR is just a simple private limited company at the moment so no aim or other rules apply just the companies act as amended.
It's your company as shareholders and you can decide who you want to run it and what to resolve.
1st thing is to ring-fence that royalty and not have it diluted. I'd rather BMR was just a royalty shell that be diluted 1000 times to pay another implant who shafts us all
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28/1/2021
21:44 | qsmeily456: On the BMR website....but yes
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26/1/2021
12:53 | 1pennytrader: Has the voting details and agenda of the meeting been sent out to the share holders or do I need to request them .
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26/1/2021
11:55 | qsmeily456: Say NO to all resolutions
Demand 11% Jubilee royalty is ring-fence to existing BMR shareholders and not part of any deal or super dilution
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25/1/2021
20:19 | qsmeily456: No attendance Covid
Vote no to all the resolutions
I'd rather lose my investment and take Court action than let this happen
We never needed resources just processing plant and capacity for the £17bil of Kabwe assets that were given away for an 11% royalty agreement the details of which few shareholder have ever seen.
Now the jubilee cuckoo wants to do the same again.
Buy yet more resources we cannot process but will have to fund through a ridiculous dilution.
What's needed it a BOD controlled by true BMR shareholders not another Bird implant.
BMR Watch grow some balls. Shareholders need a pre meet before voting closes.
Remember jubilee have a massive share of the vote
Bird appointed this AB replacement.
The last Nomad resigned because BMR's governance was compromised, effectively a conflict of interest Bird on the BOD, AB Birds mate and the rest was obvious for everyone to see
And here we go again....
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14/4/2020
13:35 | poombear: Great so now BMR own nothing lol
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14/4/2020
10:15 | poombear: Tweets from BMR today, can't see any rns from Galileo Resources today? Think Bmr still owned 15% of Zinc Star.
htTps://twitter.com/BMRGroupplc/status/1249966767872585730?s=19
htTps://twitter.com/BMRGroupplc/status/1249967121406328833?s=19
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13/12/2019
15:34 | poombear: Did bmr sell all their jlp shares?
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25/8/2019
10:36 | fireball xl5: For any interested:
Great to meet holders yesterday and put faces to Avatars. We even met a very large shareholder, a lady with a small interest and a very jolly chap originating from Aus. Bring, Klue myself and Mr Aus took it upon ourselves to uphold the post AGM Alikhani tradition and nobly attempted to drink the Globe dry. Our largest personal holder was also present. We must increase attendance for the next meeting and have an overall willingness to plot the best course for what remains. BMR is a fugitive to reality until the option to acquire EML is exercised by JLP. Once this takes place the royalty agreement, whatever this may be, kicks in. I presume that Alex and co will agree this and on acceptance and signing the option could be exercised. I believe they have till September 2020. Without EML under jubilee’s belt, they don’t own the tailings and whether they have access to the site or the tailings needs to be clarified with Alex. The Sable plant just purchased would be pretty Patel useless without exercising the option. Please correct me if I have some of the ownership rights or the large scale minIng licence wrong. As far as I’m aware, although I wouldn’t be absolutely sure after recent revelations, EML and its subsidiaries EProps and EPro hold the assets on behalf of BMR. Once JPL exercises it’s option over EML I presume the royalty agreement , yet to be revealed, kicks in and we receive our 11% due to the excessive capital spend on Sable by JLP. Well that presents a dilemma, if there is no agreement then I presume no option can be triggered as a non royalty agreement cannot be triggered.
It’s absolutely pointless to allow the board to provide the sub division and pursue the Dysentery venture and potentially dilute existing holders to the same revenge. We must get the EML deal over the line and the royalty triggered. I’m presuming that Kabwe Operations would free carry the asset the way Leon has put the deal together by repayment of the capital project funds to Jubilee. As part of the royalty deal that asset should be owned on the original 60/40 basis or Kabwe Operations should be required to purchase that share. That would allow Alex to pursue Montezuma without the need to raise and dilute. The royalty is extremely valuable and whether it is ring fenced, which would bear administrative costs and not be open to new investors, or used as an income stream to lift our share price above 1p on relisting. Jubilee could release their 29% to investors, get out of being in a conflicting situation and recoup their investment. The royalty needs to be tightly monitored and collected so that the revenue stream which will be substantial unless the sly bod have a cunning plan to rape and pillage. Alex can use the royalty as an incentive to future investors or a new captain can use the income stream and the bags of losses to reverse in other ventures. We now need to be very clear and we need to be in attendance and attentive.
We need to carefully monitor Alex’s next steps and work with him under scrutiny to ensure our interests are carefully protected. Remember, JPL do not have the tailings or the site. Alex appears a little battle weary and susceptible to Colin and JLP’s intentions may not be totally honourable. I suggest we look to maximising our current position as we have the asset and JPL have a plant, together we can tango. I would like for some of us to carefully monitor events and contracts going forward, I have a family member who might be able to look at contracts/agreements or we can designate an independent third party agreed by BMR and JPL.
