Member Info for Bannor

Big lumpy delayed sell from this morning as well - us ?!?

:-))

* Minigases

Mrs B - I was referring to the 'required' buy in by the BoD this Friday under DDPP ... of course it would be a great sign if they bought in outside of this ... but not holding my breath.....

Seems to me they have absolutely no control over the direction, timeframes, cost or damage of anything they've got themselves involved in... I've just got this picture stuck in my head of the poor little Mingases running round the office shouting 'Bananas' at each other whilst everything is imploding around them...

One or a few have had enough & are scampering off....can't say I blame them the only unfortunate thing is the reduction in the SP to allow the Minigases yet another cheap buy in :-(

Indeed Zinc/Lead intercepts at shallow depth ...

I don't believe we've been trading so personally would rule out any transactions in the first half of this year ... so over & above the 70p sales 964k shares 'COULD POTENTIALLY' have been sold at over a pound in the last 2 weeks of Dec at up to £1.05 max but then I don't know what the BID was & if we were selling sizeable lumps it probably would be at the lower end - but granted we may have sold some shares above a pound but not many & not more than £1.05 tops....

& with that I'm about done digging into this muck as it isn't helping my dim view of our BoD any ....

Apols the last comment should be that we sold 610k between 30 & 40p

Not quite Obs:

After our sale @ 70p we held 12,285,058 shares you have calculated/advised from our 2017 year end accounts we sold an additional 964,000 shares in the year leaving our shareholding at 2017 year end at 11,321,058.....

In our interim results to Jun 30th 18 (RNS's 28th Sep) we reported holding 8.3% of BCN at period end = 11,338,600 shares (after taking into account the exercise of options announced by CNN subsequent to 30th Jun.) Near as damn it the 2017 year end position so as I suggested we missed selling in the Jan/Feb spike entirely as we still held effectively the same number at the end of June 18 as we'd reported at the end of December '17.

Per BCN RNS 02.Oct.18 as at Sep 11th we held 9,960,000 shares = 7.4% so we sold 1.4M shares during BCN's big slide from end June & were probably in some way a causal factor of it.

Per BCN RNS 16.Oct.18 we held 9,350,000 shares = 6.95% so we know we sold a further 610k shares at between 30 & 35p

Mining & financial 'experience' (nee 'expertise') in action eh & in answer to your question of how many above the fabled pound = none & far far from it.

Obs ... now look what you made me go do ... below is from the announcement made on TSX ... so yes a weighted average of 65p in 'total' ... considering they claimed a 75% profit on the sale at 70p (which I seriously doubt & you & I had strong thoughts on at the time) & if you accept that as true it leaves little to nothing bought under 70p & possibly higher ...

In Dec 17 BCN announced the nextview deal (just under 20% equity) which took our 9% holding to approx 7% where it still being quoted at in Feb '18 after BCN's spike to £1.40 in Jan .. after that deal fell apart we were reporting a holding of ~ 8% for ages & as BCN's price fell we sold down to the currently reported 6.95% ……… we missed selling in the spike as far as I can tell & have been offloading at a hefty loss since....

From TSX announcement of sale at 70p ....

London, UK--(Newsfile Corp. - September 11, 2017) - Cadence Minerals plc ("KDNC"), formerly Rare Earth Minerals plc, an investment company listed on the AIM, on September 7th, 2017, sold 7,822,857 Common Shares (each a "Share") in the capital of Bacanora Minerals Ltd. (the "Company"), at a price of 0.70 GBP ($CAD 1.11) per Share on the open market through the facilities of the AIM, and on September 8th, 2017, sold 1,075,000 Shares in the capital of the Company, at a price of 0.70 GBP ($CAD 1.12) per Share on the open market through the facilities of the AIM (the "Dealings"). The total number of Shares sold in the Dealings amount to 8,897,857. Final trade settlement date for the Dealings is scheduled for September 12th, 2017.

Prior to the Dealings, Cadence beneficially owned and exercised full control and direction over an aggregate of 21,182,915 Shares of the Company (the "Initial Shares"), representing an interest of 16.06% of the Company's issued and outstanding shares. The Initial Shares were purchased in several instalments over the period beginning on September 13th, 2013 until September 20th, 2016 at purchase prices ranging from 0.20 GBP ($CAD 0.33) per Share to 1.00 GBP ($CAD 2.00) per Share, and at a weighted average price of 0.65 GBP ($CAD 1.05) per Share.

"It's amazing isn't it Bannor, reading all these posts,it makes you think we have been (to the detriment of our shareholders) selflessly propping up Bcn for a few years now. ... almost like their investment arm...I wonder why?"

Sorry Mrs B I tried .... "Bannor" & not "Ban" have I done something to upset or vex you - my parents used to change from my shortened to full name in times of trouble it was a signal to me to "prepare" ... anyway ...

Response: in my view Lenigas had COE.all ends up & blindly following his lead & vision so all looking rosy ... COE got ill & Secker arrived saw Lenigas for what he is & threw his chess game out of the window.... Lenigas skulked off AIM entirely knowing what was going to occur here & left the Minigases to pick up the pieces of his shattered plans & in attempting to do so they've made it worse - just my opinion though & until Sonora is played out to It's end or the Minigases destroy us entirely I'll stay ... you & I have been here since before it rocketed in 2013 & just occasionally the history is interesting, useful & not a little painful at times...

"Ob. In the fug of it all, I think that we probably do not share our views of what, where and how we are going. Of course, you are the experienced and informed one, and I am just the wisher and hoper. Hoping that all the positive things I heard previously are true, and wishing that they would come to fruition soon.
But you are terribly polite. It is a pity that you do not attend AGMs. For starters, you and Ivy share a lot of opinions, from what I can glean from posts. Mind you, I may be well off tack there too."

