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#426 2017-01-02 20:26:46

heartastack
Member
From: Perth
Registered: 2010-09-02
Posts: 595
Trades :   

Re: BGS - Birimian Gold

You almost can't make it up, eh...

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#427 2017-01-02 20:36:53

radiobirdman
Silver Stacker
Registered: 2011-04-25
Posts: 2,300
Trades :   59 

Re: BGS - Birimian Gold

What a joke management, lets hope there is a counter offer

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#428 2017-01-02 20:45:53

boneyard
Silver Stacker
From: 55G 528505 5257160 TASSIE
Registered: 2009-07-10
Posts: 6,129
Website

Re: BGS - Birimian Gold

Could someone give me some insight into the $100 million sale and why the price of the stock has risen approx 21%?

Comments welcome.............


"We should know where we're going, so we know when we get there..."

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#429 2017-01-02 20:49:52

heartastack
Member
From: Perth
Registered: 2010-09-02
Posts: 595
Trades :   

Re: BGS - Birimian Gold

It's the binding agreement of the deposit that is creating all the confusion and anger (so if the potential buyer fronts up with the 10% deposit then BGS BOM are obliged to honor the deal).
The price has risen because the bid creates a gap in the current $60M market cap.

But what nobody can understand is why would management insert that clause into the deal when it is apparent that most people think the resource (which is likely to double on further drills) is worth so much more.

Hopefully there's more to the story and more bids will show up. Or there is something wrong with everyone's interpretation of the contract..

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#430 2017-01-02 20:50:12

STC
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From: Perth
Registered: 2011-03-16
Posts: 918
Trades :   56 

Re: BGS - Birimian Gold

boneyard wrote:

Could someone give me some insight into the $100 million sale and why the price of the stock has risen approx 21%?

Comments welcome.............


Number of shares divided by sale price + cash holding is greater than current share price.


We are all here because we are not all there.

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#431 2017-01-03 00:58:39

Dabloodymess
Member
From: Russia
Registered: 2010-07-07
Posts: 1,376
Trades :   30 

Re: BGS - Birimian Gold

Disappointing offer and 'interesting' terms that have been outlined.

I have decided that this should be seen as a starting point, not an end point though. The clause to really pay attention to is that  even with a deposit paid up in full, there must be shareholder approval to seal the deal. I hope that this low ball offer shakes some other bidders out, so that  this one can be turned down and another, larger offer taken up.

No sale will reflect the full potential of the deposit, but realising that potential requires potentially years of waiting for production, from a company with no track record of getting projects to production. Give me a sale any day, just a bigger figures please!


"Those who cannot remember the past are condemned to repeat it." - George Santayana
My Site

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#432 2017-01-16 08:42:08

southerncross
Silver Stacker
Registered: 2012-07-26
Posts: 3,393

Re: BGS - Birimian Gold

heartastack wrote:

It's the binding agreement of the deposit that is creating all the confusion and anger (so if the potential buyer fronts up with the 10% deposit then BGS BOM are obliged to honor the deal).
The price has risen because the bid creates a gap in the current $60M market cap.

But what nobody can understand is why would management insert that clause into the deal when it is apparent that most people think the resource (which is likely to double on further drills) is worth so much more.

Hopefully there's more to the story and more bids will show up. Or there is something wrong with everyone's interpretation of the contract..

That's not exactly correct, the deposit means that they then enter into an agreement with the letter of intent. The LOI is just a arrangement of terms to negotiate a prospective sale which precludes the company seeking other buyers or any other included conditions as agreed to by both parties.

Any negotiated sale is still dependent upon the shareholders agreeing to any sale or other sort of arrangement at an EGM in any case.

The non refundable deposit and LOI is the actual starting point for negotiations and the current offer of $107 M, U.S is the current base price that people should be thinking of as BGS current value.

The offer is a joke and everyone knows it.

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#433 2017-01-30 06:24:24

Scyb
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Registered: 2012-11-21
Posts: 829
Trades :   84 

Re: BGS - Birimian Gold

Not sure if anyone saw the announcement today, but an EGM has been called by some major shareholders for a reshuffle of the board.

