The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Prof, I’m definitely old enough but never seem to make the right decisions. Lol.
Not sure why so many are keen for you to sell up at these levels Eric. I’m sure you’re old enough to make your own decisions!
Hi FF. Thanks for your thoughts on this. Yes, you could well be correct. We don’t know yet.
Best wishes.
Lb, your points are well made. We don’t know why there wasn’t a PFS beginning in Q2 either, considering Ulla was still in post. As mad as it sounds, it’s the irksome details that I don’t know which are keeping me here. Plus the credentials of the new NED and experience that Ed has. A different approach to that taken by Kurt perhaps. I’m willing to see what can be done. The Sami appeal hearing concludes in three weeks, although, as Andy points out, a verdict/decision may not come for months. Nevertheless, the Supreme Court has the final say and I’m also willing to wait for that decision Lb.
Why the six month review and why they’ve told us very little is open to debate, and obviously it’s difficult to draw any conclusions without the answers to the points you have made. The share price is not lying at the moment, confidence is low, but with three projects, two of them with proven assets, one of which is super high grade, why would you bet against things improving, with different personnel and the appeal hearing soon to be over and done with?
It’s a massive risk that I suppose I’ve been willing to take for thirteen years Lb. We are undoubtedly going through a very rough patch with much uncertainty. I would say that I’m neutral as to how things might go, in view of the broken plans for this year, and with Kurt and Ulla leaving, but neutral means it could go either way, so I won’t be selling until at least we’ve been supplied with some of that missing information.
Cheers Lb.
Eric, I don't agree with everything (much) of what llbj says, but you would be better off mentally divesting of this share. Ed is here to put lipstick on the pig and take it to market. Call it a review, perhaps, but there isn't - never was - the skillset or finance to turn BEM into a miner. The company overreached its capabilities, so they've brought in a deals man to salvage what they can. Don't expect too much by way of news beyond what's legally required and a bit of vague window-dressing until the news of the Board-recommended (done)deal comes through some time in the next 4 or 5 months. Good luck.
eric,
i fail to see what reason you still have left to believe a word they say!!
all evidence points to it all being a big fat lie.
have they said what the parameters are for the review? no
have they said what, in each of the 3 projects is being reviewed, by whom, or how? no
have they come clean about why ulla left, or the real reason budge is gone? no
the positive meeting the new ceo had at vardar: what made it positive? what came out of it? no details given, because they have nothing to say.
it is all bull****, eric.
Lb, well, we’ve been told via RNS that a review is underway and will take approximately six months to complete. It’s difficult to see how that really means there isn’t a review at all. They should currently be formulating ideas, one would trust. Worse case scenario is, after six months (approximately four left since we were first informed) Ed decides to wind it all up. We do not know why though, it is six months, not three or less. There must be a reason. Why bring more staff in? I don’t believe it’s just for six months of free money for them at our expense.
Keeping an open mind. Time will tell if having this personnel change will be better for us.
Eric,
I've lost count of the times you've ( quite properly ) questioned the need for a 6 month review.
There is no 6 month review
These muppets are simply bereft of ideas or the ability to formulate a plan, so are keeping you at arm's length while they steal another 6 months wages.
Write this off, Eric and forget about it.
It's done.
the negative comments are warranted, in my opinion. just as the positive comments will be, if and when something good occurs for us. today’s rns was to be expected, because we know kurt had left but with a ‘compromise agreement’ and bem to pay any legal costs. consultants? it’s doubtful he left and then two months later struck an agreement. we’ve paid heavily on the wage bill, but we must trust that it won’t be like this every six months and that ed will do his best to bring about a positive change. only words so far, but he has visited each project site and will be putting together his own strategy.
this year has been total ****** for shareholders so far, but ulla and kurt having departed, it’s surely time to write that off and look ahead. as fed up and drained as some of us are. we should though, retain that critical eye, because we still don’t know why a review should take six months approximately, if ed has visited all projects within his first three weeks.
good luck to us.
Someone said the other day that all the "negative" comments made on this forum won't attract new investors or raise the share price, I can't see this RNS doing wonders...in BEM some trust..good afternoon folks
I forgot mismanagement.
Crooks, liars and cheats the whole lot of them! Legalised theft!
Is it going to be exciting and when is it? Just saying...no response wanted.
