biglad001
11 Dec 2014
RNS shocker 11 December 2014Beacon Hill Resources Plc / AIM: BHR / Sector: Mining Beacon Hill Resources Plc("Beacon Hill" or the "Company"
Subscription to raise £56,055 gross Beacon Hill, the coking coal developer focused on the Minas Moatize Coking Coal Mine in Tete, Mozambique, is pleased to announce that it has raised £56,055 (approximately US$88,000) before expenses, via a subscription for new ordinary shares, utilising the directors' existing authorities to allot new shares, granted at the general meeting of the Company held on 1 October 2014. On 10 December 2014, the Company was notified that a new investor had subscribed for 560,550,000 new ordinary shares of 0.01 pence each in the capital of Beacon Hill (the "Subscription Shares" at a price of 0.01 pence per Subscription Share, to raise £56,055 (approximately US$88,000) before expenses (the "Subscription".The Subscription Shares will represent approximately 12.24 per cent. of the Company's enlarged issued share capital. Application has been made for the Subscription Shares to be admitted to trading on AIM ("Admission".The net proceeds raised from the Subscription will augment the group's existing cash resources and be used for general working capital purposes.As set out in the Company's announcement of 1 December 2014, the proposed fundraising of up to £1.5 million gross detailed therein is conditional on the passing of all of the resolutions to be considered at the Company's forthcoming general meeting on 17 December 2014. If any resolution is not passed, such fundraising will not complete and the Company will most likely not have adequate working capital past the end of 2014, and will be forced to seek alternative sources of potential funding. The independent directors of the Company (being Justin Farr-Jones, Rowan Karstel and Murray d'Almeida) do not believe that any such funding will be available on a timely basis or at all. If any such alternative sources of potential funding are not available, it is highly likely that the Company will be forced into administration.Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that dealings in the Subscription Shares will commence at 8.00 a.m. on 15 December 2014.Following the issue of the Subscription Shares, the Company's issued share capital will consist of 4,580,337,590 ordinary shares with voting rights. The Company does not hold any ordinary shares in treasury and accordingly there are no voting rights in respect of any treasury shares. The Subscription Shares will be fully paid and will rank pari passu in all respects with the Company's existing ordinary shares.The above figure of 4,580,337,590 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Beacon Hill under the Financial Conduct Authority's Disclosure and Transparency Rules.
Sean56
10 Dec 2014
Re: Shocking I too have lost a shedload on this and other dogs in which I investedOnly small crumb of comfort is that the parasites running this garbage lose their pay checks
Gooffy
10 Dec 2014
Re: Shocking Yes they do.
Jay053
10 Dec 2014
Shocking My £3.7kIs now worth £13.98And to think I was in profit on these at one stage.BHR was a great investment 5 years ago but somehow the management have lost their way.Do they still have that mine in Tazmania?
Uk_Steve
10 Dec 2014
Re: facts Hi Man-2009I see 2 stages which need to be hurdled,then new blood PIs will make the 3rd Stage1st stage: resolutions passed for finances etc2nd stage: consolidation & Darwin offloading completed "because they will sell there shares fast IMO"If I got this right?Then 3rd stage will give the green light for new PIs to become a Shareholder, anything before then is risk totally stacked highly against new PIsObviously older PIs with BHR this means zilch to them but in my view before anybody thinks in joining this company needs to take above as a guide IMO
dizzyboy
10 Dec 2014
Re: Email to the Board I know that many of you out there are looking at far bigger losses than myself on this true dog of a share.I have cast my NO votes and completed the SBO. My initial investment of £3K is now worth less than £100..so I'm willing..nay happy..to risk losing that if it means that BHR is then forced to sell some existing assets or liquidated. The real risk of voting YES is that shortly thereafter the existing Mining Licence doesn't get renewed by the Mozambique Government...a real risk...as they can't be too happy with BHR's non-producing mine.
MANCHESTER2009
10 Dec 2014
facts From recent RNSShareholders should not regard the Company's unaudited net asset value of US$55.8 million, as reported in the Company's results for the period ended 30 June 2014) as an appropriate measure of the monetary value that could be achieved by Shareholders in the event of administration, and a likely forced sale situation.Begs a question though....we have a market cap of 800k and assets that may not be worth 55,000,000 dollars. But I am sure its still a multibag from our current market cap.Worth a punt at these levels?
KNEES
10 Dec 2014
Re: Email to the Board Having been in this situation before there is generally behind the scenes payoffs by companies taking over assets for a song. yes it happens all too often , this would be my 4th to my knollage , I may have missed some also,
geordiemids
10 Dec 2014
Re: Email to the Board HiI understand your feelings entirely as i bought my first tranche of shares at 16p but dont think by BHR going into liquidation will cost the BOD anything.Having been in this situation before there is generally behind the scenes payoffs by companies taking over assets for a song. saying No we will only be cutting off a nose to spite our face.Personally my combined share value that was once worth £12000 is now worth £86
Kev293
10 Dec 2014
Re: Email to the Board Sorry, broke rule number 1.Never send an e-mail in anger.Box number 2 = call it a day, stop the pay cheques, sell the lot.
Kev293
10 Dec 2014
Re: Email to the Board I respect that others have far more to loose than I do but when backed into a corner and tough decisions have to be made. I too am willing to write the lot off rather than see this BOD extend their monthly pay cheque acceptance while working towards making my almost worthless holding become totally worthless.Liquidation and get nothing back? or more dilution thus making my holding practically worthless? [while keeping the BOD in jobs and pay cheques].Time to call it a day I think....Box number two please Noel.
dizzyboy
10 Dec 2014
Email to the Board After reading the latest RNS I sent this to the Board of Directors. Angry and bitter..you betcha !SirsAs a long suffering shareholder and one who has already sustained a huge financial lossresulting from my investment in BHR, if as you now state in the latest RNS that thecompany could be forced into liquidation..then so be it. I and many others would stand to lose little more..and I would personally be happy to see the Directors also take their losses and lose their positions
biglad001
10 Dec 2014
Interview - bit late for PR [link]
biglad001
09 Dec 2014
1 share purchased have you ever tried to do this with your broker.........?
Hoppel
09 Dec 2014
Mitsui Buys $763 Million Stake in ValeÂ’s Mozambique Venture [link]
