Member Info for Bella6532

Faramog/Alpha - thanks.

Faramog - it will be interesting to see if REMX go for a declared single move close out or staggered. Looking at their past close outs with other companies they've done both. If they are working to a time frame and I very much suspect they are, then this could well be linked to the JSE Listing and/or the completion of the Vanchem deal. It would be extremely difficult to continue to hold the SP within the price range we've seen since mid April should both happen around the same time.

Alpha...'There is clearly some rebalancing going on within the ETF and so the changes are not going to be all down to Vaneck.'
Agree and that's why I said 'and the 18 & 19 much larger reductions are a combination of V Price & PEPM reductions.'
Surely, if Largo and BMN adjustments/rebalancing are following a pattern of being the same percentages and this percentage is an adjustment/rebalancing relating to the V price increases, then any percentage over and above on the BMN side could possibly to do with REMX. I'm still not totally sure how it all works, but didn't you mention you thought TPEP had a holding in REMX which they had hedged through PEPM.

My holding is 121,312

The PEPM Hedged share amount as declared on 7 June = 7,945,311
The 31 May REMX declared holding = 22,345,311.
Is it purely coincidence that both amounts end in 45,311???!!!! (I think not) and this is probably the best proof we have that the two are connected.
Time lag = 1 week.
If the recent reductions in the REMX holding are as a result of PEPM closing out their hedge then as of yesterday they have a further 4,859,139 share to go. However based on the 1 week time lag PEPM should have declared their first reduced hedge on 17 June and they did not. So perhaps the 3 smaller REMX reductions on 10, 13 and 17 June were purely V Price adjusted sell offs and the 18 & 19 much larger reductions are a combination of V Price & PEPM reductions. If this is the case, then PEPM should declare their reduced hedge % on 25 June.

PUBLIC EQUITY PARTNERS MANAGEMENT, L.P.
Disclosed positions in BUSHVELD MINERALS LTD (Total BMN shares in issue 1,119,057,953)
8 May 0.54% = 6,042,912
4 June 0.60% = 6,714,347 (+671,435)
7 June 0.71% = 7,945,311 (+1,230,964)
18 June unchanged.
https://shorttracker.co.uk/company/GG00B4TM3943/

REMX VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
BMN Holding as at:
30 May 19 19,280,491
31 May 19 22,345,311 (+ 3,064,820)
6 Jun 19 23,738,860 (+ 1,393,549)
10 Jun 19 23,320,660 ( - 418,200)
12 Jun 19 unchanged
12 Jun 19 unchanged
13 Jun 19 23,181,192 ( - 139,468)
17 Jun 19 23,041,696 ( - 139,496)
18 Jun 19 21,931,696 (- 1,110,000)
19 Jun 19 20,652,688 (- 1,279,008)
https://www.vaneck.com/etf/equity/remx/holdings/

The bounces lead to a rise to around the 0.31 mark. Definitely being traded within the 0.25 to 0.31 band.

The double digit trading days and close prices have been:
16 April 25.8m 26.0
1 May 19.8m 29.5
20 May 14.98m 23.0
21 May 34.35m 28.75
22 May 17.27m 28.5
30 May 15m 31.0

PUBLIC EQUITY PARTNERS MANAGEMENT, L.P.
Disclosed positions in BUSHVELD MINERALS LTD (Total BMN shares in issue 1,119,057,953)
8 May 0.54% = 6,042,912
4 June 0.60% = 6,714,347 (+671,435)
7 June 0.71% = 7,945,311 (+1,230,964)
18 June unchanged.
https://shorttracker.co.uk/company/GG00B4TM3943/

REMX VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
BMN Holding as at:
30 May 19 19,280,491
31 May 19 22,345,311 (+ 3,064,820)
6 Jun 19 23,738,860 (+ 1,393,549)
10 Jun 19 23,320,660 ( - 418,200)
12 Jun 19 “
12 Jun 19 “
13 Jun 19 23,181,192 ( -139,468)
17 Jun 19 23,041,696 ( -139,496)
https://www.vaneck.com/etf/equity/remx/holdings/

Since Mid April we've had 4 bounces off around the 0.25 mark...another due around now...hopefully.

