Doing a bit of reading this weekend, I noticed this paragraph in the Annual Financial Report. I had never seen this before, so sorry if has been mentioned. It sort of blew me away ... for them to have to "develop a protocol" to handle inquiries to buy CJ's 20%!!!! Exactly how many inquiries have they had to field? And from who?
Someone must have already asked if they have had to form a policy to handle it. Nothing been mentioned todate, so whoever has asked has been refused .... To me, the answer to this question is closely linked with who exactly has been "holding back" the share price of BMN and accumulating these last few months? For sure someone has been! The only other question is: Will we all be around when it all comes out?
During the year, the Board developed a formal protocol for dealing with expressions of interest from third parties interested in acquiring the 20% minority shareholding in Bannerman Mining Resources (Namibia) (Pty) Ltd (BMRN), which interest is held by a Non-Executive Director, Mr Clive Jones. This protocol facilitates the provision of confidential information to various parties who express an interest in acquiring the minority position in BMRN from Mr Jones and assists the Board and management to deal with conflicts of interest that may arise between Bannerman, BMRN and Mr Jones. In accordance with the protocol, Mr Jones does not participate in any discussions, or vote, in respect to any shareholding in BMRN and matters pertaining to the operation of the May 2005 Share Sale Agreement.
BMN Price at posting:
$1.18 Sentiment: LT Buy Disclosure: Held
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