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BDR beadell resources limited

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This is a Takeover!!, page-28

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28/03/18

16:45

Post #: 32094634
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Originally posted by worzel1 ↑

Good points, I've added them to my long list of stuff that just makes no sense.

The bigger puzzle for me is that the Plastic Fiddle has nothing and is nothing, just a means to list on the TSXV......It's not a Golden Harp it's just a big Fiddle... Why do we need a double barreled contract to manage it........... .......Sprott/Lundin can just give us $4m after the list and be issued a few shares...... yet another indication plenty is being hidden from view..... and us lambs are being led to slaughter. Thing is, are we smart enough to realise we're being gutted or do we just say thank you sir.

Simon Jackson hasn't told the truth from day one, so why does anyone think that what we're being told bares any resemblance to the truth. We're about to sell 5.5% of the company at 33% below the pre-anouncement price..... and the directors are forbidden from getting a better price.....

On the face of it the company reports look desperate , big losses no cash qtr after qtr of underachievement....... But the research I've done the last couple of days has revealed that Simon Jackson hasn't really worked for anyone else but Lukas Ludin for about the last 20 years. In 2013 Lukas handed simon a cheque for about $30M........Now my thinking has completely changed. ......Would simon repay this kind of patronage by selling Lukas a Pup.....I don't think so........So with that new mind set all the things that have made no sense to me and have really bugged me, ....can now bare some form of explanation.

We haven't been mining sulphide for the last 9 months because that would be really positive, and very supportive of the share price if you wanted raise more funds.

We didn't finish the mill upgrade last year because that would make it look like we had our act together and be just what shareholders wanted.

We did do a feasibility study for the mill upgrade because we didn't really need to do it and it just wasted more time and ran the share price down some more.

We did spend all our time just moving dirt rather than mining ore for the whole of Q3, because it was the dry season and if we mined the ore we would have to put it through the mill, and imagine what that would have dome for the cash flow....worse still imagine if we had managed to stockpile some for the wet season.

We did redesign the pit in 2016 but we made sure it was only wide enough for one truck to go up and down the ramp.....slowed things down just in time for the dry season. Going too fast,...... lets whack a few drill rigs in the way, just where the ore happens to be.

The sulphide is alot harder than oxide. Lucky we found some hard oxide ore in Q4 because that really stumped us and slowed us down. That was lucky.

And the little things...... Anyone notice that the qtly report just didn't change with the arrival of the 'new' management..... they just carried on doing the same old thing. .........And another really small thing that bugged me , did the new logo look to anyone else like they'd just nipped down to the local primary school for ideas......

And now the contracts .......what an insult. I must admit to being surprised no-one really seems to care how many options will be awarded with the loan...... These will all be going to the one entity in one block. $35M to $75M worth of options completely changes the ownership and therefore the price growth prospects. Sprott has been working with Lundin since the 1970's do we really believe this is separate from the "merger"......Atomic you are painting the picure of the juicy takeover happening sometime in the next year or two.......This is the takeover ....and it's locked in at a giant discount. I have asked the company a number of times how many options will be issued but they have refused to tell me.....lukas will be proud.

Here's a good idea lets release a really shitty annual report and watch the price plummet. Then just as the price is stabilising at multi-year lows lets raise at extra 5% in funding. When we've just raised $80M it makes perfect sense to raise another $4M as a 33% discount to the current really shitty price...............But all is not lost, because by completely smashing the share price we can make sure the option strike price is that much lower on the loan options ....Lukas will be proud, .....that could have got him another 5% of the company.

And just to finish lets just mention again how completely ludicrous the merger document is, it's a case study in how to show it's your company and that you hold all the cards by completely giving everything away. I don't know a lot about contract law but I do know you NEVER put "best endeavours" anywhere in a contract......Well done board......Lukas will be proud!

..And to end, I sent my complaint off to ASIC today......probably won't lead to anything but the two years of decline have just made sense........Thought I'd drop 'em a line.

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Those concerned should also write to the foreign investment review board (firb)

BDR Price at posting: 8.0¢ Sentiment: None Disclosure: Not Held
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