Following an earlier post, and noting the wishes of the majority of responses I sent the following letter to Wayne Richards after his October 21 press release. I did not get any response from him thus demonstrating Wayne Richards does not care what shareholders think.
Dear Wayne,
To set the scene, I bought 255,000 shares in BRM at a cost of $575,222 and am currently losing $428,597 (74.5%) on my investment. As I have confidence in the Company I have not sold a single share but quite clearly, along with others, am disappointed with the current share price.
No one doubts the professionalism of the BRM team and in normal times you are doing everything right. However, times are not normal and shareholder perception is that BRM have missed the current boat and that the share price will continue to slide until three things happen viz:
- BRM proves that the detrital material is marketable: - BRM proves that it can sell its product; and - BRM identifies a sustainable means of getting the product to a port.
Unfortunately the press release of 21 October fails to adequately address these three key issues.
That BRM is trading at a discount to cash backing demonstrates, in my view, the lack confidence that shareholders have in the commercial viability of BRM, not irrational markets or volatility.
My recommendation to you is that you address the three points listed above as soon as possible and that you inform the market that you are doing this. Updating the market on what it already knows, whilst useful, seems like an act of desperation rather than an act of assurance.
BRM Price at posting:
59.5¢ Sentiment: Sell Disclosure: Held
