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Don't forget the door
Calamari:
I said I was leaving. I am.
It is a great question and I would liked to have given my thoughts.
But it is truly goodnight, Saigon.
Just let them .... they will get bored soon enough..
Calamari:
If it is felt that I should exit the bb having also exited the share, so be it. The "tribe has spoken", as it were.
Interesting but strange experience.
Lastradio-comm from Saigon, so to speak.
Take care and good luck.
Over and Out.
Hi Calamari,
That is a good question.
I am not sure that many of the conventional valuation methodologies apply here (DCF/PE/NAV).
I think this thing is much more accurately valued on a "land-grab" valuation methodology, kind of similar to Amazon, Google, Facebook, Ocado, etc - ie market presence above profit, at least in the short term.
Of course, that methodology has limitations as was painfully proved in the dotcom crash (eyeballs could not be turned into cash).
But done right (Amazon, Facebook, Ocado) it is a very successful model.
My view is that, done right, BMN could be positioned as a real gateway to energy tech (it has the tech AND the substrate - most have just one or the other).
So, I believe that with decent leadership, BMN should be worth at least 50p now and 150p in 12 months.
Based ion being a leading energy tech company, not a waste-of-time South African mine supplying the Chinese steel industry.
But that needs a takeover, not the current leadership who could be left to management. That is waht they seem to ne: managers, not leaders.
Thank you Sefton. It didn’t take much to get you to reveal yourself.
I will leave judgement if you for others.
As you have “exited” (hmm) the share then I look forward to you exiting the bb too.
PDub:
I have nothing to apologise for.
So, none will be forthcoming.
All I would want is that the leadership get the stock price to reflect the underlying value.
Since I do not believe them to be capable of that, I have exited.
Democracy at work.
If you would like me to eat humble pie, then you and your little friends in the management team get the share price somewhere near true value and I will eat said humble pie.
PDub:
You refer to the Vametco acquisition which "produced huge return for shareholders in 2018"
It may have produced returns for shareholders who crystallised value then in 2018 when the share price hit 48.40 but if one had not sold out then, the journey since would have resembled that of the Titanic (now pootling about 14 and with no apparent sunshine).
So, they only ones that really gained were those that took their money at 48.40 and looked for something that was more concerned about creating shareholder value.
Sitting in a paddling pool overseen by children at 14 is not a happy place. The share price trajectory makes me think that sloths will shortly be inheriting the pool, allowing algae to grow on their fur because they move so slow.
https://visitseftonandwestlancs.co.uk/cycling/cycling-routes/the-sefton-circular.aspx
Sefton please ...
Now what about the apology for insulting comments aimed at the BMN BoD. It’s a tough thing to apologise on a public bb. Not everyone is big enough to be able to do it. Everyone read your comments. Let’s have that apology and then we can all move on.
It’s in your court.
PDub:
I know neither you nor Calamari. Nor, I suspect do either of you know me.
So then, why fling around abuse?
Don't forget to shut the door on your way out.
Hi Calamri,
Thanks for that, much appreciated. i had never really considered myself a shrinking violet but there is no doubt that things can get heated here. Without, it seems to me, much reason.
I have been complimentary of management.
I bought the stock in the belief in value appreciation.
I was not playing stupid games around the stock price.
I just thought it was a great company undervalued. And dared to say so.
Will think twice about making that mistake again.
Anyway, I am out of the stock until a decent takeover vehicle emerges.
In which case, I will pile back in.
Good afternoon Calamari. Did I spot that chip on your shoulder is still there?
Have your fun young man. None here is interested in that nonsense anyway.
PDub:
I am aware of the history of the company. And one would have to be an idiot of note not to see what excellent steps management took to pivot the company towards a better future.
We may not be on the same page as what could be done better going forward but I much appreciated a cogent, lucid, reasoned response. It does sure beat naked personal abuse!
(Cont)
The retrace in V price created strong headwinds for the company, as has Covid19, but they managed these challenges well and the company is in a strong position to deliver the next phase of growth which hopefully will bring significant returns to the shareholders.
The reason you received such hostility was your clumsy, inaccurate and insulting comments about the BoD. The hostility was thoroughly justified. If you are a genuine person then I would expect an apology from you and a change of tone. You may find that once you have earned respect you will always receive it on this bb.
I have huge respect for Fortune Mojapelo both for his kindness shown towards me, but also for the support he and the company provide for their workers and the local community. Exactly what I would wish for in any company that I invest in.
All just my opinion.
Sefton I have tried to avoid responding to you again after your first post today. However I am fed up with reading your defences all day.
Let me quote you the highly offensive section of that post, which in my book is such a heap of nonsense:
“But because the leadership seem to be like little children when it comes to stock market value creation. They are nice, well-meaning little kids playing nicely with their toys and just need another sugar-coated rattle”.
I was and am disgusted with that insult directed at one of the best managements on AIM.
