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Some small rises showing on Asian Metals along with some good bullet points
Special Vehicle Co, look at the people involved and the wider connections.
Will be used to carve out a chunk of Bushy, what is left is still big enough to be a decent sized Vanadium CO in its own right and in the future an attractive take over target for these people if they want to put Highveld, Mokopane, Brits, Vametco, Vanchem and BE into one unit to give the Chinese & Russians some competition.
SPR didn't exist before Aug 2022, seem like a virtual company ?
Potentially out of nowhere with a bit of fast talking they trouser the more valuable bits of BMN ?
The muddy waters of BMN seem to have a got a lot muddier since I last looked.
More likely just school holidays and lots of free time on their hands.
Excellent pessimistic summary SquirtyFlower.
Most of the trolls have naffed off. Clearly hit their target.
Stevie boy and his twitter account have disappeared.
Excellent summary SquirtyFlower.
The 1p share is just the nominal value of BMN ordinary shares and is not the value they actually trade at.
If, for example, Orion and SPR converted at today's price of 1.85p (ie Orion renegotiate this lower price and SPR match it as per their RNS) then together there will be approx 751m new shares of which SPR will get 550m. This will put the total BMN shares at approx 2.32bn of which SPR will own around 24%.
The 29.9% clause is to cover the potential situation where the conversion price is even lower than today's price such that SPR would end up owning more than 29.9% of BMN and, under UK rules, be required to takeover BMN. SPR don't want to end up here - nor, I suspect, do BMN or most of the other shareholders - hence the clause to set a maximum on how far SPR will go.
Although not definitive as SPR may just be covering their backsides in the worst case, the clause also strongly implies the Orion conversion will now be lower than 6p. However, it is also now possible that the SPR deal means BMNs cash position and outlook becomes sufficiently different to what was anticipated when the revised Orion deal was agreed that the whole thing is re-worked e.g. to allow BMN to pay off a chunk from the Mokopane and Vanchem sale proceeds. In this case, Orion may seek a different equity investment (or non at all) than the announced $4.5m. The SPR 29.9% clause would also cover the case where Orion took much smaller or no equity leaving SPR with equity over the takeover limit.
Obviously all of the possibilities depend on both the Orion and SPR deals being approved by the authorities and shareholders.
Thought it would be rude not to reply. Have a good one yourself too.
So more than every few months eh? No worries Derryman, have a good weekend.
Its all down to Orion, whatever they set the bar at is where the deal is done.
People talk nonsense about share price movements all of the time, if you are wound up about it you are likely to be wound up about most things.
Fact is this could easily hit 6p, or 1p it's AIM where everything goes up hard and comes down harder.
So are they investing at a price of 1p per share?
Hi Lamps, nope that was it. All the best.
3) New equity investment by SPR in Bushveld Minerals Limited for an amount up to US$12.5 million:
o The subscription price per share agreed with Orion in relation to its conversion of the restructured convertible loan note (as announced by Bushveld on 5 May 2023), or if lower, the price per share agreed with Orion after the date of this term sheet in relation to its future conversion of the restructured convertible loan note.
o The number of shares to be subscribed for shall not be more than 29.9% of Bushveld ordinary shares of 1 pence each in issue.
For it to be true, I'm right in saying that Orion finance must have been finalised as well as they are matching Orions equity conversion rate?
Apologies, just noted this is the recent rns. Still, any thoughts?
Interesting note of intent from SPR here:
https://www.londonstockexchange.com/news-article/BMN/investment-by-southern-point-resources/16117748
Can anyone comment on the contents within?
Exactly !
Not being funny but how the heck does 'Listed AI Opps' know what's going to happen and when, lol..
Sounds like a load of ramping to me. Again, I'd love it to be 6p and higher - but I don't see that playing out short term unless V goes crazy every day for the next month or two.
Https://twitter.com/AiO4242/status/1704942494771744827
Listed AI opportunities
@AiO4242
Next RNS will see #BMN back to 6p. Ridiculously oversold now. #Vanadium #SPR
Be interesting if true...
Https://x.com/AiO4242/status/1705090458118914450?t=lfgPhq1Edvnh_brK1XdLeg&s=35
Exciting times are just around the corner!
Asian metals showing one green box, but i will take it, that’s 3 days in a row! Like the comment ‘Chinese ferrovanadium prices go up’
Capa,
I'm very patient, ride myself , was more than happy to watch the 8ricks being 8ricks, just back from Morzine myself, no mincing in lycra.
Dont see the point in getting clipped off though.