Response: perhaps he is..... trying looking behind the desk at the front or into a cigar smoke filled shadowy corner .... if that fails look under the desk between Kiran's legs LoL ...

"What I am going to take from your spreadsheet, and from KM’s statement in/on the voxpopspod, is the simple fact that he said that the average price of our remaining BCN shares is 65p. And I am going to cling onto that fact."

Response: methinks (in fact I'm certain personally) he talks with forked tongue.... we used to have an FD at a company I worked who armed our MD with financial detail & sent him off to the U.S. corporate HQ every year to come back with a couple of Million to settle debts.... worked every year until they sold us for £1without ever repaying any of the £20M plus we'd borrowed.... subsequently four years later we contributed to dragging our new parent co into administration ... that was a demonstration of blind faith in management that couldn't deliver anything but fog, smoke & mirrors.....

"Ban, apologies for giving you so much homework to mull over, over a weekend. I used to get jolly annoyed when my kids had a lot of weekend homework. A real joy spoiler. So, how many shares, or what value, or what percentage, of a company, can a BoD sell without getting a shareholder vote?"

Response : we're an investment company (currently) they don't need our approval to buy & sell assets or shares in other companies & because we give them authority to do so they can take on debt in exchange for shares without notice to or further authority from us .... the Minigases can legitimately make a mess of it & walk away - Bananas eh!!

Indeed TC in actuality it became a bit of a joke at the time & was discussed here if you recall we always knew when we were buying because BCN's SP would shoot up (to almost a pound sometimes) before we'd stop & it'd float back down... then they did that discounted placing at 77p & followed it up with the purchase of 4.5M at a £1..... there's really no way our current average is 65p & there's no way we haven't been offloading at a significant loss to our investment .... I'd work it out if I thought it'd make me feel better but it won't...... so not only did we take out the crippling & to a greater extent unnecessary loan which has caused so much difficulty - but we've lost most of it by selling what we did with it at a loss ( because we need to) - whilst the rest is also sitting at significant paper losses currently .... mining & financial experience (nee expertise) my arse more like minging & blind stupidity.

I can only hope Sonora &/or BCN is bought out from under us ASAP before our BoD's 'experience' drives us into administration - at that point I'll cut & run regardless wishing EMH good luck .. I reckon it's fortunate for them KM & Co don't make their big decisions at least, otherwise they wouldn't just have the Czech government to struggle dealing with eh!!

Interesting when you look at our purchases on what the 'average' of our remaining share holding might actually be.... during 2014/15 & 16 onwards we increased our shareholding from just over 6% to the 19.99% mainly through on-aftermarket purchases - you've only got to look at BCN's SP during this time to know that 65p for our current average is a crock .....not only do we have the purchase of the 4.5M at £1 each but it also includes below:

16th Nov '15
Rare Earth Minerals (LSE AIM: REM) is pleased to announce that it has maintained it's 17.21% interest in its Sonora Lithium Project partner Bacanora Minerals Limited ("Bacanora"), by subscribing for 1,973,407 new common shares in Bacanora's £8.8 million placing announced today at 77 pence per share (the "Placing").

So considering it was reported we made a 75% profit on the shares sold at 70p (which I seriously doubt) how much of a loss have we made during our further selling back to holding 6.95% (or less!!)

"Your analogy makes sense @Bannor - however as you know we had our eyes on the win, not just the protection of the JV's. i.e. to take BCN under our wing, likely along with EMH, and for that we needed funds for more than just the BCN shares. Didn't pan out though did it? - but it was possibly worth the shot: we might not have lost Tesla and BCN wouldn't be in the situation it is now I'd wager, and we could all be better off. C'est la vie!"

So this is a demonstration of our BoD's financial & mining 'experience' (nee 'expertise') to fruition then .... how much have we paid for MMS & AOU shares again.... shame we didn't wait till now to purchase eh!! .... C'est La vie ....hmmm more 'ad nauseam' in my view

"Looks about right to me @Ivy. And then we sell the remaining 4.5m shares when (ahem if!) BCN share price raises back above £1 next year - making a profit on those too."

Whilst in Tandem our exposure to the JV' s reduces from 43.9% at its highest to 30%

.....as said IF we needed protecting & we may have done I admit then it was the right thing to do however taking out a loan 3 x that required for the protection was a dumbass thing to do especially from where it was sourced & the farce surrounding the completion of it.....

It's akin to you or I going to a known loan shark & borrowing £13.5K to buy a car for £4.5k which at the time you know is worth £3.8k (BCN shares at the time trading at ~ 85p) - there's only one way that's going to end crippling debt & the potential of a few bloody noses & here we are just over 2 years later ....

@Frankie a buy out/takeover offer has to be voted on & agreed in majority by the shareholders there is no doubt you would have a vote given that this might (or more likely not) occur .... whether the takeover is recommended & with the co-operation of the BoD or Hostile by the buyer.

The reason we might be selling holdings & assets cheaply is because, as Obs indicates, we may have little option due to debt & commitments forcing it ... in much the same way as any of us might need to sell our own shares at a loss simply because we can't wait for the investment we researched & considered good at the time but subsequently has performed poorly or (as in our case IMO) been also poorly managed..... have I ever mentioned how the Iskander deal as far as I'm concerned, is one of the prime causes at the root of our current situation & strife, was the single biggest mistake the Minigases could ever have made & that I've thought & said this consistently since they announced it originally? .... ah well perhaps I should keep that to myself - I don't want to rattle anyone's cage & provoke a defensive response about how the BoD cleverly protected us & have looked after our interests by taking out a loan at least 3 times the size required to protect our Sonora interests by buying 4.5M shares at a pound a pop LOL.