Member Info for Bannor

Aerial... resolutions 4 & 5 covered the authority to issue shares without further going to the shareholders & the waiving of pre-emption rights... they weren't put to the vote because (as I understood it) they said it would negate uncertainty in the market ... my own thoughts were that after the last placing (& the subsequent furore & discontent) they didn't want to risk the resolutions being voted 'against' as that wouldn't have reflected well so they withdrew them instead....

Without the authorities of resolutions 4 & 5 they would now need to obtain specific shareholder approval & without the waiving of pre-emptive rights they would also have to be offered to existing investors (us) first... it's all in here :

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=EDL&ArticleCode=9pj2v3oz&ArticleHeadline=Result_of_AGM

...Hi Degsie - yes I give a lot of credence to the 'potential' value of the Sonora JV's they're the only reason I'm still here.... there's a difference between what the potential value has (when sold or exploited) though & what the market places on it today as 'dirt (containing desirables) In the ground' & from which we 'currently' won't be seeing any benefit of for some years ahead.....

When the Sonora JV's are sold or exploited (currently In 5 years time) the status changes & when announced or imminent .....or if brought forward (as is my thinking) It's my view our SP will react accordingly... however that is caveated by my previously stated concerns ... but who knows despite my stated doubts & reservations about the timing & risks associated to them there is also the possibility the debt & dilution for San Luis & Zulu might actually pay off rather than be further damaging to the SP.

For what it's worth I personally wouldn't put any faith in Morzario either... not for any malicious intent per se - but primarily on my perception of his relationship with Lenigas (who holds the honour of being the only person in the world I can honestly say I despise intently) & that I don't feel he's much up to the task of the position he holds... probably why Lenigas put him there... just my opinion though.

..... oh & on another note calling me a ramper with my history of posts over the last few years ... Monumentally funny !!!

OK OK - I'm not doing anything else at the moment so let's play a little.

What we OWN is ours & we can sell without constraint: approx £15M worth of shares in BCN/EMH/AOU/MMS/CLY .... however that is based on the 'CURRENT' SP of those companies - does not take into account any rise/fall today, tomorrow or any other future time... it also does not take into account any potential discount or drop in the SP of any of them if we tried to sell the lot to one buyer or drip fed them into the market over time - still with me Dog?

Then we have our other OWNED assets, Sonora & Yangi JV's & Greenland licences the value of which is ???? - let's leave that for a minute...

Then we have current debt (Ignore potential dilution for now) which is effectively the remaining CLN shall we say about £4M.

Our current MCAP is just over £15M which in my view means that either Joe Public is valuing us at solely at the value of our direct investments in BCN/EMH etc & ignoring the debt OR they feel that the other Assets JV's currently provide enough substance in the current plans & climate to negate the debt - which is where I am.

The unknowns for me currently are the unrealised plans San Luis & Zulu because they haven't progressed much from bits of paper yet.... when/if they do there's more potential debt/dilution/risk/reward & the balances & assessments may change again.

Are you still with me Dog - if you've got any sensible to add, counter or confirm I'd be glad to read it but only if it makes sense & is legible.

..... & even if we were wound up it may well present the opportunity to sell our JV & licensed assets which could potentially be worth considerably & significantly more than our direct assets if more than one party is interested in them.

If anyone is costing PI's it's you & your constant drivel....

....Dog you are such a fool.... I said I wouldn't respond to you further by your so effin annoying it's untrue.... we're talking about 'for sale' assets not what the company is worth if wound up (i.e. assets less debt) ... why don't you go back to Skool & lurn two interpret wot yor reeding & then mak a considerred sensibble repli...

Dun wiv ewe numpt

Not quite Degsie... Obs has it about spot on for me, so something else he & I find to agree on currently..... BCN & EMH are currently worth about £12.5M AOU/MMS/CLY make up the rest of the £15M direct 'for sale' assets.

..... & the fact from the last AGM that the BoD have neither the authority to issue shares or the waiving of pre-emption rights?

Another who needs to research properly before posting....

