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Rob1967 .... With a little help from his fiends
Avani seem to be playing quite fair what with the extra funds and offtake agreement, if anyone saves ben will likely be largely with a lot of their help imo.
Find this comment interesting will be watching for how they change the terms etc- wonder if it will become convertible if not do they mean a longer period for payback?
"Pending execution of any working capital facility agreement, Avani has advanced $1.25 million to support the Company's operating requirements. It is also anticipated that as part of agreeing the new working capital facility that there will be amendments made to certain terms of the $6.5 million loan facility put in place in July 2023 between Avani and the Company"
Rpg7…no need to short this…Adam done very well on his own
Looks like the shorters have slithered in ...just slope off again please.
But couldn't avanti force bens into foreclosure by asking for loans to be repaid then buying out the remnants of the company out of administration for cents on the dollar wiping out current share holders?
Avani, must be sh+++++ bricks!
The signs have been there for months, sorry for any LTH it doesn't look good
Yes. I was gutted when Snorlax hired him and I can’t wait until he goes the same way.
I’m going nowhere near EITHER of them.
$1 yayyy
Avani can't buy at whatever price they want. Anything they do is a related party transaction and has to be at fair market price. Avani want the coal. To ensure they get a regular steady supply they have supported the business once again. They are more than $45m into this trade.
New management, new off-takes (I expect Integrity off-take will be next), more cash - and a restructuring of the old debt. Not much to dislike ??
Peter Shea was ceo at Daniel Stewart a broker. He appointed lots of family members to senior positions. They were utterly useless but if you got on the wrong side of one of these 'Sheas' you got fired.
Would need rise fivefold before I break even ! Can't really see any point in selling at 6p. Another of my useless investments.
I am quite sure the Avani terms in the new contracts are acceptable to the directors. To PI's though? This has always been the case. I am glad I pulled out at 14, and those remaining can look forward to years of continual sales from all those free shares given to Wilson et al, which outnumber the PI shares a zillion to one.
Bigk : bid from Avani ? Why should they take the liabilities, they have the coal at whatever price they want.
Good luck with your buys i'm at the opposite end of my investment journey here having cut my losses and sold and moved on..
All good positive signs. I am buying
Avani could have called in the debt today, but they haven’t.
I hope they turf out Peter Shea next.
You can only go on for so long with an extortionate pay and bonus (WTF) when running a loss making company. Another winner for Tom Winnifrith, he had this as a zero ages ago, and when Avani call in the debt, shareholders will be gone.
I bet he wishes he sold his shares when this hit £1.
BEN's fundamental issue has been that even if everything went perfectly on the operations and sales sides, even if the metcoal price was high, the extra cost of trucking means NS have them by the balls. I thought that these issues would clear after train supply tightness due to drivers and getting them trained, and that NS would sort themselves out.
The other side that had them by the balls and wasted precious months when the metcoal price was high was mega, who's delays and sending of a broken HWM was probably the first nail in the coffin back at 108p.
There is still a glimmer of hope that we get a new CEO that can rectify things and that the metcoal price bounces, but this seems to be another painful lesson.
Ilovesushi. you said: Then it end when the price of coal falls to where it is un-economic and there is little or not demand. The RNS did actually include the comment that Avani have entered into a contract for 400K/T of coal for this year. Integrity also want as much as we can supply so your point about demand is clearly incorrect. This is nowhere near the end for Ben. I think AW was a little bit unlucky in that certain events happened to cause serious probs that were out of his control e.g the issue with the number of trains we were getting per month but he did get the mine/wash plant/rail track up and running to the point we recently had c.100k/t of coal sat waiting for the trains. I agree that taking bonuses was abysmal when we had never had a profit. But business is business and I suspect having, Avani cough up once and seeing no improvement in the business, will have offered further dosh on the basis that AW went. That's my take on it. AW good at mining but not so good at the sharp end of running a business financially. We had no CFO if I remember too. I think it was said recently that we have 120 workers at the Creek....what???.....did we really need so many when we were struggling financially. It's good that Avani stepped in and shows a very positive move and chance to build on mistakes made. It should be onwards and upwards from here particularly if we are to get the contracted number of trains we need each week/month. Avani clearly see that. Will they take over??...not sure running the Creek is in their brief as they are commodity brokers so I hope they are just bailing us out knowing the long term prospects for BC. Lets hops the AW replacement is "on the ball" so to speak....Just my thoughts.
Cheers
Ezzza
There are 4 upsides now
1. Avani Bid, has to be 18p quite likely
2/ A US Coal biz bids, it is cheap possible
3/ MBU come in to rebuy the stake they sold - unlikely
4/ MET Coal B gets back to $250 and BEN start making $50m a year - quite likely
Is that why Avani loaned even more $$$ to the company ? because its not a going concern
The company was formed by buying assets from Administration and a moth balled mine. This is going to head back to Administration and will be mothballed. It costs more to mine the coal than it they can get from selling. Issues with no trains make this unviable. This will all be bought up on the cheap and end up in the hands of Avani.
This is how mines like this work. They are formed when the demand for coal is strong and there is a higher price for coal. Then it end when the price of coal falls to where it is un-economic and there is little or not demand.
This is the end for Ben. Cash borrowed will not last out the down turned. The boss is leaving before he was pushed. It was all down to him and the buck stops with him. BEN is no longer a going concern. SELL
That's an understatement... GLA
Not been great so far. time for a change?