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Sorry listen from 25mins in:
https://youtu.be/AX_WdScGDVw
Daddy big bucks , yes certainly worth listening to that last bit of interview, a few snippets of information I had genuinely forgotten - thank you:-)
From last years accounts.
Johannesburg Stock Exchange listing preparation costs US$1 million
The Company continues to monitor market conditions and engage with South African institutional investors. Timing of the Johannesburg Stock Exchange listing has been impacted by the Covid-19 pandemic. Bushveld Minerals' growth strategy will benefit South Africa by using the country's natural strengths to become a leader in our industry.
The rationale for our proposed listing on the JSE is based on the following considerations:
§ our resources are located on the world-renowned Bushveld Complex in South Africa, the world's largest primary vanadium resource base;
§ our vertical integration aligns with the country's push for increased local beneficiation of its mineral resources;
§ our downstream energy storage proposition aligns with the government's stated goals of downstream mineral beneficiation and adopting stationary energy storage; and
§ a listing will allow us to access a significant pool of local investors who have an affinity with our story.
Listen 33mins in:
https://youtu.be/AX_WdScGDVw
Yep Jimbo your recollections are quite correct, it was indeed a significant sum of money, so what did they pay for?
Source: Section 18 of JSE Limited Listings Requirements.
Dual Listings and Listings by External Companies:
(c) ....... (is at least on an equivalent board/exchange to that for which application is being made on the JSE. The JSE will therefore not grant a secondary listing on the JSE Main Board for an applicant issuer that has a primary listing on a junior/secondary market of an exchange)
https://www.jse.co.za/sites/default/files/media/documents/2019-04/JSE%20Listings%20Requirements.pdf
RNS Number : 7756Q
23 June 2020
https://polaris.brighterir.com/public/bushveld_minerals/news/rns/story/x8l2p5r
Johannesburg Stock Exchange listing
The Company continues to monitor market conditions and engage with South African institutional investors. Timing of the Johannesburg Stock Exchange listing has been impacted by the Covid-19 pandemic. Bushveld Minerals' growth strategy will benefit South Africa by using the country's natural strengths to become a leader in our industry.
The rationale for our proposed listing on the JSE is based on the following considerations:
§ our resources are located on the world-renowned Bushveld Complex in South Africa, the world's largest primary vanadium resource base;
§ our vertical integration aligns with the country's push for increased local beneficiation of its mineral resources;
§ our downstream energy storage proposition aligns with the government's stated goals of downstream mineral beneficiation and adopting stationary energy storage; and
§ a listing will allow us to access a significant pool of local investors who have an affinity with our story.
Other operating and administration costs
Johannesburg Stock Exchange listing preparation costs US$1 million
I seem to recall the JSE prep fees were quite substantial? You don't pay that to tell you basic application rules.....
I saw the interview where FM was asked about this but he seemed to shrug it off. I did not read anything into that. A main listing would involve far more regulatory activity and it would put the bod under more detailed scrutiny: i am not sure FM would see that as a benefit.
Jimbo/bassguy - I agree! Geographically many Investors are obviously not that close to the decision makers. Perhaps this is a factor in how the average PI in Bushveld is valued.
Regards
Fortune touched on FTSE listing when interviewed by Matt from Crux Investor. He said he couldn't say anything at that time and couldn't disclude it. What I got from that is:
Watch this space!
@Matt-T_LTH, Err... yes and no.
Absolutely no eventuality in SA should be disregarded!
This IS SA we are talking about. It may be that BMN haven't just greased the SA pole so much ... but have spent many years in making sure they also partly own it!
I think all we are waiting on is the tender result. I’m sure it is good news but either way it will be the catalyst for substantial news flow.
Yes jimbo it’s on record that some advisory fees were paid out for JSE listing, that advise maybe the reason a JSE listing has been put on the back burner! ??
It’s very specifically and very clearly stated in the JSE application rules specifications document, under section 18 ... under no circumstances will they accept applications from companies listed on a secondary exchange. Nothing to stop them from secondary listing on the JSE AltX tho.
FM has never really shown any interest in a FTSE main listing but it does raise questions. Did the company not spend a lot of money investigating the possibility of a JSE listing? Could the nomad not have simply advised that there were conditions attached to the JSE listings? I have always seen talk of this as a bit of an unnecessary distraction and a bit of a red herring.
I believe fees were paid to get ready for JSE. I understand we would have to be main listed and the other crucial benefit is coming off AIM. Would it really be that dodgy to put something in play that they all want???
The news that we are patiently/impatiently waiting for, is not in the hands of BMN but Eskom, so unless there's some dodgy dealings going on behind the scene's, i dont see how they can be holding it back for a JSE listing?
It’s the one thing about aim, even the NOMAD system is severely compromised. No way, Imo, should a NOMAD be allowed to invest in a company it’s supposed to be advising to keep on the ‘straight and narrow’ .
Steve is correct ... in that the JSE rules don’t allow a company listed on a secondary market to list on its main exchange, only companies listed on their own main exchange are permitted to apply.
However, they can apply to be listed on the JSE’s version of aim. The JSE AltX does have the advantage of being electronically regulated rather than human mm’s !
But a listing on the main exchange in London is something which would seem sensible to be the next step, it would be seen as the precursor to an eventual listing on the JSE main bourse.
Yes...
I believe it's all linked with JSE and allowing company value to benefit SA not just beneficiation of resources. Its very noble and I have no real issue but I do feel UK investors and the sp are not really a concern presently hence the nature of the comms and disclosures.
The project is grand in their eyes, perhaps a calling...sorting out Africas power. This is great and very noble and is their sole focus. UK listing is part of the strategy and a means to the ends and PIs are not a priority with only minimal comms and market updates as required by the LSE adhered to.
I will be proven right or wrong once we are JSE listed and see the comms explode and many questions answered with a new focus on investor relations.
As said this is just my view as I can think of no other reason for the poor comms, unless they truly don't care or don't understand in which case we are screwed. MN's comments on linked in advising of dozens of prospects on the way summed it all up for me recently, I think the poster he replied to irritated him and he let slip, why investors cannot be told there are things in the pipe I do not know, unless the above premise is true. You can only hide behind confidentiality (which is a theory from this board, not an excuse from the conpany) for so long as reason for silence, they dont have to give names or commercial detail but could give us an idea of what is happening without guarantees of course as nothing is done till signed etc.
I am not criticising as if true it is very noble and nice that the West will not just take all benefits FROM African resources.
Open to debate but I just don't buy that everything BE has done in 5 years is secret
UKsteveg, why? (honest question)
My view ... just a lack of professionalism in this aspect of being a publicly quoted company rather than anything intentional or having ulterior motives ... and if they’d had a NOMAD worthy of the name, doing the strict advisor part of the job it’s intended to do, rather than being little more than a cheer leader in Fortunes back pocket ... comms to the market would probably have been rather better.!
Jimbo. We cannot be listed on both the jse and aim
Yes - they want to dumb things down for now and then get dual listed on JSE to allow the SA crowd to have part of prize. Positive newsflow will then start and rerate will commence will help of the SA crowd buying into a local success story. My musings only - partly fact based in that there is no way Fortune is that sh*t at comms and dual listing has been mentioned. It might have also been part of the Eskom pitch...DYOR
Afternoon
There has been a general consensus on this BB over the several years that that the Bushveld company Comms are sub optimal. The question is, does anyone think this is a deliberate strategy, and if ‘yes’ then why?
Regards
Bobby