Bushveld Minerals Share Chat (BMN)

Rumour has it, some of the shareholders are going down for criminal levels of bullsh**ting and stupidity!

Does anyone know did Fortune get jailed for robbing the shareholders in BMN.

Not yet been Declared Worthless TRBob

But when it is - hopefully soon) should now be able to use loss against CGT gains

(provided it wasn't held in an ISA)

Which platform are you with TRbob ?

I got it as a secure message from my investment platform;

'Further to our previous communication, we have received an update regarding the Bushveld Minerals Limited liquidation event.

The liquidators have confirmed there will be no distributions to shareholders as part of the liquidation therefore, the shares no longer hold any value.

As a result, your shares in Bushveld Minerals Limited have now been declared as worthless and will be removed from your account in due course.'

ICLES

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there were more at it than just alfacomp. i'm sure none of them were frauds and they believed everything they said about the rosy future of this company and its glorious directors. remember how they would shoot down in flames anyone with even the slightest of doubts quite condescedingly.

well guess what, everyone of those involved were completely wrong, they thought they knew how to analyse a company and they were wrong.

they thought they had judged the exec correctly (esp mopheadjello) and guess what, they were wrong.

the arrogant toss pots all thought they knew better than anyone else here and they were wrong again.

sold out of this sack of **** years ago but i have no sympathy for any losses those arrogant pin pricks have suffered. their constant ramping and blowing smoke up exec arses prob encouraged the gullible to waste their money here. those are the people i feel sorry for.

A lot of people had his **** so far down their throats, it must have starved the oxygen from their brains!

Dav3j

Alfacomp was like a cult leader on here, but he had a lot of rabid followers that shot down any dissenting viewpoints. I wonder how many of them bought everything he sold them, or if they were some kind of pump and dump crew? Would be interested to know how many of them were duped. Thankfully I sold out of this without too much of a loss. Admittedly, I chased alternative rainbows with the intention of returning. Theyre still in play, albeit down, but thankfully not fully out.

That’s how the story goes. It’s incredible how many people were prepared to push this c**p onto family and friends. Despicable!

Who was the person who announced at their wedding reception that they had found BMN, a fantastic investment in south africa which was going to make him rich? Was that Alfacomp?

Trying to think what was happening around 2018. Doesn't matter now but interesting to know it was going on.

https://www.proactiveinvestors.co.uk/companies/news/1077682/aim-day-trader-brothers-convicted-of-insider-trading-as-fca-crackdown-continues-1077682.html

Market surveillance systems run by the Financial Conduct Authority (FCA) detected suspicious trades linked to confidential investment opportunities on the AIM in four companies: Proactis Holdings in November 2016, Palace Capital between September and October 2017, Concha Plc in September 2017 and Bushveld Minerals Ltd in 2018.

Is the Battery division still going ?

Hi MG - If my understanding is correct, it is possible to claim a carry over loss of up to £50K (or 25% of income) against a suspended / liquidated AIM stock such as this.

Can you or anybody else explain - in layman's terms - what this is and how it can be practically pursued ?

Feel like I've been through the mill on this one and need to try to understand if I can claim BMN loss against for example CGT ?

Thanks if anyone can expand.

Had this message from my accountant today, as I was wanting him to report/ carry forward my loss would anyone be able to advise and thanks....

To make a claim to HMRC I will need sight of a letter from the liquidator or receiver which proves the shares are of negligible value. Because they were listed on the AIM HMRC do not publish this information.

Sorry, but Covid had little to nothing to do with the failure of this company. The share price had already tanked from ~50p to ~20p before Covid even made the news. Maybe BMN would have lasted a little longer, but it was clearly already doomed. The fact is, many lies were told about its prospects. China had been over-building everything from residential properties to railways for years, so their demand for Vanadium was going to hit the brakes regardless of the pandemic. Fortune, “the amazing businessman”, had bought an old mine that nobody else wanted and was forecasting production outputs as if it were much younger and without the obvious maintenance issues it would incur. Let’s not forget, Evraz made no secret of its viability when they sold it. The fairy tales about VRFBs were farcical. There was clear evidence, all along, that utilities didn’t want them. The CEO of Evraz did an interview with Bloomberg back in 2016 where he stated that he didn’t think VRFBs would be dominant. I also remember when this article: “Energy storage: Why UK industry isn’t going with the flow” (https://theenergyst.com/energy-storage-why-uk-industry-isnt-going-with-the-flow/) was released, clearly stating why utilities were choosing Li-ion over VRFBs. It got posted on here and the best defense anyone could make was the author “looked like a twelve year old”. Well looks aside, given his verifiable position in the industry, it’s clear he almost certainly knew more about the energy storage industry than everyone on this forum put together (especially the self-proclaimed “expert” AC). But of course, his views were derided because he wasn’t saying what people wanted to hear. I’d also point out that, during the pandemic, battery installations continued apace, but predictably, they were nearly all Li-ion - the ones utilities, data centers, etc. actually want. The only reason many people invested here was because of the fake carrots that were dangled in front of them: VRFBs being the next big thing, a dividend that was clearly never going to happen, etc., etc. This was a BS company from start to finish, and like so many other fairy tale penny stocks, the directors enriched themselves at the expense of others. The rampers made their task a lot easier by dragging in others and ruining lives in the process.

