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Looks like the mourning ( sic.) traders have arrived for the last rinse. Karma
Looks like the company has run out of cash. The business has burn through its cash pile and cannot sell the coal it has mined profitably. Its the end of the line. Back to care and maintenance. Shares to be suspended in weeks.
Yep, lights are out soon. I remember being here at 10p, got out around 8p and everyone was screaming the company was going to turn around. That Penstock pied piper fake holder led everyone to oblivion pretending he had his life savings (and his Mrs) invested.
With no cash and no chance to get anther fundraise away the company will go cap in hand to Avani.
Its going to go under and it costs more to produce coal than the price it gets to sell. I weeks this will be suspended. Then delisted with no value left for shareholders. Its over guys. The company is finished.
I wonder if this Penstock guy was a real person, and if he actually lost everything on this dog. Anyone checked he's still alive?
....but I don't think it is priced as bust.
AOTG, yes you're right about this. I'm just thinking out loud about the micro environment right now. Time will tell I guess
Cheers
Hopist, it's fallen from 5p to 1p in a month (80% drop) there's only so many times it can go down 50% . Just because it doesn't do it once doesn't change the fact if you put in £5k a month ago it's worth £1100 now. It's priced as bust because it basically is
The market doesn't seem to be pricing this to fail.....
Often after this type of RNS, we'd see 50% + drop. Let's see what happens when the dust settles. Their world is going to need steel for the energy transition, Avani know this and so I'd guess will continue to support (rather than shaft).
There's also been a lot of activity on the ASK side today, on Level 2 today. In fact 3 times more than on the BID, so it would seem there will be some upside in this. Fingers crossed (if you're long)
GLA
TBF met coal went through the roof and the future that was promised by AW was not delivered.
Unfortunately, AW was either economical with the truth or just plain lied because this company was never in a position to provide a dividend and he knew it
K3. had so much promise to share went from 10p to over a £1. Why did it all go so wrong??
So true. I’ve never seen a AIM company that makes year in year out healthy profits, shows growth and long term share price increases. Everyone I’ve touched has ended up going out of business. All they seem to be is a way for the founders of each company to earn a good salary for a few years before it goes into administration. AIM shares should be avoided at all costs.
Without doubt... Another AIM fraud that will go unpunished.
It is not going to survive. How long can you sell coal for less than what it takes to produce. This is going under. Spent $10M and made $1M. Of course it is not profitable. Its not going to survive. No one will fund this or buy its shares. It is now out of cash again. AVOID
I have a list OF DIRECTORS WHO HAVE RUINED COMPANIES and trust me over the years it has looked after me .As new companies they took over have gone down the pan .
Sold 1,200,000 USD of below par (scrap?) of which $1m already received…..
The full RNS is missing from LSE,there is a larger part about operational update below is the final part
current reduction in production capacity is a consequence of the waste disposal issues that occurred at the mine in early 2024 and has also resulted in one of the Company's highwall miners being taken off site on a temporary basis.
Following the full draw down of the previously announced loan facility with Avani and the continued challenges the Company faces, as detailed above, the Company continues to manage its working capital position carefully and in this regard is assessing the options available to the Company at the present time.
Crazy spread but I agree with Mr. K3VMC. Fingers crossed and Gla
Ratboy1971
“ Can anyone explain this crazy rise today?”
BEN was mismanaged by AW, who borrowed millions, but managed to pay himself an OBSCENE bonus. That started the rot. The more he mismanaged and pi55ed off suppliers and employees, the more the sp fell. The final cause of holders capitulation was the Baltimore bridge fiasco, with fears that any delay to BEN fulfilling their 400k ton offtake would cause them to become insolvent, or allow Avani to take the assets on the cheap.
There are huge reserves of coal and a willing buyer. My view is that the bridge will get fixed, AW will go screw up another decent prospect and BEN will proceed to make a profit, pay off its grotesque and unnecessarily bloated loans and, eventually pay a dividend.
All my personal opinion, but adding half a million more at £5k seemed a very good buy. Plus, I got my average down to 3.5p.
If you are nervous, please avoid, of course.
:-))
Its a rebound after dropping 90% in the previous weeks. I wouldn't get excited if I were you
I dabbled in Bens Creek at about the 30pmark. Having seen them come down from m over £1 I felt confident of a good return. When they started to fall I thought "Here we go again" and took a small loss. Wish i had done the same with UKOG . That has been my personal disaster. The value is too small to worry about it so they will either recover, or go bust! Annoyingly, I have been in for a long time and saw them reach 11p (touched 14P during the day). My greed took over and the rest is history. Its the "I couldn't possibly sell at these levels" mentality which really kills you. I run four portfolios. three for the grandchildren and one for me. For the grandchildren I have been sensible and avoided the get rich quick syndrome and only invested in established unit trusts such as Fundsmith Equity. The kids portfolios have doubled while I'm down 60% So I'm gradually removing myself from AIM stocks and investing in professional managers such as Jupiter. Not so much fun but more sensible.
@ picax : you can't keep out of the markets, your money needs to be somewhere and markets beat mattresses. While I sympathise as a fellow loser on this one, I don't think you need deep knowledge to invest in any sector you believe will flourish, but I too will not be putting money into AIM again. BBs are useful, and I have gained more understanding of a business by reading them. The trap is to get emotionally involved, but BBs on large or mid cap companies can never affect the share price, as it does in AIM.
Can anyone explain this crazy rise today?