As BEM own 60%+ of Vardar, the relevant % of Vardar’s current cash balances should immediately be retrieved for use to progress Kallak South and Finland as was originally planned.
Never underestimate the other person's greed.
These people have mortgages and school fees to pay, and ultimately, that influences decision making.
As I've stated many times before, it's easy to spend other people's money. Bowie gets paid regardless.
Walking around in your kaftan, humming to yourself and generating positive energy doesn't quite cut it I'm afraid.
In a nutshell... sj74.
Aye it is pocko, there is no excuses. It's extremely poor. They offer no clues as to what is forthcoming other than unlocking the assets underlying value and that is the only bit of hope I have in that there are things afoot to bring in partners for these assets now. If not then it's an extremely sad case and the upcoming dilution will be frightening.
A painful read. A list of bad decisions with very little encouraging news, including the cost of removing Kurt (and no doubt Ella). Hopefully, like the song-things can only get better! At least they are p**sing off more Swedes than Brits.
To summarise the RNS:
The directors are grabbing what cash there is for ourselves as there is no prospect of any progress at Kallak, in Finland or Kosovo.
And we'll be needing more cash shortly.
The thing is sj74, the closing statement is just a cut and paste...
"The focus of the Beowulf Board and management over the coming months is to advance each project and begin to realise their underlying value. I would like to thank the Company's shareholders for their ongoing support and look forward to providing updates to the market in due course."
It's just words...
Doesn't make for great reading does it. The staff costs are a joke. Especially straight after PIs were asked to part their cash.
Can only hope the comments from ed Bowie about finally realising asset underlying value ring true. To do that means partners brought on board otherwise another cash raise to advance those projects further than where they currently are.
Where to begin… I'll start with these little pearls.
"Much of the Company's exploration costs are in Swedish Krona which has weakened against the GB Pound Sterling since 31 December 2022."
£140k currency loss? Wasn't most of the last fundraise in Krona?
"Professional fees increased primarily due to non-recurring advisor fees in relation to the directorship changes within the period. Directors and staff costs increased primarily due to recognition of Mr. Budge's gross settlement amount and additional consultancy incurred."
Consultancy fees for Budge?
Was he not handsomely rewarded upon his sudden departure?
"The consolidated loss before tax for H1 2023 increased to £1,799,616 (H1 2022: £683,607). This increase is primarily due to share-based payment expenses of £238,843 (H1 2022: £Nil), professional fees of £405,196 (H1 2022: £139,469), directors and staff costs of £424,875 (H1 2022: £168,361), and a foreign currency loss of £199,393 (H1 2022: £28,989), combined with finance costs in relation to the bridging loan of £195,304 (H1 2022: £Nil), which was fully repaid in the period."
£1.8m spent on staff costs in 6-months?
And is it a currency loss of £140k or £199k?
This is driving the company to the wall.. not comments on this bulletin board.
And a further fundraise within 6-months is on the cards, even with a reduced cash burn, after some one-off costs in H1.
Does the net cash include that held by Vardar?
And have work streams ceased or not? The contradictions are staggering.
Sooz, it’ll be interesting to see whether Ed was as blown away by the operation at Vardar as Kurt was.
Just musing. No news since January from there you see, not sure why. It’s a long time to report nothing. Lol.
Anyway, waiting is I.
Thanks TFE. I thought I’ve been pessimistic of late, but blimey. Lol. My straw clutch is that Aug is correct re a background deal, and of course the market doesn’t believe until it actually occurs officially. I do feel we shareholders need to see something good happen this year, something which will add value via sp, bearing in mind the work that was originally planned. We appeared to be finally going places. Anyway, Finland progress and the Sami appeal being concluded should help. But it’s if, when and maybe.
Surely we haven’t waited nine years to gain a concession and then finish our journey at 1.5p though, so I do believe we’ll see gains again, even if some of us did miss out on the opportunity to sell around the time the concession was granted.
Thanks for your comments anyway. I appreciate that things do look grim at present, they are, but we have a new CEO and NED, and will hopefully get the right person in to run Jokkmokk Iron.
Time will tell what the new plans will be. We should know in approximately four months or less.
Cheers TFE.
Hi john I am in for the long haul as well just think in fifteen years time I will be a hundred, !