AIM has been blacklisted for a few years for me- manipulated and stick to funds and larger caps when funds allow risk free money for tax reasons.

Also a lesson again to those who stifle debate that they should listen to both sides of the argument. Those putting up sound arguments were often attacked. This was especially true in one of the telegram groups were you had to tow the line and were easily excluded if you disagreed with the positive (delusional I would say) arguments being put forward.

Feel sorry for genuine holders who have lost money here. This is unfortunately too common on the AIM market where BODs have no accountability and share no risk - often have limited share holdings and huge salaries and rewards for failure.

The early warning sign here was the multiple director sales a few years ago for "tax reasons", hmm.

Yes it certainly was a rollercoaster ride of emotions.

Fortunately for me I did not lose my money, but potentially lost a lot. What this share has done tho is instilled in me to never invest in an African project.

It was a initially enjoyable ride that made me wake up every morning with excitement from 2018 onwards. Covid put the nail in the coffin on top of bad management. Onwards and upwards and probably taught me to increase my earnings to cover the losses. Would have been very wealthy if money had been in funds instead.

Yep. Share prices are low for a reason. There’s a reason every failing penny stock has individuals spouting the same moronic conspiracy theories about MMs manipulating the market every single time the price goes down. Evraz offloaded their mine, “cheap”, for a reason. Utilities overwhelmingly chose to continue buying li-ion batteries for a reason. There was a reason the Bulls**t Perspective only actually had one perspective. There’s a reason so many grifting CEOs list their companies on AIM. I genuinely feel sorry for those who got sucked in, but those who incessantly shouted this c**p from the rooftops are responsible for causing permanent harm to others. Truly vile human beings.

This is normally a very unaffordable/expensive lesson if learned on own experience.

This has been a massive (and very expensive) learning opportunity for me. The main thing I've learned, is if you think something isn't right, then listen to yourself, not other people, especially when you know they aren't any more qualified than you to make a judgement.

The other thing is, don't be greedy - I so nearly sold my small holding at 50p, but I kept buying all the way down as I was persuaded it was destined for £1.

Low share prices are not a conspiracy - they are low for a reason. If someone tries to convince you otherwise, don't listen!

I don't think it was a false narrative. It was really all about the price of vanadium. If V had stayed over $40/kg BMN would have been fine, and over $50 there really would have been champagne and parties.

The arguments for higher V demand from Chinese steel and vrfb wasn't unreasonable. But it didn't happen and the rampers who'd gone all in couldn't accept that they were wrong and they ended up losing everything. It happens sadly very often.

Thanks, Blueboy28. Sadly, there are many on here with egos so high / IQs so low, they instantly bandy about words like “troll”, “idiot”, etc., etc. (yawn) whenever anyone dares to voice an opinion that doesn’t align with their preferred version of reality. This “investment opportunity” was built on false narratives. Strip away the endless hype, and the money-making potential clearly favoured the directors and a few swing-traders. Obviously, there were those who took profits before the house of cards inevitably collapsed, and good luck to them, but it doesn’t change the fact that BMN always was an old nag masquerading as a racehorse.

Did they actually mine anything?

Such a sad outcome for another promising ticker in my watchlist, in a way I was quite close to allocating some capital for position with BMN at around 12-13p if I remember correctly patiently waiting for it to go below 10p on market-wide volatility. Thanks to some providence (and newly available information closer to that point) - resources were deployed into another share due to better fundamentals + probabilities. More and more evidence (shares I kept an eye on over the years) suggests to consider investments into African operations with significant pinch of salt because risk profile there seems to be way off the charts.

Haha FYOZ, I worked for Torotrak, for a very short while before it went belly up!

Can someone give me an idiots guide to what happens from here? Is the money just gone forever and written off? Will it just disappear from my HL account? All help appreciated.

