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Totally agree with Pdub's first comment on this. Conspiracy theories had been wild. Yes there can be corrupt practices on AIM but that is usually due to greedy boards of directors and stock promotes, which are clearly not the case here. I believe the share price has stayed low because there were more people who needed or wanted to sell than buy at this time, nothing more exotic than that. I had stopped reading this board because it was distressing to see how irrational people were getting about the depressed share price, and the obsession with short term prices in general. Like Pdub I would be delighted if the RNS injects a does of reality and we can get back to talking about the company, its future, and exciting news flow over the next few years. All the best everyone. Ev.
Hardly anything visible abut this company online. I note BMN LSE discussions in 2018. Appears to be under Thomas Chan Ho Lam former Goldman Sachs banker who served the late Nina Wang, who was Asia's richest woman. Mixture of propery/investment interests. Same name also appears in the Panama papers associated with Splendid Victory Group Ltd of Singapore. Also an article available from 2010 about a purchase of a £10M dollar bungalow in Singapore.
From what I can see, this may well be chicken-feed to Golden Summit. Perhaps that would make it less likely of some kind of conspiracy. The question about the AGM voting is interesting, which does suggest some kind of disagreement. I'm not assuming it is all as simple as a distressed seller. It is a shame (to say the least) that a mechanism could not be found to deal with this without months of selling on the market.
Anyway, I have taken the exit for the timebeing due to this event. I will take a look back at/around Duferco part 1 business. If it has gone up to 20p+ by then, then I will have missed out. GL.
There have been some very interesting ideas, thoughts, and observations about the reasoning behind the sell-off. Much food for thought. Here's another observation: is it noteworthy that one or two of our very respected posters with quite some insight into past trading have not so far commented?! Are they all on holiday, or... (smiley emoji here)?
I have no idea what is going on, but I am feeling very satisfied with the company's progress and direction.
I have said before, that I suspect Fortune has so many balls in the air, that he likely has to be very cautious in giving too much away while plans are unfolding. He has done so much to earn our trust and confidence over the past few years, and I'm really looking forward to developments between now and the end of the year.
Company is registered in BVI, see RNS, and active.
BP
How do you buy into a private company based in Singapore that is marked as ‘struck off’ in March 2019?
Well.... There are only two things we know:
First... We don't know
Second .. we will never know
Quack quack
If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.
or could be a good decoy
I fail to see how a company from Singapore, registered to the BVI is going to get tax advantages from selling shares in BMN. I would imagine that the whole point of registering in the British Virgin Islands is so they don’t pay any tax in the first place!
I am almost certain we are dealing with a distressed seller. Why try and make it something more than we have evidence of? Distressed seller is a good thing in many respects, it means that it is unlikely they are selling due the the business and an outside influence means they are being forced to sell their holding. It isn’t that unlikely in the current world wide economic market.
If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.
Can't agree Lindon. We just don't know the reason
But investment groups seek aggregate profit. Taking a large loss on one investment can be of material benefit depending on taxation rules.
The profit or loss of one particular investment is not the primary goal .... Unless that is the only investment you have
There are wider things afoot for sure
It could be that GS have been given no options... and have in fact been ‘diplomatically’ forced into a disposal by FM... maybe under the sentence of death for crimes for which it has been agreed will not be be made public if they ‘pay’ and accept the ‘fine’ of the huge losses they have accrued!
Given the top prices they paid to get in ... and showing an incredibly strong determination to get rid at the phenomenally lowest sp levels available, is not even remotely credible.
Unless there was no other option!
Even in the event of the complete absence of ANY of the projected growth from energy storage happening ... no institution would dream of voluntarily accepting these losses at this stage of the companies general OR global Vandium/steel business cycle. Imo
Bassguy,
Maybe we should pressurize the board more and hold them to account rather than accepting their excuses all the time.
Why was the sell down blamed on pis? Couple of email responses alluded to this I recall.
Anyone else feel luke pressure has elicited a response finally, looking at yesterday and today?
Its good news in a way as we know there will be an end and the endless uncertainty is now at an end.
You cannot say 59m are in PI hands... II's could have bought below the threshold for notification
Agreed Pdub, proves the investment case, but how long it takes to sink in is another matter. THe fact is that there is tremendous scope for upward readjustment.
Whilst I don't disagree, the fact remains that 59 million more shares are in PI hands, even allowing for some inevitable PI selling and selling to buy covid stocks. This shows in fact how strong the PI sentiment is, AND rightly so. Unfortunately because GS is now below 3% there will be no more TRi's and they will probably fall out of BMN'stop 10 shareholder register. It may be they have now finished there disposal and hence the TR1,which they were obliged to fiile anyway.
Don't forget the sells by GS will be amplified by those who sold to buy COVID stocks at the same time, especially those with large holdings.
Im ecstatic that there is no nefarious activity as such and should see an SP rise as PI's will be more confident than ever to buy. This in addition should help clear the seller quicker than current rate!
I was correct when I said yesterday that if the large sells that we have seen throughout September are GS then it would be a matter of days before we saw a TR1. and here we are.
So the question is will they continue with the sell-off until they are out? That could take a couple of months at the rate they have been selling.
So the grand mystery is solved?
I'm happy Pdub, They can carry on selling and the re-rate is going to be a joy to watch at the end of the year.
They probably need the cash for other ventures to sell at a loss too.
And I have been buying over the last couple of weeks. Not much ... just what I can afford.
And I have now more cash waiting. At this level in would simply be rude not to.
Exactly my point Libero. Let’s hope that message is sinking in.
Completely agree Pdub.
Obviously think GS are making a huge mistake but it's good to have some clarity around those large sells we've been seeing!
Also think it's positive to see how their sells have somewhat been absorbed by increased buying elsewhere.
Onwards and upwards : )
Been out most of the day so thought I would check in only to find the usual moaning and negativity. Ok you are frustrated with the share price .... aren’t we all .... but is that really an excuse?
Are you blind to the significance of today’s RNS? Do you not realise that this is good news?
We now know that the sp has been hit by a large institutional seller. No more mystery. It’s there in black and white. Of course significant pi’s selling hasn’t helped and I am sure the mischievous mms have had a go, but now we know what we are dealing with. And the supply of shares is finite (assuming they even want to sell all their shares!)
So perhaps it is nothing to do with Duferco or the myriad of other conspiracies suggested. At least we know the enemy now.
This is a great resources and energy storage company.... instead of moaning let’s get back to telling that story. There is a lot more to be positive about with BMN.
not sure we can say that @jog .... selling at a loss and then buying back in (JSE listing ?) might well have some gain and tax advantages.
I wonder who the buyer has been ? .. big pile waiting for JSE transfer ?
GS crossed 4% in October 2018, see RNS below
https://www.londonstockexchange.com/news-article/BMN/holding-s-in-company/13853819?lang=en
They are shown as having 67 million shares as per todays RNS so must have been buying at significant prices prior to this years dip.