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Congrats to Invinity Energy Systems today(IES) on their latest deal - hopefully looking good for Enerox
https://www.lse.co.uk/SharePrice.asp?shareprice=IES&share=Invinity-Energy
Really looking forward to when MUST relist, especially when you compare market valuations of companies in the transitional energy space
PrimforAll.
Thank You for posting some useful information. Can I ask when in your opinion Mustang might relist ?
Canaries,
the parties have left themselves to the end of the year to complete but this includes a contingency, we anticipate it will take half this time.
PrimForAll.
Thankyou for your reply. Will be interesting to see how this plays out. Good luck, we should all profit from this. An excellent area to get involved in.
Appreciate your thoughts coming through .
It does give one confidence investing in this company and I also like are new position taken in transitional energy space.
21-May-21 15:43:43 5.20 384,403 Buy* 4.60 4.80 19.99k O
5.2p!
Late on a Friday.
Either someone was done over or there is significant difficulty in buying in size and a premium is required.
Over on the other side MUST fans appear to be getting very excited over the following set of tweets -
https://twitter.com/bigbitenow/status/1395299788631990272?s=12
They appear to believe that the S A government has taken a stake in a 45% BMN owned electrolyte plant which will result in a VFRB installation, the batteries to be supplied by Enerox, in which BMN also has a stake - which will result in a big push by the S A government into VFRB technology, and a ready market for Enerox manufactured batteries.
Bit of jigsaw puzzle but I see where they are coming from.
I wonder where exactly the $30M raised by Enerox will be invested, and who the other investors are, apart from BMN, MUST, Acacia and ourselves. $14.8M of the $30M is coming from outside MUST/BMN.
Presumably all the details are being worked on at present, and will require sign off by all parties, hence it is taking a while.
IES doing well last week, market valuation £136M, so if my earlier calculations as to the present value ($100M) of Enerox are correct we are now buying in to Enerox at a rough 50% discount to the present value of IES.
Interesting to note that BMN sold down its stake in IES, possibly weakening the price in order to invest in Enerox.
Possibly an indication that this really is the real deal.
MUST are expecting the deal to take around 4-5 months to conclude, the rationale for the "delay" being the need to get in on the deal early before anyone else snaffled it. PrimForAll suggests it will take around half of the 8 months remaining until the end of the year - both estimates take us to around the beginning of September, when all the movers and shakers are back from holiday - or whatever passes for them this year.
It could be a long hot summer.
Figuratively speaking, of course.
Very dull in Cheshire, atm.
Good Morning Skittish
Excellent research. I have read all the 18 parts of the tweet you kindly posted below at 8:14am.
I noticed a tweet from Primorus Investments yesterday and only “liked” it and did not retweet it as I was wanting to do some in-depth research first. You have provided an excellent summary of what our recent investment of $2.5 million in Mustang Energy is about.
Must Energy is a “Special Purpose Acquisition Company” which is a preferred way for many experienced management teams and sponsors to take companies public. A SPAC raises capital through an initial public offering (IPO) for the purpose of acquiring an existing operating company. Subsequently, an operating company can merge with (or be acquired by) the publicly traded SPAC and become a listed company in lieu of executing its own IPO.
RKB
PS I have been a PRIM shareholder for since January 2018. The share price has never traded as high as 5.2p (until yesterday) for the past 13 months the closing price has been in the range 0.28p – 0.48p it appears to me we are about to see a new all-time high.
Hi RKB,
I had missed that tweet from Primorus yesterday, so thanks for pointing it out.
That they have tweeted the BMN interview (of 20-5-21) certainly suggests that the S A project is important to Primorus itself, and lends some credibility to the conclusions of the bigbitenow series of tweets also dated 20-5-21.
When the MUST deal was announced there was some speculation that MUST would ultimately take a much bigger interest in Enerox, whether by purchase of shares or issue to Enerox shareholders, and this would be the route for Enerox to list, thus fulfilling the SPAC mission for MUST, rather than it simply being another investment vehicle.
Interesting times, especially if we somehow manage to maintain our 24% interest (or close to that) in MUST as it moves forward with this project.
At the front of my mind is that directors and associated parties have built up a stake of around 30%+ in PRIM, were buying more immediately after Acacia invested in MUST on 12-3-21 (this investment allowing the DD on Enerox) and that someone (there is only one likely candidate) appears to have bed and ISA'd 7M PRIM shares as soon as the latest tax year commenced on 6-4-21.
