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I forgot mismanagement.
Crooks, liars and cheats the whole lot of them! Legalised theft!
Is it going to be exciting and when is it? Just saying...no response wanted.
As BEM own 60%+ of Vardar, the relevant % of Vardar’s current cash balances should immediately be retrieved for use to progress Kallak South and Finland as was originally planned.
Never underestimate the other person's greed.
These people have mortgages and school fees to pay, and ultimately, that influences decision making.
As I've stated many times before, it's easy to spend other people's money. Bowie gets paid regardless.
Walking around in your kaftan, humming to yourself and generating positive energy doesn't quite cut it I'm afraid.
In a nutshell... sj74.
Aye it is pocko, there is no excuses. It's extremely poor. They offer no clues as to what is forthcoming other than unlocking the assets underlying value and that is the only bit of hope I have in that there are things afoot to bring in partners for these assets now. If not then it's an extremely sad case and the upcoming dilution will be frightening.
A painful read. A list of bad decisions with very little encouraging news, including the cost of removing Kurt (and no doubt Ella). Hopefully, like the song-things can only get better! At least they are p**sing off more Swedes than Brits.
To summarise the RNS:
The directors are grabbing what cash there is for ourselves as there is no prospect of any progress at Kallak, in Finland or Kosovo.
And we'll be needing more cash shortly.
The thing is sj74, the closing statement is just a cut and paste...
"The focus of the Beowulf Board and management over the coming months is to advance each project and begin to realise their underlying value. I would like to thank the Company's shareholders for their ongoing support and look forward to providing updates to the market in due course."
It's just words...
Doesn't make for great reading does it. The staff costs are a joke. Especially straight after PIs were asked to part their cash.
Can only hope the comments from ed Bowie about finally realising asset underlying value ring true. To do that means partners brought on board otherwise another cash raise to advance those projects further than where they currently are.
Where to begin… I'll start with these little pearls.
"Much of the Company's exploration costs are in Swedish Krona which has weakened against the GB Pound Sterling since 31 December 2022."
£140k currency loss? Wasn't most of the last fundraise in Krona?
"Professional fees increased primarily due to non-recurring advisor fees in relation to the directorship changes within the period. Directors and staff costs increased primarily due to recognition of Mr. Budge's gross settlement amount and additional consultancy incurred."
Consultancy fees for Budge?
Was he not handsomely rewarded upon his sudden departure?
"The consolidated loss before tax for H1 2023 increased to £1,799,616 (H1 2022: £683,607). This increase is primarily due to share-based payment expenses of £238,843 (H1 2022: £Nil), professional fees of £405,196 (H1 2022: £139,469), directors and staff costs of £424,875 (H1 2022: £168,361), and a foreign currency loss of £199,393 (H1 2022: £28,989), combined with finance costs in relation to the bridging loan of £195,304 (H1 2022: £Nil), which was fully repaid in the period."
£1.8m spent on staff costs in 6-months?
And is it a currency loss of £140k or £199k?
This is driving the company to the wall.. not comments on this bulletin board.
And a further fundraise within 6-months is on the cards, even with a reduced cash burn, after some one-off costs in H1.
Does the net cash include that held by Vardar?
And have work streams ceased or not? The contradictions are staggering.
Sooz, it’ll be interesting to see whether Ed was as blown away by the operation at Vardar as Kurt was.
Just musing. No news since January from there you see, not sure why. It’s a long time to report nothing. Lol.
Anyway, waiting is I.
Thanks TFE. I thought I’ve been pessimistic of late, but blimey. Lol. My straw clutch is that Aug is correct re a background deal, and of course the market doesn’t believe until it actually occurs officially. I do feel we shareholders need to see something good happen this year, something which will add value via sp, bearing in mind the work that was originally planned. We appeared to be finally going places. Anyway, Finland progress and the Sami appeal being concluded should help. But it’s if, when and maybe.
Surely we haven’t waited nine years to gain a concession and then finish our journey at 1.5p though, so I do believe we’ll see gains again, even if some of us did miss out on the opportunity to sell around the time the concession was granted.
Thanks for your comments anyway. I appreciate that things do look grim at present, they are, but we have a new CEO and NED, and will hopefully get the right person in to run Jokkmokk Iron.
Time will tell what the new plans will be. We should know in approximately four months or less.
Cheers TFE.
Hi john I am in for the long haul as well just think in fifteen years time I will be a hundred, !
Thank you Suzy. Like you, I am in for the long haul and if other family members reap the benefit sobeit. We have been here before and a lot lower too and once we have jumped through the next two hoops , I am sure will things will start to gather pace. ATB.
PS Please keep posting.I enjoy your sanity and frankness.
PS Old Chinese proverb...who talk don't know, who know don't talk. ::-)
Thank you FarEnd for your good wishes and atb to you too.
Look around you if you want to see blue, its everywhere. If you didn't take profit from the rise after the concession award, there will never be another opportunity, you've missed the boat.
There's nothing to see here, apparently they told you that, in an RNS. The board isn't talking, what is there to talk about? Sadly, only missed opportunities, which is a shame because there are some decent Lt contributors/investors here.
I hope it will eventually come good for you all, but I somehow doubt it.
ATB.
Andy...Thanks for the information and yes, I have realised that it will take some time for them to make their judgement.
Eric, I know, and we've had a big shock and it's taken some getting over....I'm still hoping it's going to be good and as my mother was found of quoting JP Getty when someone told him you can't take it with you...no but you can leave it behind. Sorry, I'll get me coat as Subtle used to say. Hope he's OK haven't heard from him in a long time...got tired of waiting I expect. On we go then.
It would be nice to have something positive to talk about Sooz. But there hasn’t been a lot of that of late. I’m pleased that Ulla has gone, if she wasn’t the right fit, but at the same time disappointed, if you know what I mean.
Anyway, maybe we’ll have news from Rasmus again before long. A shining light.
Andy, I see. At least the hearing will be behind us. So things are moving along.
Well, the hearing is in about three weeks, but then (and you should know this by now) it will take quite some time until we get a desicion/verdict.
I don't know how much time it's going to take, but it won't be as fast as we'd wish, I'm guessing months.
Morning Eric...Yes, soon we'll know...how time flies when you're enjoying yourself. :-)
I guess we shall find out in about three weeks Sooz.