Ah its such a shame, so much potential but criminally mismanaged. I'm just glad I got in to Rolls Royce at 75p so I covered this off and then some! I'm sticking to EFTs for a wee while now lol

I doubt thats the case as it doesn't change much in terms of shareholders. I'm fairly certain anything agreed would need to be put to shareholders to vote. (However if the BRP process effects this I'm not certain but I doubt it will).

Maybe they just keep indefinitely putting the dates back and it just delists and that’s how it ends, no idea - anyone else got any theory’s?

Nearly 5 months by the new date, 1 month before they would need to delist under AIM rules if I’m correct?

Good spot.

‘…further extension to engage with key stakeholders’.

Fingers crossed. Maybe the rise in V price is having an influence.

HEY Marc001 hello ,please check the website , publication of the business rescue pacxkage has been put back to the 15th of April. Is that been six months since suspension? cheers from Ireland

Date extended again to 15 April

So we should get news of what is happening here on Monday shouldn't we ? Hopefully it's rescued🤞

I’m glad for you also, have a nice day.

If you think sinking money into blatant BS, like this was, is a reasonable investment strategy, I'm very glad I'm one of the people who doesn't "get it"!

Not any worth sharing no, I only invest in the hated and misunderstood. Therefore most would not get it and that’s ok by me.

And me neither yours mr lamps.

And if as people seem to be suggesting (cos I haven't) its the same chap as a now sadly deceased member then my sympathies go out to his partner and family.

Well .. his widow !

Well Banzai, I’ve been on this forum for some years and I don’t recall your rather memorable soubriquet. Did you have another one?

Here's an idea - how about wait less than two weeks until 28/02 and then draw your conclusions at that point..? Yes this has been a bad investment to date, will us investors loose everything - probably, but nobody knows for sure until the business rescue process concludes and we know what the 'damage' is.

No idea what the name was. I can't remember the people I had conversations with last week let alone years / months ago.

Interesting it’s been pushed back again and only by two weeks this time. Feels like they are working a deal through with investors IMO - expecting very dilutive if so, no way us LTH’s don’t get seen off here.

Yes it does say 28th feb🤞

Hope so Ridge, thanks for the info, someone will make money from this asset, hopefully us long sufferers

Hey amigo ,the Bushveld website has a communication that the *Business Rescue Package announcement*has been pushed back to the 28 of Februaray. This date is the last day of employment for Craig Coltman. Please check the website if I have got that right. If the company is f99ked so to speak , it would have been wound down by now. Has Orion capital thrown a lifeline? As for Trump tarrifs , bring it on ,it speeds up the decline of the US dollar and makes BRICS stronger which South Africa is a member of . Donald Trump tarrifs saved Bushveld .HILARIOUS.cheers from Ireland

TradingView, using Ticker: BSHVF.

I'm not reading anything into it at this stage, as the volumes via OTC are very small. It might not be anything, but it's definitely something...leaky perhaps...

For those of us holding onto a lifeline: any thoughts on whether V imports into USA from RSA would be subject to tariff under the new dictatorship?

Looks like the vanadium price is starting to go up, let's hope they can rescue this and we don't lose out just as the price might be turning to a positive cycle

No! Shareholders will end up with nothing as per usual.

Https://x.com/Mastermines_CN/status/1881992849543356893

Some crazy talk of the V price rising in that article, anyone know what the current price of V is in the US?

Https://businesstech.co.za/news/business-opinion/807846/major-south-african-mining-company-enters-business-rescue/

Buying time perhaps, but why?

The business rescue plan was due to be published today (15th Jan) , however an extension was requested and approved by creditors to move this to 17th February. This may just be putting off the inevitable.

https://matusonassociates.co.za/wp-content/uploads/2025/01/Bushveld-Minerals-SA-Pty-Ltd-Extension-for-the-Publication-of-the-Business-Rescue-Plan.pdf

It didn't happen quickly. For getting on for two years now myself and other posters were giving warnings but were drowned out by those who were desperate for their investment to succeed. Do your own research and don't follow the herd is a lesson to be learnt for many here.

Wonder how the institutional investors in BMN didnt see all this coming - KS et al. Some harsh lessons learned by LT investors here, very much myself included. All seemed to happen so quickly and that's when you know the writings on the wall...

That's really scummy codejunkie, that you don't want Pdub back.

Blame Fortune and Mikhail and BOD and the knobs here

Sad that this company has sunk so low from what looked so promising

Such a promising company at one stage.

For those here long enough to remember, Corbs would be very disappointed to see where BMN sits today.

RIP mate

ML

"In the absence of sufficient value being realised from the assets or new capital being raised, it is unlikely that the Company can be considered a going concern."

For many months people raising well reasoned concerns have been screamed at and dissed. Now the die hard cheerleaders are administered a reality pill.

