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@ Lamps56.
So, you didn't think that CC saying that waiting for the funds from Vanchem and Mokopane sale would be too late, was a concern.
2 of our biggest investors, SPR (14%) and Acacia(6%) have recently not come forward with promised funds. Although SPR did remedy the situation, sort of. They provided their own, interest free, loan which, when it was received, only led to 11 days of shutdown, because the funds were not received on time.
And saying that i averaged down to a 60% loss, would seem a bit odd, would it not?
FYI.
I have just under 700,000 shares @ average 2p. Book cost just under 14K. Loss £9,500, 68%. If i'm going to take a loss, who's gonna worry about the 8% that i didn't mention, when soon that loss will be 100%.
I hope i'm wrong. But i doubt it.
There is a negative narrative developing here, somewhat at odds with the investor presentation today. CC stated on several occasions that there was risk if the V price didn't tick up this year, and he admitted that he was looking hard for short term investment, but I didn't sense the inevitable demise implied by the foregoing posts. There are some green shoots on the V price charts, and who knows, if it turns around then there will be a different conversation. If you don't take the risk you won't reap the reward.
And p.s. Isleworth, my apologies, I was joshing with you. Course you averaged down, we all did.
'Who wants to take over a heavily loss making business? It's plausible that will come together to find a solution that benefits everyone - at a price.'
If BMN go into administration asset strippers go in and sell Vametco, Vanchem, Cellcube etc either to Orion, who own the majority of BMN's debt or to another entity/entities with proceeds largely going to Orion (other smaller debtors too).
Orion doesn't lose out, besides the 5% holding they have. And the new owners would be getting the assets at such a knock down price that it would be worth mothballing until the downturn in V is finally over.
This is what Craig alluded to earlier and is why it must be so hard to find willing funders now with BMN on the brink.
@ Lamps.
My average is about 1.8p. I could look but i wont bother. I actually bought many more at 0.6p after the recent RNS, to bring my average down. I could sell these at a small profit. And, FWIW, I was one of the lucky ones who was investing @ 1.4p, 7 ish years ago. I've made my money here, but came back to make some more. I believe the company has now been set up to fail. With several big hitters waiting in the wings.
I do hope that i am wrong. Unfortunately, with the delay in funds from some of our bigger investors, and still on-going, it would appear that i am right.
And the exact i expected from you!! you do know that's why they call you 'goyim' right?
The exact I expected. From a moron.
That made me laugh Cinders!
No.. there had to be a 'covid' so you would comply with the 'vax' you see?
Let me guess, you're a Covid denier?
So who is controlling the price of vanadium?? Surely someone has the answer? has the penny dropped yet?
One day the answer will reveal itself.. as it always does
Who wants to take over a heavily loss making business? It's plausible that will come together to find a solution that benefits everyone - at a price.
.... so fortunate.
Isleworth: `60% loss' tomorrow? So you bought at 1.5p? Long term project for you then. Wish we could all be fortunate.
@ Farmog. Just this bit from your post says it all.
"""If Orion et al cannot see the monumental change done at Vanchem and see what is coming at Vametco then we are stuffed."""
They can. That's the concern.
@pb940.
Thanks for the link. My take on it is that we will be gone within two months. SPR look like they could be our only saviour. Why can they not provide an interest free loan in lieu of the sale of vanchem and Mokopane? Much like they did in February. Probably because they want the whole business for peanuts.
CC's bullishness going forward is great, but i think this presentation is just readying everyone for the inevitable.
Do i take a 60% loss tomorrow, hold for one more spike, or hold in case i'm totally wrong? I think it will be the latter. AIM is for gamblers, after all.
I thought he was pretty straight talking .. a couple of my questions not taken, but basically without a substantial capital injection (my guess is £15-£20m) then getting to the point they are expecting Vanadium pricing to start decent rises ( this time next year) will be pretty much a non starter.
Since June last year vanadium pricing has dropped by over 30% (from a modest level as well)
In the end, his point was that both SPR and to a much larger extent Orion have put a lot of money in and would stand to loose a fair chunk of it. They all agree Vanadium pricing is historically low and see the cycle reversing ... do they want or have the cash to make the substantial returns happen
Survival must mean substantial dilution. They struggled with a fund raise at 3p. Not sure how successful one would be at 0.65p ... basically a 50% dilution to get £15m ... right now I would vote for that.
Frankly though, I am not that hopeful.... buggering about for fund raises is a distraction. If Orion et al cannot see the monumental change done at Vanchem and see what is coming at Vametco then we are stuffed.
Dead and bust in 2 months or has funding to survive and thrive are the two options I see..... and SPR will loose a lot. They do not have Mokopane or 50% of Vanchem and their loans to date are unsecured .... would they survive ?
As for Belco .. hand washed .. that place will close soon I think. the IDC won't really want to fund much more.
A good IM, but really just says .. if someone does not pony up a lot of working capital very shortly, then will the last one close the door on the way out
Largo also haemorrhaging cash and have been for months.. on a time limited mine. How much longer before that halt for a bit .. and if BMN is gone and Largo suspends ops, that is a lot of USA supply gone .... China would love that !
You couldn't wish for a more straight talking CEO. Even admits his own incorrect assumptions, as well rightly lauding the turn around in production efficiency. However, apart from securing some short term cash (I'm sure he will) it seems as though V price is the dominant factor going forward.
I am still here, rode up to 49p, held out for £1+, got it wrong and now well underwater. Sacked my astrologer, smashed my crystal ball and have a half scale model of Fortune for sale, i'll also throw in the Mikhail model for free, so realistic it's invisible.
Only just come across this thread as I was intrigued to learn what has gone wrong with Bushveld this last year.
I am truly saddened to read that Pdub has passed away. He was the epitome of a fiercely loyal, long term PI. I don't know of anyone else who took part in the initial run-up and rally to 40p, and through all the subsequent decline. There was one other who claimed to be a LTH, BigBiteNow, around the same time, but he exited at a decent profit, I believe.
A great shame Pdub didn't live to enjoy the fruits of success justified by total belief in management. Life can be so unfair.
RIP, sir.
Don’t hear much from Coffee Cups those days, imagine that last SP fall stopped him out along with the rest of the traders.
If BMN does survive, there won’t be many bulls left on the long side once the SP trend reverses, that’s for sure.
Well the interesting thing was it was a 6 day wait for the IM .. might have expected it thur or even friday ..... But the cold reality is that the company needs to secure working capital pretty much equivalent to its current mcap to survive into next year at current vanadium prices.
In January, Lemur was all but sold (just needed BoD approval he said)... there is the value of the Cellcube holding .. neither will be massive, but a decent level of W/C... and the cost measure seem to be working well,
Everyone seems to agree Vanadium pricing will rise .. just can we limp on until then ... its a pure punt right now
With a virtual 14.7 million reported sold @ 0.65 and the same number reported bought @ 0.65 … It looks to be a straightforward trade transfer. Nothing to see here, imo.
Which leads me to believe we may see an RNS on Monday morning, call it a gut feel. Let’s see if I’m right, feel free to condemn me if not.
Interesting these occur ahead of the investor call on Monday.
What is a sell/buy transfer?