Member Info for ART123

Okay. Can anyone make a rough calculation of the sells today at 18p and 17.10p - I don't have live prices - minus the cancelled trades. I reckon it must be around 50 million.

Who are HNWI ??

According to the Admissions Prospectus:

Ownership
The Ben’s Creek Operations Complex and property control was acquired by MBU on April 29, 2021 from Investec Bank plc.

So MBU acquired the asset from the administrators/Investec Bank for probably what must have been less than 10p a share.

I think we can all agree that it is MBU selling - too many for Blue Star - though I thought that Blue Star would have actually taken the shares directly from MBU if they decided to sell.

The IPO was on 19th October 2021. A holdings RNS dated 4th November stated that MBU Capital owned 59.78% - 209,227,930 shares. Only 70 million shares were raised at the IPO at 10p so MBU were involved pre-IPO and assumably paid towards the acquisition of the asset, which was probably at a lower price and no doubt the details are all in the IPO Prospectus somewhere.

Nothing to worry about according to penstock. Even a buying opportunity, no doubt.

I think I'll wait and see who, if anyone, is taking these shares from MBU Capital, who I believe are quite a small outfit as far as II's go. Surely if they were just changing hands en masse then it would be an off-market transaction and not involve a lot of individual sells going through. Happy to be corrected if I am wrong.

I'm not sure how they expect this amount of shares to be bought on the open market though. Meanwhile the MM's are still happy to take them at 18p.

Well there is something going on between MBU and Blue Star to which this link relates. More of a housekeeping matter than to do with coal or production I would assume.

https://www.investegate.co.uk/bens-creek-group-plc--ben-/rns/further-disclosure-re-charge-over-shares/202211110700060694G/

Now we have the 22,222,222 sell at 17.10p

I can see a 5 million sell at 18p on the trades on here. I don't have live prices at the moment.

They could at least have the manners to bring the news out first before the drop!!!

Placing or delay on HWM?

What's going on here? SP down 15% to 20p

What the rampers won't face up to here is that the Shannon Unit is using up every single $ in production revenue to just maintain production levels - though in reality even they have fallen from 60,000 bopmonth to 40,000 bopm - and that is at a relatively high, inflated price of oil. If oil was back at $60, $50 or $40 it would be curtains.

I think that on top of spending all the revenue there have also been 2 placings - one for $13M and the other for $8M - with these funds also used to add production in one way or another.

It is no wonder that he has drawled on and on about a RBL for months on end as likely no bank would even consider advancing funds against a prospect that doesn't even break even.

tHE

2 placings now in the last 6 months - £1,080,000 before expenses in Sept 2022 and a further £900,000 before expenses in Jan 2023. After all the talk otherwise, is this now going to become a company that lives off placings and dilution?

Oh. it looks like there's no one left here anyway. Personally I'm not surprised.

I think that at the beginning of this drilling campaign at Molopo everyone was hoping for a huge success and a share price of 10p, 15p or even 20p but that just hasn't happened.

This was seen as a great revival of the ailing share price which was down in the 0.7/0.8p region (and barely even higher than PJ's average). Is it heading back down sub 1p now?

It remains an exciting opportunity and prospect but at this stage nothing more. That is a shame as I had high hopes that this prospect could reverse POW's dwindling fortunes and share price. Not so though.

The nickel is there somewhere - they just haven't found it yet.

Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:

"Completion of this drill programme represents an important step forward for Power Metal and my thanks go out to the operational teams for a job well done. This exercise required some flexibility, with teams mobilising to multiple locations requiring rapid adaptation to the changing technical demands on an iterative basis.

Historical exploration work completed at Molopo Farms prior to this drill programme demonstrated the validity of the feeder zone geological model with evidence of the targeted nickel sulphides. From our recent work and technical findings from this drill programme thus far, the model has been further validated.

With diamond drilling, downhole geophysics, technical core review and assay testing we are bringing together a significant amount of data with multiple final datasets awaited, including assay results and the interpretation thereof.

We expect the data and interpretations from this drill programme will add considerably to the existing understanding of what we believe is a particularly exciting opportunity at Molopo Farms. Further updates will follow in due course."

I wouldn't say that Mr Millholland doesn't try - in fact he tries too hard. But the truth is that he has bought a thoroughly bad asset here (the Atomic acquisition) and then been lumbered with the rest of it when CUDA went bust.

However hard he tries this asset will never make any money. He can bang on about the huge NPV as much as he wants but at the end of the day this is all about production and profitability and unfortunately production is falling and profit is non-existent, which creates an almost valueless asset.