It is stating the obvious, so apologies, but LANSTEAD hold the key to this puzzle. What are their intentions? Will they sell in tranches as the SP rises? will they seek to exploit the sale of BEM as a whole? or will they quit and leave the company to wither and die?
There is no doubt in my mind, that they are able suppress the SP with minimal effort on their part, and in part due to the pitiful volumes, not encouraged by the lack of news, the upside of which means they pay less each month to BEM. There is of course a clear downside, in that they too have an 'average' as an investor, and it will take considerable movement for that to be breached, given that over the course of 24-months, they will have paid £100,000s for their shares. potentially heading towards market value at the time of the deal? Likewise, this deal only lasts for another 12-months, by which point we should have an improved JORC for KN and a significant maiden JORC for KS. Drilling is still underway on KN and KS. BALLAK will resume shortly. At that point, we should have a full deck?
They have essentially got their shares on credit, and pay for them on a monthly basis, and provided BEM have the necessary operating funds, whilst not ideal, at least the finance is in place.
LANSTEAD are happy to hold, and based on that logic, so am I. Regardless of the rights and wrongs of the deal, and there is clearly much to frustrate, the fact remains that they own 70m shares in a company that is practically worthless as it stands, at least based on SP. It is in their interests for the company to succeed. For that reason, my future is inextricably linked to that of LANSTEAD.
Frustrating, but keep the faith. The end is in sight.
if progress is to slow then could we not approach lansted as the major investor and get them to remove csp and install a more dynamic ceo . still believe that we will sell kallak north , south and ballek in the summer of 2015. just cant see joint venture.
Beowulf Mining will hold its annual general meeting at 8th Floor Tentor House, 45 Moorfields, London, EC2 9AE, on Friday 11 July at 10.30 a.m. What happened to the Chesterfield Mayfair? I would imagine a fair few of you on here will be attending and venting your frustration. It is obvious from recent comments that CSP is not the right person to steer this sinking ship any further. How on earth does BEM continue with such a disastrous nobody at the helm?
Having been reassured by: the securing of advantageous finance at the nugatory cost of £500,000; massively increased shareholder value; the astute investments made, which have only resulted in an impairment of £400,000 and; a furiously increased pace of resource definition, only the most hard-hearted, myopic and mean-spirited PI could possibly begrudge his 10% year on year wage increase, which I believe will be spent on that beach thong with the diamante shamrock motif.
Today I attended a meeting where several participants in a research project met and discussed various aspects of mining issues. There are various representatives from Umeå University who researches the issue of mining in montane areas. Kallak outside Jokkmokk and Rönnbäcken in Västerbotten is with the mining project.
I feel that it is good that we are many from different organizations and companies, and representatives from the Sami communities and associations of various types that are involved in discussing these issues.
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