re: Ann: BMB Secures Investment in Nowa Ruda ... It was not that...

re: Ann: BMB Secures Investment in Nowa Ruda ... It was not that Ample would renege. Mgt actually did what I think was the best option available. A new investor would largely want 40 - 51% and CR was crazy with a 23% take-up last time a $5 m placement was made.

Also the timing of the last Ann being the 2nd of the month allowed salary workers to buy more shares if they wanted.
Not me Im self employed for 15 years.

Regarding Ample was purely on the thought that the $15m may come before the shareholder approval meeting was arranged. That is still possible but I have learnt that the equity in the holding bank is down to nil. I would have, actually did email a suggestion, to place an effective injunction on those funds.

If there was one buyer not willing to proceed and the contract is unconditional, BMB could quickly place the same Balkan mines back on the open market almost under fire sale conditions and gain a second unconditional purchase offer – say $9 million.

Then take Court action for the second contract to be permitted to be settled, and the damages of ($15 m – $9m = $6 m plus interest) to be taken from the original consortium of buyers money being held. All happen simultaneously.

It may also very possible the original consortium of buyers may turn around and rather than loose the $6 m, being willing to proceed with the original sale. (Basically the above is the same as a real estate sale situation)

BUT now they dont have equity (its gone back to the buyers) so its a much more difficult situation.

A new scenario results based on the strength of the law and where the buyers come from (within or outside the EC). I may (probably wont) make a quick post on that a bit later and yes my BMB shares are going on the bottom drawer and whatever my broker wants me to buy I will without question. It too f... hard an he's so much better to deal with than HC