Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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jimtheknow
When you talk about the BPC issued information carrying “the usual caveats” that is somewhat misleading. As BPC have made clear and as you acknowledge yourself later on, they currently do not have access even to the two CLN funding sources. So we are talking about unusual caveats (as set out in full in the Interims). These caveats may be about to be superseded, but if BPC do square things away with Bizzells and the Family Office that is a material change that they will need to RNS. Obviously BPC aspire to unlock or, even better, replace these funding sources and it is entirely reasonable to bet that they will at least find some way of unlocking them. But I am happy on the sidelines until it becomes clearer just how they are likely to be unlocked (still waiting and not finding any helpful insights on the BB) or, alternatively, the oil price improves the odds of a rosier scenario. Being in could absolutely be a win-win for you, but where are these legally binding BPC RNS’s that I am doubting the credibility of? Aspirational or forward looking statements in RNSs are not generally legally binding and we rely on them at our own risk.
ross, what answers do you want exactly? I have spent years and any hours reading pretty much everything there is to know about BPC and also Bahamian daily news papers, Australian news outlets, etc. I now know more about Stephen Bizzell and Mark Carnegie than i ever thought I would. I'm pretty well under the skin of this and I don't mind helping people out where I can but people still need to go away and do their own research and i'm not here to carry those that are too lazy, nor entertain any antagonists.
The BPC issued information on funding is fairly comprehensive and detailed and it does carry the usual caveats of not guaranteeing anything at this stage, this is not unusual given they could be severely prosecuted for being misleading. So given that and until the day we do draw down on the funding, all we can do is our own research on how credible BPC are in their funding rhetoric and therefore how likely they are in having access to it. After many hours research my conclusion is that BPC are more likely than not to be credible in what they say so I have taken full advantage of the lower share price that comes with not having unequivocal guarantees on funding and filled my boots to the tune of many many millions of shares. They may not get the funding, we wait and see. This is my researched, educated gamble.
You, however, require greater certainty which is your prerogative so if you wanted to hold the same amount of shares as me it will likely cost you ÂŁ100k's more to do that if and when that certainty on funding and is provided. My average is now very low though as I've been doing this a long time so I can ride the dips without losing a wink of sleep.
I can assure you in that you are right at this moment in time when you state we are not fully funded for drilling as we don't have the money in the bank, but that would also be foolish of the company to have that at this stage. However, assuming all conditions are met and all contracts are honoured as defined, we should have that money when we require it. We may never require it if the farm-out happens.
If that golden nugget of news does drop and you want to be involved in this then you better have great faith in your ability to buy quickly as that good entry point will be gone in a flash. Maybe your time is better spent obtaining faith in your purchasing power for when that eureka moment happens rather than continually doubting the credibility of legally binding RNS's from the company?
I'm much happier being in this than out of this at the moment. If I wasn't in I'd lose more sleep knowing I could wake up to a 7am Farm-Out RNS rather than being in and waking up to one that said there was going to be some heavy dilution. I voted for 1.8bn dilution so I couldn't really complain could I, it's a win-win for me for the moment.
jimtheknow
I’ll try again and hope that my post survives this time.
I think folk should decide for themselves what shares have a place in their portfolios. Doubts are healthy - I try to keep kicking the tyres of all the shares on my watchlist, even the ones that I have held for a long time and have the most invested in (in fact because of that). I try to spread my risk so that my disposition remains sunny whatever the weather.
My challenge to you is to provide, in the continuing absence of an update from BPC, better answers to my questions. See if you can talk me back on board!