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Perhaps it's worth considering why the deal timeline has been blown out of the water. One party or the other (or both) aren't happy with some aspect of the transaction.
I've said all along that the thing that scuppers a deal is if SAU cannot become convinced that BMV have access to sufficient funds to get the mines to cashflow neutral. If they believe they don't have access to sufficient, that means either a massive dilutive raise in the future or they can't get the development done. Either way SAU's BMV shares in consideration become worth very little
It doesn't take this long to do a deal. My money is on BMV being unable to convince SAU they have access to enough cash
A lack of news does make you doubt your investment, but you just have to remind yourself of the latest news release, and understand nothing further has changed (good or bad) until it’s announced otherwise.
In comparison i’m in KAV and they are throwing out updates every single week and commenting on Twitter every day. It definitely builds your confidence up in the company, compared to a company that is in a period of silence.
I would suggest that if you want up to date news that you register for operational updates with Southern Gold……..I would anticipate that news of the impending deal will be published there first………also, most of the “sells” showing today are in fact “buys”……….
The issue with the communication side of things is there isn’t actually anything to communicate until a deal is finalised. It was announced on 22nd Feb “Constructive discussions ongoing with Southern Gold seeking a "win-win" for both companies”. SAU have said the same a number of times, whilst also confirming it will likely becoming a significant shareholder in BMV. Until that process is complete/fallen through, there’s nothing to be announced that may have a material effect on the share price. JMK confirmed the same in an email to me a few weeks back.
I’m going through the same lack of communications with EUA at the moment, with its sale. Very few updates and little information provided. It announced it has received a few offers and is concentrating on one in specific, but no one has any idea what the value of that deal may be.
Unfortunately, as with every company that has provided me with a substantial return, it a just a matter of sitting tight and waiting. The frustrating part is not knowing how long you’re going to be waiting.
The way I look at things with BMV is I invested for BMV holding 50% of the mines originally. If it gets SAU’s 50% too that’s a bonus, if not I’m still in my original position. The main thing though is the financing. Having secured non-dilutive funding, based on the spot price of gold and already drawing down three tranches is very big news for any company. It means the chances of not getting into production are very slim.
I don't think communications is BMV's stong point unfortunately or PR in general as their very out of date and barely functional website attests to. Its a damn good project though and thats the only reason I'm here
Sold this .morning. It is clear the deadline of 30th June will not be be met as both parties cannot agree on the terms. They have taken $5M of funding. That will now need to be repaid. Good luck all. You will need it with this BOD
By no means I like the lack of communication but the reality is that the two parties can't simply agree on acceptable terms and it seems nobody wants to give in.... Given this status, even if BMV wanted to release an RNS to update shareholders what they suppose to say? Naturally, they would not commit to any date and very likely they would just express a hope that a deal will announced soon with a usual caveat - "There is no guarantee ...." How would market react? Maybe even worse than to no news, not sure. As somebody earlier said, there should be no brainer to come up with a deal as it would be beneficial for both companies. I've checked the SAU sp and it doesn't look very optimistic on any time scale I selected. Therefor it's also in their interest to strike a deal. For a moment I thought that BMV might want to sell their assets in Philippines but not sure how realistic this could be. You never know, surely such deal can be done in 6 months if there is a buyer.
It is of course very frustrating and BMV management aren’t exactly assisting……but Southern are more professional in their communications. …..and they are expecting a positive outcome…..TW has also received a very positive indication from AB “we are nearly there”………
Yes - very poor (perhaps appalling) communication and not much regard for shareholders at present. Of course there is a lot of Board and management skin in the game but suggests BMV cannot get a deal agreed easily on their terms. A shame this is taking a very long time and perhaps no news is better than a negative update on SP.
lt should be a no brainer for both sides to get this sorted - we are operating more on hope though now given the lack of any updates. Their communication in this is appalling from a shareholder perspective.
Well, the Chief Exec and Chairman of Southern Gold have already confirmed that we are very near contracts completion………and Aidan Bishop has indicated his confidence that the deal is “not long now”. Given this level of support for the deal we have to assume that it is about to happen…..
Lately seems more likely to be Bluebird on Coniston Water. No updates from BMV for almost 4 months. Lack of news suggests they cannot bridge the SAU valuation gap at reasonable terms. No news is bad news in this case and BoD have not handled this well. MCap is only £14m so lots of potential but risk seems higher now than six months ago. Another song comes to mind "Should I stay or should I go". Next line contains the word "mine" - I wish they would!