Basically they are calling for Winton and Hugh to be replaced by Michael Langford and James Mckay   

Langford is the guy that have been developing relationships with our Chinese partners, getting the 2 MOU's with billion dollar companies. He sees great potential in our lithium tenement and is happy to work for options based on performance targets. This shows how much value he sees in the lithium project.

James Mckay is brought in for his experience. He has previously taken from a 10mil company to a billion dollar company. He also has some African experience. He knows what it takes for us to go into production.

Winton and Hugh has done a good job thus far in taking us to where we are now but I feel that in order for us to take the next step, we need to have the right personnel in place and this change is definitely, in my opinion, a step in the right direction.

I am excited for this change and will vote 100% yes to the resolutions proposed. If anyone has any further questions, feel free to contact Curtis (boy1 on hotcopper) at [email protected]    They are addressing all queries from shareholders.

Last edited by Scyb (2017-01-30 06:50:05)

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#434 2017-02-03 23:11:20

heartastack
Member
From: Perth
Registered: 2010-09-02
Posts: 595
Trades :   

Re: BGS - Birimian Gold

It gives me confidence that the top end of the registry has stamina and a good sense of what needs to happen going forward without senselessly dumping their shares. Unfortunately the insto's (i.e. GAS & Sprott) are at the mercy of their business models, and so we've seen some further downward pressure from their selling (GAS confirmed, Sprott unconfirmed). It tells me that yet again, there is a great entry point here.

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#435 2017-02-15 22:20:20

Scyb
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Registered: 2012-11-21
Posts: 829
Trades :   84 

Re: BGS - Birimian Gold

Just voted for 4 x For smile

May this steer us into the right direction and for bgs to realise it's true potential.

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#436 2017-03-15 00:35:30

Stackman
Silver Stacker
From: Southern Sydney, Australia
Registered: 2012-01-01
Posts: 96

Re: BGS - Birimian Gold

Voting is due by 11:00am Monday 20 March 2017, so get it done this week people !  cool

VRS where are you on this ?  You have been awfully quiet lately.


Stackman is as Stackman does.

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#437 2017-03-15 05:38:07

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,528

Re: BGS - Birimian Gold

I just got a letter from the chairman pleeding to vote AGAINST, obviously, because if it's for then he gets thrown out big_smile
They claim that the rebel alliance amounting to 6.5% of the shares has been providing misleading and inaccurate claims?

I have not been following this, does someone have a TLDR; ?

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#438 2017-03-15 05:56:15

screaming eagle
Silver Stacker
From: Sydney
Registered: 2014-01-05
Posts: 433
Trades :   64 

Re: BGS - Birimian Gold

Both sides of the story have merit. It could reasonably be argued that the current administration has the runs on the board whilst the new crop are an unknown quantity of sorts. Then again they might be what's needed to take BGS to the next level. Personally I think the Chinese dealings were average at best, detrimental to shareholders at worst. It's a case of DYODD and what's right for you-none of the big fish are there to look after you.

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#439 2017-03-15 09:34:53

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,528

Re: BGS - Birimian Gold

screaming eagle wrote:

Both sides of the story have merit. It could reasonably be argued that the current administration has the runs on the board whilst the new crop are an unknown quantity of sorts. Then again they might be what's needed to take BGS to the next level. Personally I think the Chinese dealings were average at best, detrimental to shareholders at worst. It's a case of DYODD and what's right for you-none of the big fish are there to look after you.

Thanks.
I'm in BGS for the big gain so I guess that looks more probable with new management (but more risk). I think I'll vote FOR.
That deal last time looked a bit dodgy.

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#440 2017-03-19 04:07:35

Scyb
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Registered: 2012-11-21
Posts: 829
Trades :   84 

Re: BGS - Birimian Gold

I have voted 4 x For also and will be attending the EGM

Will keep you guys posted

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#441 2017-03-21 19:03:57

Scyb
Silver Stacker
Registered: 2012-11-21
Posts: 829
Trades :   84 

Re: BGS - Birimian Gold

Meeting cancelled as they resigned

What am i doing here in Perth......