Oops...'and the 10 June BMN/BE Article'..should read 'and the 10 June BMN/BE RNS'..sorry!

Pdub...NDA's possibly but the article is date 28 Feb 2019 and mentioned all the players except BMN/BE? So it was public knowledge at that point.
https://www.solarpowerworldonline.com/2019/02/sandbar-solar-installs-microgrid-corporate-headquarters/

I was just pocking around to see if there may have been any connections between what happened since this article and the 10 June BMN/BE Article based on the SP's reaction and it coming to light that we were hit with a US Hedge Fund short and US ETF holding and could these be linked in any way to the Lease structure/risk. Since the 10 June RNS does refer to 'risk allocation' and 'structures'.

Anyway, it looks like the answer is 'No'...which should be good news for all of us going forward and for the signing of future Lease arrangements.

Squirty...thanks...I get the fact we most likely didn't supply the Electrolyte (I kinda just threw that in to get reaction), but this doesn't answer the delay in telling us does it? The Sandbar article clearly states one of the main considerations was the fact they could lease the electrolyte so I assume the agreement was in place at time of purchase.
BMN/BE have also made it known that they were looking at leasing arrangements for their own Electrolyte so why not crow about this project sooner as the RNS does say the arrangement is available to both Avalon and BMN.

Oh! well...more importantly, let's get the Vanchem deal over the line so we can get out from under the Single Play banner...

Alpha, this may be a better indicator:
'Summary
This chapter focuses on the process of hedging a leasing portfolio by reducing or increasing return of one of the risk elements of the entire lease. It discusses the different instruments available on credit risk and equipment risk. Credit default swaps and factor hedges are the two basic mechanisms for protecting your portfolio against default by one of your lessees. The chapter also elaborates on the salient features, drawbacks, as well as benefits of credit default swaps and factor hedges. In comparison to credit risk, the means and markets to hedge equipment risk are much less developed. The role of option and remarketing agreement reduce risk have been discussed.'
https://onlinelibrary.wiley.com/doi/10.1002/9781119201250.ch11

The link I posted was more about illustrating the complex financial mechanisms in play these days and having lived and worked in the US they had complex lease deals over their 30 years ago and the mind boggles what they might be up to nowadays....

Part 2

Finally going back to the Lease Arrangement.
Long term leasing has its risks and can be hedged.
https://frv.kpmg.us/content/dam/frv/en/pdfs/2018/hedging-handbook.pdf

A bit perverse if we are being hedged to protect a lease deal against which we are a direct supplier.

I’m not saying this is what is happening but I can’t understand why there was such a delay in informing the markets of the Lease Arrangement….

Alpha…’I'm inclined to think that TPEP simply want the basket of 20 shares that Vaneck ETF offers but without the 2 Largo and BMN that are Vanadium rather than rare earth plays. They are simply long on rare earths.’

I’m not sure I quite follow you.
They’re currently short on BMN and highly long on oil & gas. Why go after Vanecks basket of shares when they can clearly invest in these companies themselves if they simply want to get into the Rare Earth Sector by setting up their own Rare Earth Fund???...

Re my post yesterday, didn’t you find it strange that we were only told about the Sandbar facility on 10 June, when it’s been up and running since November 2018 apparently with the 3 Avalon Batteries. I assume they were supplied with the BE Electrolyte under the Lease Arrangement back then too as the article I posted clearly states:

‘Since November 2018, Sandbar’s facility has been up and running totally independent of the grid, with minimal use of the generators.’…
‘One key consideration was the decision to use Avalon flow batteries. Avalon’s agreement to lease the electrolyte solution within the batteries — which can make up to 40% of the total cost — was key. Also, because of their unique chemistry, vanadium flow batteries are ideally suited to the Sandbar Solar microgrid challenge. They can handle daily charge/discharge cycles at 100% depth of discharge for over thirty years, while maintaining 100% of their energy storage capability, unlike other batteries that degrade over time.’
https://www.solarpowerworldonline.com/2019/02/sandbar-solar-installs-microgrid-corporate-headquarters/

Vaneck has reduced its holding but this could be expected since as you say the Fund is simply reproducing the MVIS® Global Rare Earth/Strategic Metals Index (MVREMXTR) and will reduce as the V price rises.
PEP clearly increased their hedge as the price started to rise. So will this continue?