Messrs Labrum and Holden also own a sizable chunk of MUST, and Mr Labrums appears to have been bought post the Acacia deal of 12-3-21.
There was also the options @ 4.1p announcement of 2-3-21 vesting at prices between 6p and 10p.
Everything from the directors point of view appears to be geared up in the expectation of a sizable increase in PRIM's share price and it is noticeable that their activity accelerated markedly post 2-3-21 when presumably details of the Enerox deal began to crystallise.
Interesting recent trading - with a number of smallish sells being hoovered up by a few large buys.
Even the fairly large sell this afternoon had little impact on the price - lets see if it is balanced tomorrow by a 300K+ buy, which would take out that and the other smaller sells of today.
The buying is not enough to move the price up, but then it ain't going down either.
Interesting article on the BBC website today -
https://www.bbc.co.uk/news/science-environment-57313991
"A major project aims to overcome a barrier to electricity grids that are entirely supplied by renewable energy.
Output from wind turbines varies because wind speeds fluctuate; output from solar cells changes according to cloud cover and other factors.
This is called variability, and overcoming it is crucial for increasing the share of renewables on the grid.
A group of leading nations will invest $248m over the next decade to solve the issue by 2030.
The effort has emerged from a clean-tech research programme called Mission Innovation (MI)
Environmentalists say the sum’s a fraction of the many trillions of dollars of damages that climate change is projected to wreak on society, unless it’s curbed.
But the 23 member governments involved in the programme are spending US$5.8bn per year more than in 2015 – and they say they’ll commit more public funds to clean tech if they can afford it.
Solutions to the variability problem will include energy storage; for example, smart power systems which respond to changes in demand; advanced controls and artificial intelligence.
Those behind MI say that half of the global emissions reductions required to achieve climate targets by 2050 depend on technologies that exist today, but are only at demonstration or prototype phase.
These include hydrogen power, advanced battery storage and zero-emission fuels"
Over on the other side someone on the MUST thread seems to think that the Mustang Energy internal target date for a return to trading is Thursday 29th July 2021. This is around 5 weeks earlier than we had been led to believe by published information, but would make sense to complete matters prior to all the movers and shakers going on "holiday" rather than after - whatever passes for holidays this year.
We will see - if correct then the Mustang prospectus is probably only a month away.
Hopefully not to long now for the expected flow battery update showing the investment was another shrewd move .
MUST news today puts foundation on leaking whispers PRIM lost out with 2 Mio cash here
Hi scot240 could you elaborate?
Basically Must needs to do a deal to relist asap (with or without BMN) otherwise that ~£2mil of Prims is a write-off?
BMN shares prob worthless to them now
Well let's hope we hear from Rupert and the BoD soon, it's their first new investment since taking over and difficult to inspire confidence if it's a dud
Why would it be a write-off? There is an option into BMN shares also which can be later sold into the market or retained as they are at year lows.
I am lead to believe that until all is sorted Prim receive 10% per annum on their investment
http://www.mustangplc.com/announcements/30092021%20Interim%20Results%20Deferral.pdf
Hi Balanced66 I was just asking scot240 what they meant as they said the Must £2mil would be lost and the BMN shares worthless
Hi Testing321
I can see that now thanks. Apologies.
Why incompetence? Why bordering on fraudulent? It was structured as a CLN to MUST @ 10%. Do you know anything that's not already in the public domain or just venting your spleen?
>>scott240 - you said "Directors need to be held to account over this disaster" - RL holds more shares than anyone else so do you think he'd be reckless enough to sabotage his 21.1% holding? He's got more to lose than any of us. He's only on a £32k salary with PRIM apart from that.
Scott240.
You are out of order here. Why lie?
Some good clarification by hj996 on the adfvn forum regarding the deal structure
First article below about lithium but the argument is there for the benefits of battery storage and its crucial role in the transition to green energy. We obviously would say that Vanadium redox flow batteries have more benefits over lithium ones.
Also China is probably going to lead the way on mass vanadium flow battery adoption.
https://oilprice.com/Latest-Energy-News/World-News/Billionaire-Oil-Trading-Veteran-Bets-Big-On-Batteries.html
https://www.argusmedia.com/en/news/2253359-chinese-firms-to-promote-vanadium-energy-storage