Member Info for Batm

Could be i

Is it just me or are they just adding one bar/restaurant at a time? Seems a bit ineffective if they are looking to become global and they just have one person in the US and one covering the whole of Asia. Has TB annoyed all other distribution routes?

Thanks, April 24 should be the worst case scenario, like you say there should be enough behind them now to get a sensible loan package together. They still seem to be recruiting which is a good sign I feel.

Agreed but they had been banking on warrant proceeds in their forecasts so it will be interesting to see if they can survive without a placing. Recent updates have been promising so no news is probably good. At least vanadium is now quite cheap.

Probably, have all the warrants now been timed out?

Not the best RNS to start the year with. SPR seem to be short of cash or are they wavering? Let’s hope this does not drag for too long.

Was any news expected?

Yes, I saw this and thought it was a good idea. Reduced packaging/waste for large scale events was great for a quick G&T.

Not sure this fully reflects the position. The must deal was set up by FM and was underwritten by BMN shares. The only this left to guess is how much additional funding Enron needs to determine what small elements BMN will be left with to sell, but selling is a long way off.

One has to assume the MUST deal is dead in the water and therefore you need to consider the impact on BMN. While there was a small bit of cash for the Primorose deal it feels like a similar deal for the other CLN is unlikely but let’s see. Cash flow for operations must bey the priority you feel.

Until the MUST deal is done you feel the sp is stuck at curernt level. FM bet the house on this deal and has lost unfortunately . Hopefully the board is getting stuck in to resolve by the end of the month or will the can be kicked down the road again?

The current sp seems to reflect the position with SA, Escom and load shedding, projected V price, current board composition and general market conditions. Not sure what there is to complain about. Fingers crossed for an improvement.

Anyone on the conference call yesterday know what the current cash position is? The RNS seems silent on this. Thanks

Another deadline been and gone with no update. Surely the overhang of the CLN here are having an impact on the SP. It’s ridiculous to think any discussion can take place with Orion on those CLN can take place until this is resolved.

To me it looks like BMN are allowing more of the mustang funders access to BMN shares at a knocked down price to cover an additional £1.5m. It just feels like the board did not fully understand the implications of this deal in the first place and now have just given up given that they are just reposting the RNS and not making things clear.

Another deferral might work in BMN favour. I can’t see MUST being able to issue a prospectus and raise new finance in the current market. A few more days might help increase the 20 day av and reduce the dilution slightly. One question I have not seen answered is whether Mikhail will pay up for this share or will his share of BE be diluted? The annoying thing is that this whole saga must be taking up a lot of time when they need to be focussing on improving churn.

Who’s on the line to issue more shares if the outcome is not favourable?

Things which stuck out from yesterdays news, not much change on sp so no great surprises to anyone. Level of cash, margin levels forecasted, level of stock and planned investment in BEnergy.

South Africa and being currently involved in litigation over another complex and unclear AIM funding/structure deal.