We made have stopped some strong arm tactics yesterday and not allowed vultures to enjoy their supper. Yond Alex has a lean and hungry look, but he doesn’t think enough like someone BMR.
I do feel that a small number of shareholders have been grossly misled by management for whatever reason. Those should maintain their own court until we meet and discover what the next steps might be.
Apologies for being a little verbose but I’m tired of being treated as an irritation and so I believe are my drinking compatriots. BTW, the last AGM I attended someone threw themselves under a train and I missed the main part of the event. Last night someone once again decided to end their days on nearly the same stretch of track. Although not arriving home until 6am my thoughts are with that person and any family and friends
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21/8/2018
11:18 | deme1: 20 August 2018
BMR Group PLC (“BMR” and the “Company”;)
Background to Delisting and Strategy
Background
The Company had initially intended to raise its own funding and employ its own resources at its
Kabwe project for the construction, commissioning and operation of the intended pilot plant for
processing the tailings stockpiles (the “Kabwe Project”). To reduce the inherent risks, and thereby
enhance the outcome, the Company subsequently determined that it should enter into the
agreement with Jubilee Metals Group PLC (“Jubilee̶1;), announced on 23 October 2017, so as to
access Jubilee’s more extensive funding and engineering capabilities and expertise.
In furtherance of the relationship with Jubilee, the Company announced on 15 January 2018 that
Jubilee had subscribed for new BMR shares representing a 29.01% holding in the Company, in
exchange for £500,000 in cash and the allotment to the Company of new Jubilee shares representing
a holding for the Company of 4.83% of Jubilee’s capital. Lock-in arrangements were also announced,
but the Company has been able to utilise some of its holding of Jubilee shares towards its operating
costs, and the balance of the holding represents a significant balance sheet asset for the Company.
On 7 February 2018, the Company announced the suspension of trading of its securities on AIM
following receipt of a letter from the Mining Cadastre Department of Zambia terminating its mining
right in respect of the Kabwe Project. This licence was re-instated on 5 April 2018, with conditions
attached. The new conditions included: (i) plant construction commencing within three months of 3
April 2018; (ii) completing plant construction and commissioning by 30 September 2018; and (iii)
commencing production by 30 December 2018. In addition, the Company is to submit a detailed
employment and training plan; contribute to the Environmental Protection Fund in accordance with
the Environmental Management Act, No. 12 of 2011; and comply with the Mines and Minerals
Development Act 2015 and other relevant laws of Zambia.
Jubilee announced on 2 July 2018 the completion of its initial detailed technical and engineering
review of the Kabwe Project and determined a revised process for the recovery of lead and zinc in
the surface material, with enhanced processing flows and increased through-flow capacity. Jubilee
determined as a consequence that a larger plant should be built at a significantly increased cost. The
enhanced process flowsheet offers the potential for improved capital efficiency and reduced circuit
complexity. It targets the recovery of zinc ahead of, and independently of, lead and vanadium. The
construction of the zinc recovery circuit has been prioritised and is expected to commission well in
advance of the lead and vanadium recovery circuits. This approach allows the construction of the
zinc recovery circuit to progress while the development and design of the lead and vanadium
recovery circuits are further refined. It is now anticipated that the process flowsheet design will be
completed during Q3 2018 targeting commissioning of the zinc recovery circuit by mid-2019.
As a result of these changes, the expected costs of construction and commissioning of the
processing facility have increased. This gives the potential for greater net returns, even after taking
into account the price of acid which has increased significantly since the time of BMR’s original
costings and would have had a significant adverse impact on the Company’s former plans.
Under the terms of the agreements with Jubilee announced on 2 May 2018, a proportion of the
costs of the enlarged processing facility in excess of the £2.3 million committed by Jubilee would
have fallen to be borne by the Company. As events in Zambia unfolded, BMR determined that it was
unable to commit to its share of the uncertain level of increased costs (the amount of which remains
to be determined in light of the finalisation by Jubilee of its plans for the larger plant referred to
above) and decided to eliminate its capital risk for the certainty of returns, choosing to dispose of
the Kabwe Project to Jubilee in return for a 12.5% royalty arrangement (the “Disposal̶1;), thereby
substantially de-risking its position for the benefit of shareholders and on terms that, as Jubilee
announced on 6 August 2018, “should the total capital investment of Jubilee to fully execute the
project exceed US$15 million, BMR's shareholding shall immediately dilute to a fixed 11%
shareholding”.
