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there are IMO a number of objectives
cellcube IPO
BMN to JSE and UK Main.
get off Aim.
these could be done piecemeal or big bang. need more info from BMN BOD
FB is this not just about listing Cellcube on the main market or US. Not BMN
they would have to buy out bmn in its entirety in what would be a hostile T/O. Not impossible I suppose. They cant come in and buy say VRBH or the electrolite factory or a parcel of mining land without BMN agreement. Also acacia are major shareholders in must, bmn and vrfbh so its all pretty wrapped up tight.
Thanks for the explanation FB, so just to be clear, what are the chances the americans actually succeed in swooping in and stealing all the thunder?
Obviously we have a vested interest so hopefully the UK listing happens quickly and we can finally see the energy side kick off.
this passage recounts how otto (garnet) emailed prince ( enerox director, witness for garnet and since left to join largo) where otto details his views that vrfbh wasnt ready for IPO but could be in months and a US raise was preferred (but would mean not via Must) and the 2 expert broker witnesses were brought in to argue the toss for both sides, it was apparent that garnet wanted control and a US IPO with bushveld out and US Vanadium in. Bushveld wanted Must in as investors and a UK main market listing. The view expressed was the view of garnet, there was a counter view from our side that the garnet view was biased and opinion not fact. BMN have repeatedly said they desire a JSE listing and have maintained Must involvement. Must are a cash shell and currently we wait for their prospectus which I believe is in turn waiting for public news on trading and strategy from BMN, as we all are.
From Floyds court case link : Seems BMN have been wanting to help the SP last year by immediate Enerox listing but prevented.
Mr Otto by email replied to Mr Prince in a little detail concerning the conversation with Mr Greenberg. His reply included the following:
Page 29
George Bompas QC
APPROVED JUDGMENT Garnet Commerce Ltd v VRFB Holdings Ltd Mikhail peppered them with questions on routes to go public
immediately and received the following responses
- Enerox does not look ready yet
- Enerox is too small for the US SPAC market right now - Any listing process will take 4-6 months minimum
- Cash shells in Canada / UK will achieve a listing but won't get exposure to the market valuation frenzie that is happening in the US right now, will still take 4-6 months
- You only get one shot at listing; listing in Canada / UK provides a market price, you can't subsequently try to list in the US and achieve a higher valuation
- Listing a portion of Enerox by having a cash shell buy a minority stake in Enerox would be much worse than staying private; locking in a listed market price at a valuation that reflects a company that is not ready to be public
- Even if there is a market correction, a 50% pull back in valuations still implies ridiculously high valuations; don't worry about timing just get the process right
- Market demand will remain strong; energy transition is not going to stop, it's still got years left to accelerate
The broker pitched that a private placement financing should be pursued. They offered to help on the raise, saying they know a number ofpartiesthatwouldbeinterested.Subsequenttocompletingtheprivate placement financing they offered to work with Enerox to see if the story can be evolved to something that would be a better fit for the US SPAC market.
I think Mikhail knows these realities, he's just under tremendous pressure from Fortune to do what Fortune wants (a listing so Fortune's friends can participate and allow him to keep control / gain majority control of the company).
Is it that Cellcube/Enerox are listing on the main market via RTO?
Regardless this will provide a valuation for some of the BE element, which has been at zero for many years.
That’s fine FB, having closely followed the court case AND the summing up, I wasn’t aware of there being any suggestion of an rto directly involving BMN. Have you got a link to the narrative that validates that aspect?
Thanks for your post FB ,sharing your knowledge and explaining your reasoning
All seems very plausible
my comment that must are friendly was to answer razor on his post.
well of course Mustang are friendly ... they are set up as an RTO vehicle.... stand to do very well out of it
Anyone any idea about the respective timescales of a direct main listing v an RTO?
Thanks for that FB! Have a good weekend all
Hi fatbanker
Excellent post.
"the intention stated in court was for bmn to rto into mustang "
That one passed me by.
mustang are our friends and the intention stated in court was for bmn to rto into mustang and as a result be listed on main market. garnet were the enemy who we defended against in court as they wanted mustang out of the picture so they could take enerox to the us market, taking control away from bushveld by having them sign over our shares to them as penalty for breach of the JV between us and garnet. thankfully the judge saw sense. MUST are in limbo waiting to issue a prospectus as a green energy investment vehicle, and get their shares relisted. IMO we are getting our ducks in a row to buy out MUST, and thats why we have invested time and money in all the recent RNS info keeping them involved. MUST ownership in VRFB helps us maintain control there vs garnet who are also invested, but would happily wrest control from us if they could. You cant list in parallel from AIM to JSE main list but with ftse main listing you can. this latest appointment is a bloke with heavyweight corporate history, respected in SA, and a good addition to any prospectus document or JSE application. google RTO if you want to know how it works or visit the boards of a share on lse where an RTO has happened or is happening to see the flow of RNS announcements. I dont agree there is no advantage in an RTO as cost speed and complexity all compare favourably to a direct main list application, but having MUST as an ally as a defensive measure against any threat to ownership is a factor here also. If the RTO route is off the table, it hasnt been announced, so on that basis thats how I think it will play out.
Hi fatbanker, can you expand on that please for those of us who have no clue about corporate moves like reverse takeovers? Weren't mustang who we just had a legal dispute with? (though it ended favourably for us)
not sure I disagree with the goal FB, but not sure where you read that in the RNS ?
As I have repeatedly said, I am not in favour of an RTO - the cost and time-frame are similar to a straight re-listing. The only advantage (if I can drag one out) is a possible re-brand as an energy provider
for me this is another step down the MUST RTO, UK Main market, JSE dual listing route. i take encouragement from this RNS.
For just the briefest of microseconds , I thought this RNS might be something useful. Hopes quickly dashed ...again....
Thanks for that.
Fingers crossed AV knows what's coming and does not offload any shares for a long time.
Appointment of Independent Non-Executive Director