Courtesy Pdub:
ASIAN METAL VANADIUM NITRIDE PRICE MOVES
06 June + 3.38%
07 June + 1.69%
10 June + ?
11 June + 2.72%
12 June + 2.65%
13 June + 2.58%
14 June + 1.51%

PUBLIC EQUITY PARTNERS MANAGEMENT, L.P.
Disclosed positions in BUSHVELD MINERALS LTD (Total BMN shares in issue 1,119,057,953)
8 May 0.54% = 6,042,912
4 June 0.60% = 6,714,347 (+671,435)
7 June 0.71% = 7,945,311 (+1,230,964)
13 June “ “
https://shorttracker.co.uk/company/GG00B4TM3943/

REMX VANECK VECTORS RARE EARTH/STRATEGIC METALS ETF
BMN Holding as at:
30 May 19 19,280,491
31 May 19 22,345,311 (+ 3,064,820)
6 Jun 19 23,738,860 (+ 1,393,549)
10 Jun 19 23,320,660 ( - 418,200)
12 Jun 19 “
12 Jun 19 “
13 Jun 19 23,181,192 ( -139,468)
https://www.vaneck.com/etf/equity/remx/holdings/

cont...

The need for new/alternative energy generation and storage methods globally is putting greater demands on the scientific world and R&D is moving into areas never seen before. Many concepts will fall away, many will become the main stream and there will be other which will become area/region/resource specific. No point in worrying about it right now, there will be room for many players and formats for the foreseeable future. I thought kids only squabbled amongst themselves!!! lol!!!

Part 2

Now, what if BMO was used to organised the Bushveld-Avalon Rental Structure and they also bought Vanecks and TPEP on board as a result of the February Conference. Vaneck buys BMN shares, loans them to TPEP who then hedges them and this is all linked to the Rental Structure. Finance/Leasing companies don’t just pull money out of thin air and could this all be interlinked in a complicated finance/leasing/banking/hedging sort of way….otherwise why didn’t BMN crow about this product sooner???? November 2018 isn’t exactly ‘recently’ in my book…

Finally, the comments of share price movements particularly the Angel shorting comment…well was that a real apology sent openly across the pond….???!!!!

The V price may have had something to do with the SP fall, but personally I think that may have been more of an excuse when you factor in what an incredible company this is (no debt guys, no debt) and able to finance multi-million £ expansion and acquisitions out of profits…come on, let’s get real, the markets are not stupid!!!!...we’ve been played, yes, but for a good reason, not bad…and I think we may now just know why…

Late trades, out of hours trades could this be more to do with US timings and they’ve certainly managed to look more like sophisticated and highly skilled maneuvers rather than just ‘manipulation’ by some MM’s….

For me the question now has to be – where from here?

BUT…what do I know…all just my opinion and thoughts…nothing more…

‘Since November 2018, Sandbar’s facility has been up and running totally independent of the grid, with minimal use of the generators.’

‘Because it’s a microgrid pioneer in Santa Cruz, Sandbar Solar is working closely with the city to provide data on how the microgrid is working, and help define guidelines for new microgrid developers.’
https://www.solarpowerworldonline.com/2019/02/sandbar-solar-installs-microgrid-corporate-headquarters/

Now let’s recap….

Nov 2018 – Sandbar’s facility up and running.
Oops! shouldn’t we have been told about this sooner? or was it not considered financially significant?!!