@degsie where I personally see the value in the Sonora JV is in the sale of it or the exploitation of it (& about the only thing Obs & I find to agree about) ... for me it's the perfect asset to sell:

1) it has proven resources
2) it is not currently planned for mining until well into the existing mining plan - heavy accent on the currently as I also feel this could change.

Therefore a car or battery co keen enough to secure a long term Lithium supply (Ford just down the road / Panasonic / other) might be a prime candidate - as to how much that's a finger in the air but say someone offered $600M for JV1 that'd pay all of BCN's capex without needing the finance for LV & our 30% would be $180M .....

I'm sure some would say that's pie in the sky as its just dirt in the ground currently & there are others who probably think that's giving it away & it's worth Billions in the longer term..... for me I'd be happy & it'd end my investment here even if it gave me 1p a share which is about half that.

I'm not a fan of the BoD or their decisions as is clear - I think they've messed up over time big style in securing unnecessary debt & investing in Lenigas related companies .... if you subscribe to the spin they put on the BCN sale it means the average for what they have left is probably showing a loss currently with 4.5M purchased at a pound a pop.

So their direct investment decisions are predominantly not looking too clever in my view (not dissimilar to my own!!) & we're embarking on an exploring & mining path which will add to the current debt, dilution & risk.. this is potentially very risky to our health, however better in my opinion than keeping on making direct investments which aren't looking too clever.

I very much would've preferred they'd sat on their hands, protected our Sonora exposure with only the required debt & dilution to achieve that until Sonora realised it's value .... at that point they'd have had funds to go off exploring & playing master investor with realised funds instead of massively poisonous & dilutive debt & share issues.

As I've stated previously whilst I believe the value of Sonora outweighs the debt, dilution & risk this BoD bring to the table I'll hold .... if they tip the balance too far though.(poor drill results could achieve this) it could fall over before Sonora can save it & we'll all pay the cost.

Observer will give you a completely opposing view to most of the above & tell you how positive the new direction is, how well it's structured & what a fantastic opportunity it represents .. work out the middle ground for yourself eh - it's only my thoughts & view after all - I'd simply rather play with money I owned rather than selling myself or borrowing at significant cost & dilution to take on a risk when I had a cert in my back pocket.

Well said IVY .... I guess I'm in your negative posters continuing to hold for a recovery camp & I'll take that hat :-)

Unlike some I also don't blame or hold anyone else responsible for mine or anyone else's current position here ... but then my own isn really that bad considering where I bought a lot of my shares.... I would imagine though that anyone who puts in excess of £200k into an AIM co to be down £200k would be trying to put & point the finger of blame for their mistake(s) elsewhere instead of looking in the mirror - sure the BoD are responsible for the company & it's decisions (my thoughts on that are well documented LoL) but there's only one person who decides to buy (or sell shares) & in what volume(s)... bit Ironic calling yourself a Prophet & then blaming other people for your position eh!

Indeed.... potentially more debt & dilution around the time we need to settle the CLN's .... sell off or placing on the way for one/other or both & now the PREM deal as well .might explain why we wanted to hook up with Beaufort and because of this my monies on a placing, a selling of assets currently might be embarrassing to report.... although it'd be interesting to see how they reported any sale at the value of most of our direct assets currently.....

I also wonder:

A) Why, if the San Luis licence areas are so prospective, are they selling them instead of progressing themselves.
B) Is the 1 year option to go to stage 5 (100%) ownership from the time of progressing to stage 4 or the start date of the agreement - if the latter a lot needs to happen in double quick time.

Ah well time to grit teeth & wash the reinforced pants for the next few months.

Only 36 hours after it was announced to the rest of the world ... I guess Mrs Padovsky was busy yesterday ....

Good point - well made :-)

In his arrogance I wouldn't be at all surprised if he doesn't see himself far superior to that already ...

.... let's see what happens next .....

Yep you got me there.... wondered what had occurred for a mo. .. :-)

Oops ... previous comment is in relation to the HAS RNS LoL

AUD $250M project financing subject to obtaining untied loan guarantee cover .. good to see ...

https://www.asx.com.au/asx/share-price-research/company/AOU