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Mogwhy showing his true colours today , take note.
Thank you V1per
faramog also seems to think that Duferco is an investment company. In fact they are a family owned steel and shipping business run by Bruno Bolfo with $12 billion revenues.
A $6.5m investment in BMN will not be one of their priorities.
Everyone should go and read Lindons post at 10:31.
Mogwhy, Keep posting.
I for 1 appreciate your posts
faramog won't be able to read this and is obviously unable to read an RNS but everyone else should know the facts.
The RNS on 18 December 2020 stated that the Duferco shares were expected to be admitted on 24 December 2020. There is no mention of a lock in period.
The RNS with the TR1 on 2 Feb 2021 clearly states that the threshold was crossed on 24 December 2020 showing that Duferco sold on the very first day that they got their shares.
Have a look at the trading volumes around this period.
My post about a potential Vametco strike has been taken down but the facts are out there in social media.
There is currently a movement amongst Vametco workers to organise industrial action. So far 30 workers have shown support.
no @Mogwhy .. "Duferco started selling down on the same day that they were issued the shares ie 24th December.". Not true. There was a 6 month clause preventing that and then an 'orderly market' clause
But then you do seem to have switched form fan to spreader of crap
@James0309, I thinks it’s more than probable that the original Dufreco deal specifically excluded the normal ‘buy now but but not allowed to sell for 6 month’ clause due to FM being fully on board with Dufreco intentions to raise funds for it’s major €180 million Steel plant project in San Zeno Naviglio, Italy
https://www.dufercotp.com/wp-content/uploads/2020/12/20201130_PR_Duferdofin_New-rolling-mill.pdf
This is the project that Dufreco arranged a €72 million bank credit facility for.
https://www.unicreditgroup.eu/en/press-media/press-releases/2021/da-unicredit-e-dz-bank-72-milioni-a-duferco-per-nuovo-impianto-s.html
I know I posted on this subject at the time and right or wrongly I’ve long believed that FM is fully behind and fully aware of Dufreco’s intentions and all its all part of an arrangement that could well end up meaning Dufreco will become BMN/BE’s first major commercial customer announcement for V, batteries and the leasing of electrolyte.
Dureco’s new plant is planned to be 100% powered by green energy systems and its sure to need some heavy lifting type batteries to run the place, quite apart from the V that’s obviously going to be required in their shiny new steel producing side of the business.
We will have to wait an see if all these underlying and ongoing current negotiations are all part of a continuing ‘scratch my back and I’ll scratch’ yours deal.
Of course something like this … would be considered highly commercially privileged info.
It would be very convenient for Duferco if there was to be a strike at Vametco to get the share price down just before they get issued with $6.5m worth of shares.
And the fact that you confused £ and $ is concerning. That is a basic error.
However we all make mistakes. I frequently do so that can be forgiven.
Yes Mogwhy that is true but….
A few million borrowed shares, recycled, in a determined bid to drop the share price can do a lot of damage … and it has.
The shares that Duferco will receive under the current arrangement ie $6.5 million and likely to be around 4% (perhaps a little less?) and the important difference is that Duferco will own those shares and would benefit from an INCREASE in the share price.
I don’t understand why you are single handed trying to stir up such fear in the market about this IF you hold shares and haven’t sold out. If you have sold and are looking for re-entry at cheaper price then I get it.
The bottom line is this is a small dilution that has helped acquire Vanchem at a very cheap price. Let’s have some balance in considering this and a little less negativity.
Absolutely
Sorry Pickler, my bad.
Mogwhy, The shares are in gbp not usd so more like 47m shares to be issued not 65m.
Come on Mogwhy
$6.5m equates to £4.7m which equates to 47m shares at 10p
Come on Pickler, read the last RNS.
"the remaining US$6.5 million being converted into Bushveld shares"
I am a relatively LTH but with small holding compared to most. I have a request to make of the old guard that frequented this board such as Alfa, Nick D, BBN, and others, could you all return for say just a month? Probably an unfair request but I think you all look in now and again and I think your wisdom would be very much appreciated by most. As and when you think appropriate.
Mogwhy - unless someone can produce a screenshot from a Bloomberg PC showing the total shareholding for Bushveld, we are all guessing as to whether they still hold.
In your last post you mention them getting 65m shares next month, that assumes a share price of 7.2p based on a CLN worth £4.7m - I think you need to revisit your calculation.
Pdub - the several million shares that GSA have sold is small fry compared to the 65m that Duferco will shortly receive and potentially sell. That's what I find potentially tiresome.
It's all very well looking on the bright side, but I prefer to balance up the risk/reward by looking at potential downsides as well.
Pigpen70 - the 6 month lock in wasn't a requirement on the previous conversion as far as we know. If it was, then it was ignored on the very first day they received their shares.
The conversion next month is being renegotiated so we don't know if there will be a lock in or not.
Also Mogwhy you ignore the fact they have to hold for 6 months and then if they do sell they have to do so in an orderly fashion .....
Mogwhy you were asked if Duferco sold their entire holding ie you had evidence.
Clearly you don’t so responding by saying you think they did but unable t9 back that up is really nothing more than guess work. In other words it is equally possible that they still hold all or some of the remaining shares.
As far as GSA Capital Partners short is concerned I think you are very wrong. The several million shares they have borrowed is more than enough to manipulate an illiquid share if the will is there, particularly by recycling the short.
Of course I am happy to acknowledge that this is just my opinion.
The Duferco CLNs are a drop in the ocean and it really is tiresome that some keep banging on about it.
Apparently Duferco are building a $180m steel plant in Italy with a $72m loan so they had a need for cash earlier this year which would explain the sell off.
Now seems likely they will sell their new holding next month. Hope I'm wrong.
After further reflection, I now tend to think that Duferco sold their entire 37m shares earlier this year.
I think this because at the time they received their shares, they also received $6.28m in cash. It seems unlikely that the EHL share purchase by Grafton was more than the cash element so there would be no need to sell down the BMN shares to fund it.
Whether they needed cash for something else or they just didn't want to be a BMN shareholder is something we'll probably never know.
Just to add to this, for some reason I thought there was an orderly market clause in play, but from memory last year this did not apply, based on the deal that was agreed and executed?
Mogwhy - It could be an overhang or equally possible that they hang on to the latest tranche on a longer term basis and allow the SP to rise. There is uncertainty, so TR1s will perhaps reveal their strategy. Personally I would not be surprised if we see another pair of TR1’s after year end showing they have dropped below 3% again.