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#442 2017-03-21 19:31:22

StewyD32
Silver Stacker
From: Western Australia
Registered: 2016-11-11
Posts: 240
Trades :   10 

Re: BGS - Birimian Gold

Visit Perth mint  smile


The path to inner peace begin with four words:
             Not My Fu**ing Problem

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#443 2017-03-21 21:50:09

STC
Silver Stacker
From: Perth
Registered: 2011-03-16
Posts: 918
Trades :   56 

Re: BGS - Birimian Gold

Scyb let us know how it goes. The new meeting.

Last edited by STC (2017-03-21 21:52:47)


We are all here because we are not all there.

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#444 2017-03-21 23:31:39

VRS
Silver Stacker
From: Brisbane
Registered: 2011-10-03
Posts: 5,223
Trades :   291 
Website

Re: BGS - Birimian Gold

WE WON.

I am stunned - what an incredible event we've managed to organise...

Wasteful Winton and Who? Brasserie-Lunch are now GONE.

The company announced more drilling results this morning, so the creeps could get their mitts on more 'performance shares' - and then promptly RESIGNED.

There should've been a public lynching - but I reckon they'd guessed as much so didn't even have the balls to resign earlier in the week to save everyone their travel exxes to Perth.

This was after Willesee (also 'Chairthing' of MNE - check out the sp history of that mess!) apparently spent his own cash getting a communications company to ring round all shareholders & send us a letter telling us how to make any changes to the BoD would pose 'EXTREME RISK' to the co's prospects - total bullcarp of course.

So now all our comrades are gathering in Perth for a celebration - Wish I was there.

Thanks to that rabble-rouser Southern Cross (HC Marakai) for all his efforts too...

This is a momentous day, which I'm sure will go down in ASX history as a kick in the bollocks to overpaid, undertalented, ineffectual, arrogant, gravy train paper pushers sitting on company boards everywhere.

I guess I'll have to put the can of tar and pillowcase of feathers away for another year...

FABULOUS!

https://hotcopper.com.au/asx/bgs/

Last edited by VRS (2017-03-21 23:34:27)

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#445 2017-03-21 23:45:18

finicky
Silver Stacker
From: Dreamworld
Registered: 2011-06-10
Posts: 3,461

Re: BGS - Birimian Gold

Absolutely. Cant believe some shareholders actually won a battle against this utterly loathsome class of society.
Needed some high powered rebels though. Hard to replicate.

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#446 2017-03-22 09:36:04

southerncross
Silver Stacker
Registered: 2012-07-26
Posts: 3,393

Re: BGS - Birimian Gold

Our very own Scyb here was one of the RM team VRS, (hope you don't mind me pointing that out M8)

The only thing at all I had to do with it was my usual buthurt complaining and pointing out the absolute crap shareholders of the ASX
have to put up with from directors (EX NOW) that treat us all as pond scum not worthy of an email reply while they collect their dues.

Gotta say though, I am proud of the company I keep on BGS smile .

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#447 2017-03-22 09:54:54

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,528

Re: BGS - Birimian Gold

I don't know the old or new directors from a bar of soap, but let's see everyone's opinions in a few years time.
People start out with good intentions, then they usually get sucks into the underbelly of the world they enter.

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#448 2017-03-22 10:23:06

southerncross
Silver Stacker
Registered: 2012-07-26
Posts: 3,393

Re: BGS - Birimian Gold

SilverDJ wrote:

I don't know the old or new directors from a bar of soap, but let's see everyone's opinions in a few years time.
People start out with good intentions, then they usually get sucks into the underbelly of the world they enter.


In a few years time, I expect that a lot of people who have held 'decent' lithium shares from this level in today's prices to be sitting pretty if they have chosen correctly.
There are no ifs or buts about it at all, Lithium is the new energy form for the next two decades at least.

There is a plethora of information out there to confirm my claims, and hard rock lithium is the supply of choice for the current bunch of processors, also a bunch of information to back that up as well with a little research.

Company structure, directors, management issues etc pale into comparison with the coming demand for quality assets.

Iron content, Grade, Strip ratio, Defined deposit X grade are things that you want to be looking at overall. Salt lakes might be all the rage for the long term , but if the Processors are geared to hard rock for ease of manufacturing and supply and just a years worth of rain in the Brine supply can delay supply until things dry out where do you think processors will look for a guarantee of supply?

Oh and if the market fails ? How much Gold does BGS sit upon ?

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