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Sanchez, Couldn't agree more. That's why I added more yesterday.
I am sure most of us would be less frustrated if there was more transparency. It is the past performance that keeps me here now (just) and I am trusting, which is a situation I personally hate... I agree YTSS I feel PIs are pretty low of the radar sadly, despite what they say. Sanchez if this is just a three month thing.. after the last 21 already... the worry is / market perception may be that things are not going to plan ( no news =bad news etc) and we will see a damp squib, the faith will be proven to have been a poor decision then. I am however hopeful for a positive future though but cannot fathom the boards lack of, admittedly apparent, reaction to our current valuation.
Am I right in thinking GS may not have wished to make a deal with FM in respect of their shares. FM has said only recently IIs would only get involved with a equity raise. This would be their ideal opportunity
I hope you are right Sanchez. They may be making good deals etc but I am not convinced the shareholders appear to be their highest priority tbh. Lack of comms is incredible for a company that may be looking to be pretty big in a few years
If you don't need to sell out in a month or three, ultimately what's the big deal. It's most certainly annoying and I am not diminishing anyone's frustration, but imagine being in fossil fuels, or Tesla or Asos before they really took off and selling out of frustration. Energy storage is going to be ubiquitous.
They aren't getting my shares, however much I dislike being shafted by this current aberration of a valuation, the way the market we are on is incapable of valuing us fairly and the fact there is no recourse for the behaviour we witness so often. Let alone the fact that we get hit for both UK and SA lockdowns, despite being in SA and get no benefit when they end.
Fortune asked us to keep the faith and stated that people can expect to get the returns they anticipate. That is a clear public request to ask us to trust him. I am prepared to do exactly that on the basis he has earned that trust. It's on Bushveld to deliver and keep their end of the deal and I am sure they will.
There is a way for any shares going to Duferco to be reduced and that is if BMN settle the payment prior to the due date with cash. Duferco would still be entitled to take up to 50% in shares but that would limit their % ownership and dilution.
I would expect BMN management to be running scenario's on the best outcome for the business and shareholder, they have been good at this in the past.
Depends Razor
If seller continues
If mms continue to push down
If Duferco take over double the shares to when the deal was done.
If bod do anything, surprise news, intervention etc (unlikely as they are too hard at work fixing the share price to actually get around to telling anyone they have fixed it)
If tesla announce solid state batteries with massively reduced fire risk and no degradation today :) shame the Lithium supply only lasts for another 20 years, if I read correctly.
If GS is selling their remaining shares, say 30 million, the way they have done until now (2 or 3 million every week), then this would take another 2,5 months, with everything else staying the same. Which we don't know.
So basically our share price isn't going to move anywhere for another large number of months, but we know it's because of massive background sellers. Is that right, Bummerd?
To be complete: Duferco could convert 11,5 million into shares this year, unless Bushveld decides to pay half of the 11,5 million in cash. Then 5,75 milllion would remain for Duferco to be converted into shares. Sorry for confusing things, as this has been discussed already earlier this month.
Total consideration has been revised from US$68 million to US$53.5 million, payable as follows:
· US$30 million in cash (which includes the US$6.8 million deposit paid into an escrow account on 1 May 2019) payable on Transaction Closure.
· An additional payment of US$23.0 million to be satisfied through the issue on Transaction Closure of Bushveld Minerals unsecured convertible loan notes ("Loan Notes") with the following repayment, redemption and conversion terms (in addition to customary covenants, warranties and acceleration provisions):
o Interest at a coupon of 5% per annum payable annually in arrears or on conversion or redemption;
o Repayable in cash after the second anniversary of Transaction Closure, plus any accrued interest;
o Convertible at the holder's option in two tranches of up to US$11.5 million each, after the first and second anniversary of Transaction Closure respectively, at a 5% discount to the prevailing 10-day volume weighted average Bushveld Minerals share price leading up to conversion;
o Early redemption of the Loan Notes at the election of Bushveld Minerals, subject to the condition that the holder will have an option of converting up to 50% of the early redemption amounts into Bushveld Minerals shares on the same terms set out above;
o Scope for acceleration of redemption of up to US$5 million of the Loan Notes 12 months after Transaction Closure if an average ferrovanadium price of $40/kgV is realised during any nine-month period during the12 month period after Transaction Closure;
o Obligation to repay an amount equal to 40% of any cash received on a new share issue which raises more than US$30m, provided no more than 50% of the Loan Notes have already been paid, redeemed or converted;
o Obligation to repay an amount equal to 50% of any debt raised over US$15 million, provided no more than 50% of the Loan Notes have been repaid, redeemed or converted;
o Obligation to repay on a substantial sale of assets or change of control;
o The holder will not be able to divest any Bushveld Minerals shares received for six months following conversion and be subject to an orderly market arrangement for the following six months.
Yes, 11,5 million this year. And I understood Duferco can choose to convert half of that into shares, so 5,75 million pounds.
Bummered thats wrong, 11.5 million this year, 11.5 million next anniversary of the sale! Not all 23m this year. I would hope next years anniversary of the Vanchem deal would see the sp much higher...
46. Still a fail, but you get the idea. Good night, yá''ll
It has to be 46 million shares: half of 11,5 = 5,75 x 8 (shares per P, SP 12,5p) = 44 million. With a much lower SP Duferco could take a much larger part of BMN.
and 12,5 instead of 12,4. Sleep tight
It's 5,75
BMN has to deliver on the outstanding amount of 23 million GBP. On the 22th of October Duferco is allowed to convert half of the amount (11,5 million pounds) to shares, for 50% of that half. Which makes 5,5 million times a SP of 12,4 = 44 million shares.
How do you get 44m shares?
GS could keep the price low until after the expiration of the loan notes. So what's in for them? Duferco can claim about 44 miljoen shares at a price of 12,5p (if that would be the medium price during the last ten days before 22nd of October). About 4% of the company. With Eskom still to arrive.
GS had 5,8%, almost 67 million shares sold down to 2,93%, 34,4 million shares, 11th of September. GS possessed 49,9 million shares at the AGM. It sold half of it's shares in the range 12 -14, say 13: 32,6 million x 13p = 4,24 million
GS has still around 30 million shares to keep the SP down. And will perhaps need some selling-power in the last 10 days. What if GS could bring back the price to 5p? Duferco could obtain 110 million shares, 10%, of BMN. So there I am just schizzo, or what?
GS started offloading prior to the AGM and disposed of ten million shares beforehand give them the 49 million that were used to vote against the two directors. The bod must have known something was amiss before the vote. Far from satisfactory situation where we are approach the key dates regarding the loan notes and the possibility of Duferco exercising options at a very low price. GS must be well underwater
Brgmg. The whole market recovered post March but we didn't. Crooks
The whole market wasn't starting from the absurd position we were.
You spoke too soon!!
Haven't seen 500k sells today. ;-)
The how of the selling is secondary to the WHY and especially the WHY NOW. What do they know . Or what do they disagree with the BOD about - as the voting against theory seems credible.