Like a number of other shareholders here I have met Fortune Mojapelo and other members of the BoD on several occasions and can assure you that your insulting comment is very wide of the mark. I assume you have never met them yet you feel able to launch a character assassination based based upon nothing.
Let me tell you a little bit about the history of this company.
From 2012 through to 2013 BMN was essentially an iron ore explorer. In 2013 that changed with the announcement of the huge Mokopane vanadium project. Although Mokopane has had to wait a long time for the mining licence (now granted) the BoD did not sit still. They looked at vanadium resources elsewhere as a fast track into production (see below).
They have their own track record as far as aggressive takeovers are concerned with their acquisition of Lemur some years ago. This was a classic manoeuvre that completely dispels your “little children” analogy. Following that acquisition BMN secured substantial cash in the bank, the Coal to power project in Madagascar and most importantly the Brits project in SA next door to Vametco.
I am convinced this latter acquisition helped to secure the Vametco mine and production plant at a knock down price and that produced huge returns for shareholders in 2018. I chose not to sell but those that did I am sure would certainly not recognise your description.
The next acquisition of Vanchem, whilst so far adding little to share value, has the potential to play a major part in the growth of the company.
Some years ago they had the foresight to plan to build a large low cost vertically integrated vanadium platform. They are well on the way to achieving this with the electrolyte plant under construction and BE forging partnerships with VRFB companies and seeking their own energy storage contracts within SA and beyond in Africa.
These guys are not “children” and they are not get rich quick merchants, selling dreams to naive pi’s whilst paying themselves big fat salaries. If that is what you want then look elsewhere. Fortune firmly believes in delivering a solid business that will return shareholder value. He certainly did that in 2017 and 2018.
The retrace in V price created strong headwinds for the company, as has Covid19, but they managed these challenges well and the company is in a strong position to deliver the next phase of growth which hopefully will bring significant ret
Please feel free to express any opinion you like, but also please stop strangling the english language with those tortured metaphors.
Faramog:
I was actually very complimentary of management in my posts.
But as regards the stock price, it is difficult to refute the notion that they have been "children".
The stock price has gone nowhere. And this is not a shot term thing affected by the Chinese Virus, etc. It is a sustained pattern. About which no-one - leadership and such shareholders as are represented here on this forum - appears to care very much (except to hurl vitriol the way of anyone who points out that the emperor appears to be wearing Walmart -type clothing when he should be wearing Hermes).
why do you entertain the tw.t
just topped up and very happy to do so
no Sefton .. you ****ged off the management and called them 'children'
Enough .. filtered
Faramog:
As per one of your more reasoned responses:
i) Yes, it is on AIM and that definitely brings some challenges. But more usually of the "pump and dump" variety - ie poor companies telling ludicrously optimistic stories and then off-loading over-valued shares. This thing is chronically under-valued, ie the exact opposite of the normal AIM/ASX/TSX problem. So, AIM listing is not the problem.
ii) The perception as being an SA miner supplying the Chinese steel industry is definitely a major part of the problem. The failure to communicate that it is actually an energy tech company is right at the heart of the BMN under-valuation issue.
iii) The SA association is part of the problem and that will not go away anytime soon until that country sorts itself out (some years, maybe decades, off). But it is incidental to the company's value - its substrate may originate SA but on the battery side its offtake is all US$. So, why then double-dip on the SA link by seeking to list on the dogshow that is the Johannesburg Stock Exchange?
AIM is not the problem. Caring about the share price is the problem.
Faramog: I do not see anything wrong or "provocative" about asking why such an apparently excellent company should have such an unreflective share price.
Simply asking that question surely does no harm? I was a shareholder and thought it was not something unreasonable to ask.
Why not just either answer the question posed or ignore my comments? I am not sure that getting personally wound up and being insulting to me necessarily advances any cause.
Daisydog: It was a relief to read a considered response on here. So thank you. I don't believe anyone, least of all me, is seeking to attack management, certainly not operationally, nor on the deal making side (I would be the first to applaud the deals they have done). But the fact remains that the share price bears no reflection of that.
And leadership has a responsibility to run the business well (and they would appear to have done that, cum laude) but ALSO to ensure shareholders are rewarded with a share price that reflects and rewards their faith and their belief in the story.
For simply asking those questions, it appears that one gets villified. Without apparent reason and without any coherent response/answer.
All I did was buy into a stock that I believed offered great value and was undervalued by the market. I held it for a long time but became ever more concerned that leadership seemed not to care a fig about the stock price. Which is fine, it is their company to do with asthey please - but I would not want to be a shareholder on such a ship, hence I exited.
Exited with some tears (not financial - I made a miniscule profit on my time on this ship) but because of what this thing could be with some proper leadership.
I disagree DD ... you get a lot of reasoned debate on here.
The issue is a new account's first post said "But because the leadership seem to be like little children when it comes to stock market value creation. They are nice, well-meaning little kids playing nicely ...."
Clearly provocative and garnering the contempt and response it deserves ... not filtered this one yet as will see whether anything redeeming comes out.