dizzyboy
17 Dec 2014
Re: PI Power In answer to your question..I think you have totally misunderstood. The NO vote was never about getting a better deal..although there has always been a vague hope that it possibly would. The BoD and their cronies/cohorts etc have consistently screwed their loyal and long suffering private investors, so much so that our investments even before the proposals had become virtually worthless. If my orignal £10k investment were worth more than the current £60 I may have considered the proposals to have some merit, but as it is I'm happy to suffer the loss of that remaining 'piddling' sum just to put this whole sorry mess behind me and move on. If that means the BoD and their allies find themselves out of pocket..or better still..out of jobs..so be it.
waytogo333
17 Dec 2014
Re: PI Power Think there was a large element of 'sour grapes' in some of the PI 'No' vote.I, like many others, have suffered a massive paper loss on this stock, but I'll be interested to see what benefit will come from the special resolutions being rejected. We're now dependant on a takeover, or a break up and sale by an administrator delivering some sort of return.A 'Yes' vote may have secured a future, albeit one that was massively diluted. Would the BoD really have gone down the route of restructuring without having near certainty that the senior debt would get sorted? If all had gone as they'd planned, then at least we would have had a base to start from again, now any investment is tied up until there's a 'white knight', or we go bust.Time will tell, as they say, but I for one would have rather had an investment I can trade.
harpmandoodle
17 Dec 2014
Don't those over on LSE realize it's final! Go down with the ship lads, there's no jumping off now.
harpmandoodle
17 Dec 2014
As I said last week, AIM losses are income tax deductable in the year of loss.
harpmandoodle
17 Dec 2014
and not even a mention of director fees freeze. Taking money till the tills are empty.
yoyo
17 Dec 2014
it seems to me deserve what ever they get... when you except the defeat you are loser anyway
harpmandoodle
17 Dec 2014
Vitol? How are they off for cheese?
harpmandoodle
17 Dec 2014
Henderson's loss is small scale in the scheme of things.
harpmandoodle
17 Dec 2014
White Knight required: deep pockets for chance of billion dollar assets!
clockwurktangerine
17 Dec 2014
Re: PI Power So how will the PI's now achieve a better rescue package and get BHR unsuspended???Take your time....
breezy
17 Dec 2014
I think they will have a plan B and will come back to us with a better deal .Great result today.
breezy
17 Dec 2014
I think they will
dizzyboy
17 Dec 2014
PI Power Although a sad day for all of us who have seen their investment in BHR become virtually worthless, lets thank all of those PI's here (me included) who rallied the troops and achieved what few of us really believed could be the result. This result will now become big news in the Financial Press and I hope that it will encourage more downtrodden PI's invested in similar companies to stand up and be counted. Up the Tooting Popular Front.
biglad001
17 Dec 2014
RNS - Its a NO ! BEACON HILL RES17 Dec 2014 15:10:28Beacon Hill ResourceRNS Number : 0747ABeacon Hill Resources plc17 December 2014 17 December 2014 Beacon Hill Resources Plc / AIM: BHR / Sector: Mining Beacon Hill Resources Plc ("Beacon Hill" or the "Company"
Result of General Meeting and Suspension of Trading on AIMBeacon Hill, the coking coal developer focussed on the Minas Moatize Coking Coal Mine in Tete, Mozambique, announces that of the resolutions proposed at the General Meeting held earlier today, as set out in the notice dated 1 December 2014, the ordinary resolutions numbered 1 and 3 were passed, however the special resolutions numbered 2 and 4 were not passed. As the Resolutions were inter-conditional, none of the Resolutions are therefore effective. Accordingly, the proposed variation and conversion of approximately US$13.0m Convertible Loan Notes, up to £1.5m Fundraising and Share Capital Reorganisation, will not proceed at this time and, pending resolution and clarification of its financial position and the outcome of discussions with its key creditors and stakeholders referred to below, the Company's ordinary shares will remain suspended from trading on AIM, until further notice. The Board is extremely disappointed that the requisite shareholder approval for all of the resolutions has not been obtained. The Independent Directors continue to consider the financing and restructuring Proposals to be in the best interests of the Company and its Shareholders as a whole and will now seek to engage with the Company's senior debt provider, the holders of the outstanding Convertible Loan Notes and other key stakeholders to establish whether any alternative proposals and/or sources of potential funding are obtainable on a timely basis or at all. Further to the Company's announcement of 8 December 2014, the proposed further amendment agreement with Vitol Coal S.A., which was subject to the passing of all the resolutions at the General Meeting, has not been completed and accordingly payment of US$4.1 million under its existing US$10 million senior debt facility remains due for repayment by the Company on 30 January 2015. Taking into account, inter alia, the recent exercise of anti-dilution warrants and subscription, announced on 4 December 2014 and 11 December 2014 respectively, the Board believes that the Company currently only has adequate working capital until around mid-January 2015. The Board has appointed an insolvency practitioner to advise it in respect of the Company's ongoing ability to trade and the potential requirement for the Company to be placed into administration in the near term. A further announcement will be made in due course. Justin Farr-Jones, Chairman of Beacon Hill, commented:"It is clearly very regrettable that despite approximately 69 per cent. of shareholders who voted electing to vote in favour of the restructuring and funding resolutions, we fell short of the requisite 75 per cent. threshold to enable us to proceed to implement the Proposals. "The funding and restructuring Proposals were the culmination of considerable negotiation and hard work over a lengthy time period in very difficult market conditions. The Board appreciates the tremendous support it has received from a substantial proportion of the Company's key stakeholders. We will continue to endeavour to find a solution to take the business forward, however, as a consequence of today's vote and the failure to approve, amongst other things, the conditional funding proposal, the Company's shares will remain suspended from trading on AIM until further notice as we seek to clarify if there are any other viable funding alternatives. Failing this, the Board will, subject to obtaining independent expert advice, seek to put the Company into administration as previously advised to Shareholders." Company PresentationA copy of the full presentation made to Shareholders att
Escovido
17 Dec 2014
Re: BHR SUSPENDED From LSE regarding Q's to BOD.''on a yes or no answer on asset value, is it correct with whats in the audited report ,no comment.''
