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BMR Group – Booted off AIM yesterday morning, but what is the real scandal?

By Nigel Somerville, the Deputy Sheriff of AIM | Saturday 4 August 2018

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

I wrote a few pieces on (now formerly) AIM-listed BMR Holdings (BMR) back in February when its Zambian Mining rights were stripped away – the previous threat of which it seemed to know of the previous September (when it did a placing) but did not share with the market. That was eventually resolved and the rights restored, but this morning BMR was given the boot from the Casino. Perhaps we should not be too surprised, but I wondered what was going on here. What I have been told suggests an absolute scandal – but not at the hands of BMR…..

We know that WH Ireland (WHI) – the erstwhile Nomad – resigned and BMR’s shares were suspended a month ago as a result. I still haven’t established why, or when notice was given. But we also know that BMR told the market a month ago that it was in advanced discussions with a replacement – so why was the company given the boot this morning?

I got on the dog and bone to make a few enquiries and a source has come forward. What follows looks terrible for the Oxymorons of AIM Regulation….an absolute scandal.

What I have been told is that a Nomad was indeed lined up, and had even been out to the Kabwe site in Zambia to inspect the site. So discussions were indeed advanced.

However, I have also been told that the dead hand of AIM Regulation stepped in and at the last minute told BMR its suspension would not be lifted. They refused to discuss the matter with the proposed replacement Nomad – because they had not been appointed yet – and the replacement couldn’t take up the role without the suspension being lifted. AIM wouldn’t lift the suspension because BMR (formally) had no Nomad and so via a peculiarly circular route, BMR was given the elbow. Nice!!

I am told that BMR’s financial condition is fine, and if it needs cash it has around 4% of AIM-listed Jubilee Platinum (JLP) it can sell. I am also told that an alternative trading platform is being sought.

This looks horribly like AIM Regulation ordered a straightforward execution.

But worse follows – and this is about former Nomad WH Ireland.

I have been told that Ireland went out to visit the claimed £4.6 million copper asset at Kabwe promoted by previous management in 2015 – and which has since been shown by current management not to have existed. But it signed off on numerous statements saying that it did exist. Oops.

So perhaps it is not completely surprising that WH Ireland would have wanted out – and not entirely surprising that BMR wanted them out as well.

These really are serious allegations.

If WH Ireland or AIM Regulation want to put their side of the story, I’ll be only too pleased to hear from them via [email protected]. In the meantime, I leave you to draw your own conclusions.

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