BMN needed a supportive financing partner to survive and a supportive vanadium price - in the end they got neither.

Orion did renegotiate the terms of its debt and put up further capital to buy us time but SPR screwed BMN over time and time again and V failed to come to bmn’s rescue in time.

Can I be sure that’s the long and short of it and Craig is squeaky clean? No obviously not but it’s still my feeling even after all that’s gone on and all the money lost here.

Will there be anything left at all.. maybe for a couple of pints?

that is also a feasible alternative @harchris - but, imo, this is entirely undermined by the fact that he pushed through the spr deal, it was imperative in his eyes and repeatedly stated it would keep the lights on - less then 3 months later, it was a case of "can the last person leaving turn off the lights". i'm not absolving fortune for the **** show he left behind but selling off the crown jewels, in retrospect, simply delayed the inevitable. the administrators now have pittance to play with.

i agree with others - we will never truly know - but the deal with spr was not for me and i for one voted against it.

That’s one way to look at it. Another is he inherited $100m+ of debt and never once saw a let up in vanadium prices.

BMN were distressed from the moment he took over and with no let up in V prices got taken advantage of by the likes of SPR.

We’re unlikely to ever know for sure but I blame my losses here on Fortune Mojapelo not CC.

Coltman will be well rewarded by his masters I've no doubt..

Hari-kari

I don't have much hope for my money ):-

Codejunkie "Could go on quite a while"

Lets hope not toooooooo long as might be forced to de-list?

Could go on quite a while

Probably before Weds next week I'd imagine

When they are ready....and have figured how to exclude SH's

When we will get an update?

Alfred, we will surely be poorer in the morning, but I suspect you will still wake up bitter and twisted.

Any quite a few people warned about it. They have been snubbed by the cheerleaders gang each and every time. Finally everybody got what they deserved.

Good luck indeed all. This was in the right space at a good time.

Everything is now geared up for SPR to take full control of BMN for peanuts.

When they temporarily defaulted on payments in Jan / Feb alarm bells were ringing. They picked up Vanchem,

Mahenge etc for a song. And the same will now appy to Vametco.

What appeared to be fantastic to have SPR on side, now seems to be the death of this once promising company.

Acacia selling down raised huge alarm bells with me. If i remember correctly i mentioned that they were not in the equation, going forward.

Good luck to anyone still holding here. I made some decent money 6 years ago, and gave some back recently. I hope this turns around for all of you.

Finally this turd of a company is on its way out. My only regret is ever putting any of my money into it.

I highly doubt they are doing this for nothing Trev, lol.

Not sure they're going to have a choice, what are they going to do, sue? Even if they win they won't collect any money as the company is effectively bust. It's a lose/lose situation.

You tell the other half yet Fosters?

Massive loss for me, mental

I agree Hale, the world changed around us in ways we could not have predicted. Seperately what appeared reasonable time lines, turned out to take a great deal longer. Whether out time lines were reasonable and faced unforseen headwinds or over optimistic from the office I can't assess.

I've learned a great deal, but faced with the same proposition and same information at each stage I can't honestly say I would have invested any differently.

I liked the many fingers in many pies approach, it appeared to offer diversity and a degree of failure safe within a single investment. Unfortunately -to me- it appears in part out undoing, too many cash hungry projects.

I will certainly be keeping an eye on V producers and VRFB going forward. The cycle will turn, and when it does, without bushvelds output, supply side will be further constrained.

Just a shame it wasn't to be, and that BMN and it's investors wont benefit.

Craig Coltman , CEO of Bushveld Minerals commented:

"This was not an easy decision to take or one that was done lightly, however, in the current circumstances, it is the only course of action that the Board could take in the interest of all stakeholders.

The principal conditions that have led the Board to this decision are the depressed vanadium market that has resulted in us operating at a loss for an extended period of time; the lack of cash availability that restricted the amount of maintenance and repairs that could be done at Vametco, resulting in heightened levels of plant breakdowns and production loss; historically high, long outstanding creditor balances; and failure to procure suitable funding from existing stakeholders or third parties despite efforts to do so.

Matuson & Associates have significant experience in turnaround situations and share our belief that there is reasonable cause for business recovery."

The pandemic didn't lead to BMN's downfall. It was Mojapelo. The amateur racked up insane, unpayable debts with no alt. plan for economic downturns. He invested YOUR money in grids, BELCO plant, expansion plans when there was zero demand for any of it - all based on his incorrect belief and pie in the sky guesstimates of future revenues. And all at no risk to him, because he was busy raking in a ludicrous salary that I called out 5 years ago, and renting out offices to his own company for treble the price.