Beacon Hill Resources Forum

As for the KPIs met by BHR. I expect part of the blame in this is down to the BOD who set the KPIs not having enough independent directors which they were warned about previously but did nothing to correct. I have accepted there is nothing left in my investment although it would be a welcome miracle if something did happen but more than anything like Compass007 it would be nice to see these two held accountable for what has really gone on here.

Does anyone know the exact figures for the votes from the last resolutions. I don't think there was an RNS publishing these?

Andy - Spot on mate never a true word stated. We need these clowns out.

All loan clauses are void.

loan is null and void on administration. Just the outstanding debt remains. Debt forms the creditor 'share' of any proceeds. So if the debt is $10m and total debt is $20m that gives that creditor 50% of voting rights at creditor meetings.

Plus the ongoing leasing charges over 10 years

Well the $1 had certainly split the LSE chaps! Don't believe a word of it. Administrators dictate the outcome, but that does not stop them negotiating with Vitol for a $1 charge to take on ALL the company debt. How much is all? About $20m? best of lucj with getting Vitol to take that on.

It really does make you wonder if you were really cynical whether all along the BHR long term plan since JFJ was onboard was to utilise PI investment during the economic downturn, then before the upturn (predicted) put a ridiculous re-finance offer on the table that they have a good indication PIs won't accept to force the business into administration and then offload the mine to their mates at Vitol. During the conference call I don't think this was mentioned once. RK seems to have a lot of kind words for them, which are lacking for us PIs. The fact JFJ has $400,000 invested indicates to me this must be worth much more to him. Honestly why governments are pouring millions of £$ into combating criminal activity across the 'dark web' is beyond me when these a**holes can tear you a new one in the cold light of day!

It's also possible it's a windup via friendly journalist. Count nothing out when dealing with these people. Already had a suggestion on here that the articles contain a clause locking out investors. Don't believe a word of it. For the record Karstal, it's not a small group of long term shareholders, it includes mainly new shareholders too. Can't even tell the truth on that can you.

Because it would be in administration. Admin means it works for the creditors only. Shareholders come last in the food chain. Shareholders get no vote in admin. Only hope is administrator holds out for a better offer.