Appointment of a new nominated adviser (“nomad”)
WH Ireland, BMR’s nomad, resigned on 2 July 2018 and therefore the Company had one month to
appoint a new nomad or the Company would be de-listed from AIM. BMR had secured the
agreement to act of a replacement nomad for the Company, subject to shareholder approval of the
Disposal. The Disposal was a condition precedent due to continued uncertainty regarding the
renewal of the Kabwe mining licence and the uncertainty as to whether BMR could fund its share of
the increased costs required to maintain the plant and on-going project expenditure.
The proposed new nomad had visited Kabwe and had wholly completed its due diligence. The
related circular for the Disposal was finalised and on the point of being despatched, subject to
agreements being entered into. While the proposed new nomad had been in contact with AIM on
the proposals with a view to being appointed by 3 August 2018, it became apparent that delisting
would nonetheless occur on 8 August 2018 because the Disposal would not have been approved by
shareholders before that date (being the date six-months from the date of suspension) due to the
time-scale for convening the General Meeting. As a result, BMR’s admission to AIM was cancelled
on 3 August 2018.
Notwithstanding the suspension, following the Disposal the Company would have become an AIM
Rule 15 shell company and the Directors believe that AIM’s position was related to the continued
uncertainty over the licence conditions for the Kabwe project as well as the ongoing financial
commitments associated with the project.
Reasons for the Disposal
The Directors’ objective was to maintain an ongoing financial interest in the Kabwe Project without
further financial obligations, to increase the level of certainty that BMR would be able to deliver a
successful conclusion for its shareholders. The terms of the Disposal, retaining for the Company a
12.5% interest in the significantly enlarged project, achieved that objective on the best terms at that
time available to BMR. The Directors completed the Disposal subsequent to the delisting obviating
the need for shareholder approval and the delay in holding a General Meeting.
The Directors believe this was a successful outcome for BMR in the circumstances as they rapidly
evolved, and that the Disposal is in the best interests of the Company, having considered other
potential sources of funds and partners for the project, due to the following reasons: 1. As a result
of the changes to the planned processing methodology, with consequently increased flow-through
capacity and requiring a larger plant, the expected costs of construction and commissioning of the
processing facility have increased significantly (the
final level still being uncertain), and the Directors had no certainty that BMR would have been able
to fund its share of these as yet unquantified costs; 2. The revised plans require further negotiation
over the Company’s licence and there is a risk of that process not being successfully concluded or
the Company being able to meet the current licence conditions. The Directors believe this risk is
substantially reduced by the Disposal. 3. The Directors did not believe, given the respective positions
of the Company and Jubilee, (and remain of the same view) that the terms of the Disposal could
have been materially improved to the Company’s benefit by further negotiation attempts.
The Company’s status following the Disposal
The Directors have been in continued discussions with the potential investors for the proposed
subscription of £1m, last announced on 2 May 2018, whose position and willingness to proceed
became subject as matters evolved to clarification of the licence conditions. Following the Disposal
and while these licence conditions remain unclarified, the potential investors have withdrawn their
proposed subscription.
The Directors will now re-set BMR’s strategy as it continues its path as a junior mining company,
supported by its interests in Kabwe (as above) without any obligations to fund the plant going
forward, the Large-Scale Mining Licence, Star Zinc and the Ester project in Portugal.
Alongside that, with the full support of Jubilee as the largest holder of the Company’s shares, the
Directors have already begun reviewing alternative trading platforms for the Company’s shares.
As a result of the share subscription announced on 15 January 2018, Jubilee holds 97,371,298
ordinary shares in BMR (the “BMR Subscription Shares”) representing 29.01% of the issued share
capital. BMR initially held 63,166,969 ordinary shares in Jubilee (the “Jubilee Subscription Shares”)
and, as announced on 11 June 2018, BMR holds 46,503,697 ordinary shares in Jubilee representing
3.55% of the issued share capital, valued at £1.116 million based on Jubilee’s current share price of
2.4p per share.
Both the Company and Jubilee are subject to lock-in and orderly market arrangements on the same
terms: (a) following admission of the shares, 25% of both the BMR Subscription Shares and the
Jubilee Subscription Shares will be free-trading with the balance subject to lock-ins by, respectively,
the Company and Jubilee; (b) after 6 months, a further 25% of both the BMR Subscription Shares
and the Jubilee Subscription Shares will be released from the lock-in and will be free-trading; (c)
after 12 months the balance of shares (being 50% of both the BMR Subscription Shares and the
Jubilee Subscription Shares) will be released from the lock-in and will be free-trading; and (d) for the
initial 12 months following completion, any free-trading shares shall be subject to an orderly market
agreement whereby, before any disposal, the selling party must give the broker of the respective
company, not less than 20 business days to provide matching buyers for the shares offered for sale.
The Directors expect to announce further up-dates as events materialise to be available on
hxxp://www.bmrplc.com
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BMR Mining share price data is direct from the London Stock Exchange
PLUS1
