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Following their cash raising exercise announced on the 31st March, the company said:
Admission to Trading on AIM and Total Voting Rights Application will be made for the Placing Shares and the Subscription Shares, which will rank pari passu, with the existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective, and dealings will commence on or around 5 April 2022.
Following the issue of the Placing Shares and the Subscription Shares, the issued share capital of the Company will consist of 21,776,755 Ordinary Shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 21,776,755.
I note that the Bluerock homepage has not updated the issued share capital to 21,776,775 as it was legally obliged to do, neither has it listed any new significant shareholders. So who took up the rights issue? I feel shareholders have been treated as mushrooms: kept in the dark and fed with a diet of s**t.
Maybe I’ve got this wrong but after every good RNS announcement, within a week it is followed by bad news.
£7.5m MCAP post placing at £2m cash
At $1K per carat they are targetting 40K per annum, that is no joke
If they stick to production forecasts they may have hit over $3m USD in March, even if EBITDA is 40% that is going to be some cash generation so they really cannot screw this up with carat prices at their current price, anything over $600 per carat and I think this hits 50-60p+ in the coming months, if it stays at this crazy price you could easily be looking at 70-80p+
Well I’m estimating March’s diamond tender has brought in revenue of over $1.1M. Possibly over $1.5M. We will know shortly. If the management team can’t make a go of it with average carat prices over $1000 then it will be time to call it a day.
Management can change but it’s the same thing all these years. This is a company run for the benefit of the bucket shops. They’ll do some nice RNSes about a diamond find which is enough to cover some costs for a bit. Then they’ll cry about plant issues and disputes with third party providers. And the stink of those related party deals… Diamond prices are up yet these idiots still do massive discounted placings.
I note that Binvic (Pty) Ltd was appointed on the 21st May 2021 as project managers to assist Gus Simba. Gus resigned recently and Binvic somehow managed to bill BRD £579,514 over a 10 month period. Nice work if you can get it!
OMG there is quite a nasty smell coming out of this company, I'm not really surprised.
Buying 2nd hand machinery equipment from his (Mike Houston) former company instead of doing fair tender.
Slowly the company was making good progress in the past months. But we (shareholders) all caught off guard as we become deluded that Mike Houston and his companion will no longer do placing as great numbers of revenue are getting generated to self-sustain the company. In reality, cons will no doubt take money out from you no matter how hard you try to avoid it.
This is the game well played under the guidance of David Facey, BRD finance director. When Adam Waugh was CEO, there was continuous placing. That placing did not stop when Mike Houston become Chairman replacing Adam Waugh. Mike Houston took advantage of utter useless lazy David Facey and conducted his monopolistic role doing favour to his nearest and dearest- providing contract to Teichmann and allowing them to pay share subscription on installments but paying their fees on due time. Buying machinery e
Why didn't you short them when they were at 60p then?
Mil09 they may just deliver a good auction next time because they have saved a few big stones that really flatter the average price per carat. The bottom line is I just don't trust them. I see from another BB they paid off another creditor with 1.65m shares at 35p. That company will want their cash, so these will have to be sold soon. I think they will have a short honeymoon period before the next collapse. Wish I could short them.
A couple of days ago I saw someone on twitter saying they'd sold out of PDL to focus on BRD, unbelievably bad decision. Not saying PDL are a safe bet either but the BOD look like angels compared to these boys... This type of placing has happened before here, it just keeps the gravy train flowing, avoid at all costs IMO.
There is definite reason to doubt that Q1 sales revenue is not good. Otherwise, there was no point for raising above $2.1m. And the company claiming that its Jan and Feb average sales was $600 per carat and March for $1000 per carat entirely depends upon how many carats they sold for each of that months.
It was really surprising that looters directors decided not to allow Teichmann to participate on share placing this time. Utter nonsense- because they want to pay them full amount of $1m for their contract and also to accommodate the impact of two operation shutdowns experienced in Q4 2021 i.e. also creating loss to the shareholders.
Mike Houston is a arssee licker of Teichmann and useless David Facey doing the same to Mike Houston for retaining his job as Finance Director. Now, comes the Meiring Burger to show us, shareholders the middle finger replacing poor Gus Simbanegavi. I can imagine what must have gone through Gus Simbanegavi when you are just the CEO by position with no power at all. All of them are bloody leech.
The share price will definitely go lower and lower from here if that Q1 Production report shows poor performance and no doubt it should be that considering $2.1m fund raising.
nholland you obviously don't know this Company very well, they have been promising this for years and yet keep coming back to shareholders for more and more money at lower and lower prices. Beware mate.
The most recent tender of diamonds was USD 1000 so based on reiterated guidance we could have revenue of USD 36m, substantially higher than noted.
even if we assume we get half that USD 500 low case USD 18m.
Net Profit could well equal 1x our market cap.
The CLN is actually for £1,610,000 and can be converted by the note holder at anytime up to maturity at 40p, or by the Company if the shares are above 60p. The noteholder will NOT convert at 40p because at maturity it converts into 6,465,247 which is 24.9p a share. The shares will NOT trade above 60p imo, why would anyone buy them when they know there is a shed load of cheap shares going to flood the market. This stock is doomed, there is too much debt. There is also another CLN for £425,000 expiring this October but the convertion price is opaque but it has to be paid..
This company is using investors as a cash cow. So pleased I got out years ago. If you are interested in a good diamond company on the verge of greatness have a close look at Botswana Diamonds BOD
The CLN convert at 40P but share price needs to be 60P for it to be converted.
BRD was trading at 29.5p in Jan and has been puffed up ahead of the placing imo.
This emergency placing has been offered to every Tom, Dick and Harry in the AIM market so will be plagued by sellers for years, if they survive that long. Over half this cash goes to pay debt and they have convertible loan notes coming out their ears, one for £1.7m that converts at 25p. They have raised money so many times and ****ed it up the wall, this will be no different imo.
Wow big discount placing 35p was on my watch list, may still buy when settles
More diamond news today on the Guardian website. It would appear more of the world's leading jewellers, the end purchasers of Russian diamonds, have taken it upon themselves to instruct their supply chain (including the Indian cutters and polishers) to not buy from Russia. They have about 30% market share.
More interesting is the industry trade body to promote ethics is disintegrating with disgruntled companies pointing out the lack of co-ordinated action and taking it upon themselves to act, and stepping down and being vocal about why.
"#BRD recently appointed new CEO Meiring Burger to take Kareevlei #Diamond Mine to the next phase of its growth trajectory.
We aim to DOUBLE production + increase revenue by c.66% in FY’22.
He has 25 years’ technical and managerial experience.
Let’s go, Meiring!????"
https://twitter.com/_BlueRock/status/1508349917663744000