Brinkley Mining Share Discussion Threads

[samtom2] 06/9/2010 09:05

Yes DRA doing well and inturn BRM's stake adding £750K today to their investment. Nice profit. Be surprised if this doesn't move up during the day.

[linney3] 06/9/2010 08:32

DRA performing well overnight - 13.64% increase from 11cent to close at 12.5cent on over 3million volume.A couple of more days growth may see us clear the 15cent threshold

No change to BRM early doors

[papillon] 04/9/2010 00:24

ASX:DRA chart interesting. Possible cup and handle formation. My target price 16 cents.

[linney3] 03/9/2010 11:22

From memory BRM invested initially in DRA at around 9cent and topped up at a price of around 10cent

[capt bligh] 03/9/2010 10:59

Lots of chat on Hotcopper.au
dra has 40% of weld staneless steel which has just produced some very promising data
Bid now .11 is this the beginning of the beginning

[samtom2] 03/9/2010 10:40

BRM's investment looking tidy in Dragon mining. Look at Dragon's share price since BRM invested.

1 week A$0.105 +A$0.005 +4.76%
1 month A$0.100 +A$0.010 +10.00%
3 months A$0.081 +A$0.029 +35.80%
6 months A$0.089 +A$0.021 +23.60%
1 year A$0.067 +A$0.043 +64.18%

[samtom2] 20/8/2010 16:07

Some good buys gone through on plus markets.

800K bought in four tranches. Looking good here.

[chrismez] 18/8/2010 16:55

Well no ones owning up to it so I reckon you're spot on Linney.

Another tranche hoovered up by Gunzy or Eurogold or both at 0.8p.

Consistent with their previous policy of buying up large and small amounts whenever the price is 1p or dips below.

Pretty soon they'll have 50%

[linney3] 18/8/2010 16:33

A trade in excess of 3million went through at .8 earlier - total tansaction over £24k.Wonder if our friends Eurogold have taken a top up at a "preferential" rate again? The anniversary of their initial involvement is 21st August

[corrientes] 07/8/2010 12:06

If its cyanide mining in Scandinavia, Dragon (BRM) better watch out.

[linney3] 06/8/2010 08:50

A bit of good news from Dragon regarding the longevity of Swedens Swartliden operation.

Additionally,results are expected from Dragon towards the end of September

With Dragon rolling in the bucks in Scandinavia and an ongoing interest in exploration in Eritrea,and BRMs unexplored tracts in Southern Africa this may be an interesting play going forward.Gunzburgs relationship with Dragon and BRMs/Eurogolds increasing stakeholding in Dragon augers well.

On my third year of holding BRM and I am for one am not going to let these go "on the cheap"

[capt bligh] 04/8/2010 14:39

More good drilling in Scandanavia

[corrientes] 03/8/2010 17:49

Recent rises ! LOL.

[chrismez] 03/8/2010 15:13

Yes thanks wdurham - I wrongly thought that BRM was UK registered therefore the Takeover Code applied to BRM, and it must be Eurogold who were not required to comply with it.

The position now would seem to be that Brinkley, Eurogold and Dragon all fall outside the scope of the Code - with absolutely nil protection for us PI's which ever way this cookie crumbles.

Bit of a drop today after recent rises.

[wdurham] 01/8/2010 12:43

Indeed, maytrees - the City Code on Takeovers & Mergers is designed to protect the interests of UK registered, UK based businesses and their shareholders.

Brinkley falls outside their remit, as although it is UK registered, it is actually run from Australia, and its investments are in Australia. In Braemore's case, the CEO lived in South Africa, directors were domiciled all over SA and Australia, and in addition, its two business divisions were in Australia and SA. What it seems to boil down to in simplistic terms is "Where do the bosses spend their working lives?"

The registration country, location and centre of management of any offeror is irrelevant.

[maytrees] 01/8/2010 10:58

TX wdurham for that helpful explanation.

From what you say driving a coach and horses through the UK t/o code by forming a co overseas, is not possible if the yardstick for the applicability of the code, is the whereabouts of the target co's centre of operations.

In the Kraft t/o of Cadbury the code applied because Cadbury had major UK base operations.

[wdurham] 01/8/2010 09:31

No, you're not wrong, Chrismez - you've just got it backwards.

It's BRINKLEY and its shareholders that aren't protected by the Takeover Code, not Eurogold. Brinkley may be a UK registered company, but its place of central management and control is not in the UK.

We had the same when Jubilee took over Braemore - another Atomaer-founded company - Braemore did not come under the Takeover Code because its place of central management and control was not in the UK but in South Africa. Jubilee's was a straight 100% offer, but a similar scenario would have ensued had Jubilee had an earlier stake which went over 30%.

[corrientes] 31/7/2010 12:29

a rotten egg more like.

[dodo7749] 31/7/2010 10:12

Keep an eye on this one,its hatching!

[maytrees] 27/7/2010 09:14

Greetings again CHRISMEZ

No it looks from your post asif you are correct but it cannot surely be as easy as your copy and paste suggests, as otherwise setting up a co abroad and mounting a t/o from there would be common.

Perhaps foreign based cos like Kraft and BMW (which took over Rover a few years back) are still cuaght by UK t/o code if they haveany significant UK based activities.

Meanwhile another bid share price gain for BRM.

[chrismez] 26/7/2010 17:07

Greetings Maytrees

Here is the cut and paste from the RNS from the other company I was talking about:

"Under the Placing, Estes' shareholding in the Company will exceed 30 per cent
for the first time. In these circumstances, if the City Code on Takeovers and
Mergers ('the City Code') applied to the Company, Estes would be required to
make a mandatory offer to all of the other shareholders in the Company to
acquire their ordinary shares.

However, the City Code does not apply to the Company because the Company's place of central management and control is not located within the UK, the Channel Islands or the Isle of Man. Investors in the Company should therefore be aware that they are not afforded the protections of the City Code."


On that basis Eurogold would argue that their place of central management is Australia and so they are not governed by the Code.

Of course I may be wrong - correct me if I am. Cheers, CM

[capt bligh] 26/7/2010 13:25

bid is now up 13%

[maytrees] 26/7/2010 12:44

Greetings Christmez

You said:

"...- apparently if your principal place of business is outside the UK, then you are not governed by the City Code on Takeovers, and thus are not compelled to make an offer for the rest of the shares..."

That doesn't sound correct to me - after all these days many T/Os of UK
quoted cos are by foreign based cos eg Cadbury by Kraft so if foreign based predator cos are exempt from UK t/o rules then the rules would have little
effect.

Surely the code generally applies if the target co is a UK quoted one? I think
that there are some exemptions for small AIM cos where directors and others hold large tranches of shares already and assume that BRM is in one of the excepted categories.

[linney3] 26/7/2010 11:36

The administration costs of £136K appear high for 6 months considering all they have done is bought additional shares in Dragon(unless of course this figure includes listing costs for BRM).I can only hope that some of this charge is for First Class tickets to South Africa to find a buyer for the nil value assets! - I have always maintained that there is value to be obtained from these "assets". We have a net value of £5.883million which is close to twice our current share price - and this can of course go either way,with nearly £900k of that in pure cash.

I think Chris is wrong when he says we will test 0.5p again - my view is that Eurogold will purchase another tranch of BRM in the next week or two(they always do something after an rns)

Either way we are approaching the 1st Anniversary of Eurogold involvement in BRM and its high time they made their move.(I have always maintained that Gunzburg knows an offer is being prepared either by Eurogold or a third party for Dragon and if thats the case our "investment" will mature