Mid Dec 2018 – BMN’s new broker BMO Capital Markets
(BMO are also Finance & Leasing Experts)
https://commercial.bmo.com/en/we-can-help/equipment-financing-leasing/?ecid=va-US38280SMB4-ATBMO14

Feb 2019 – BMO Mining Conference in Florida and start of BMN steady SP decline

Mid April – BMN share price settles into rise/fall mode with an average SP of around 27.5

May – Vanecks REMX ETF (now holds 23.3m BMN shares) and TPEP Hedge Fund Short Position (7.9m shares) come to light.

10 Jun 2019 – BMN RNS ‘Deployment of Vanadium Electrolyte Rental Product’ – this relates to the Sandbar facility above,
‘Avalon's customer, Santa Cruz Westside Electric Inc., doing business as Sandbar Solar & Electric ("Sandbar"), a leading Santa Cruz, California-based installer of commercial, industrial, and residential solar photovoltaic ("PV') systems, recently installed a solar PV mini grid at its 11,500 square foot facility. Sandbar incorporated an energy storage system consisting of three Avalon Vanadium Redox Flow Batteries ("VRFBs") for full independence from the electric grid. Sandbar chose to rent the vanadium electrolyte component of the Avalon batteries from Avalon, rather than purchase it outright, due to the cost efficiencies of the Bushveld-Avalon rental structure.’
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=BMN&ArticleCode=t0i21tgo&ArticleHeadline=Deployment_of_Vanadium_Electrolyte_Rental_Product

Cont....

Knuttie... Advfn post taken from links I posted on here earlier...as you say there is lots of interesting info in those linked articles and even more so considering their dates..

These guys were experimenting with Vanadium at one time.
https://www.nanoflowcell.com/what-we-do/prototyping/quant-48volt/

Nice set of wheels eh!

Way to go Noddy...insert a big smile...
Miki..'you'd have to take out the old 'fuel' first and replace it with charged' fuel' - fraught with problems I feel.'..nah! that's why we have engineers and professors to work out these little technical issues...insert another big smile.

September 17, 2018
'Tenfold improvement in liquid batteries mean electric car refuelling could take minutes'
https://phys.org/news/2018-09-tenfold-liquid-batteries-electric-car.html

Instead of charging the battery of an EV using electic charging points, there appears to be growing research into putting a Redox battery into the EV and simply replacing the electrolyte at filling stations. So instead of pumping petrol each time you need to refuel, you pump electrolyte.

Forget Lithium and Hydrogen with their potential to catch fire what about a future whereby leasing your EV with it's V Redox battery could include leasing the V Electrolyte too…and you simply discharge/refill at a liquid Electrolyte filling station...now wouldn’t that be novel…
Why build new electric charging points/stations for EV's when the infrastructure is basically already in place and you just replace the petrol/diesel tanks in existing filling stations with Electrolyte and perhaps had a discharging point...not quite that simple but I think you get my drift...
Once can but dream....

September 17, 2018
'Tenfold improvement in liquid batteries mean electric car refuelling could take minutes'
https://phys.org/news/2018-09-tenfold-liquid-batteries-electric-car.html

Instead of charging the battery of an EV using electic charging points, there appears to be growing research into putting a Redox battery into the EV and simply replacing the electrolyte at filling stations. So instead of pumping petrol each time you need to refuel, you pump electrolyte.

Forget Lithium and Hydrogen with their potential to catch fire what about a future whereby leasing your EV with it's V Redox battery could include leasing the V Electrolyte too…and you simply discharge/refill at a liquid Electrolyte filling station...now wouldn’t that be novel…
Why build new electric charging points/stations for EV's when the infrastructure is basically already in place and you just replace the petrol/diesel tanks in existing filling stations with Electrolyte and perhaps had a discharging point...not quite that simple but I think you get my drift...
Once can but dream....

Apologies if this has already been mentioned:

21 Feb 2019
‘…Avalon is also currently the supplier of flow batteries for NEXTracker’s integrated NX Flow solar-plus-storage systems.’
https://www.energy-storage.news/news/flow-batteries-on-a-budget-avalon-renting-electrolytes-as-a-service1

‘Founded in 2013, we operate as an independent subsidiary of Flextronics International Ltd (Flex) since October 2015. Flex is a $27B company with over 200,000 employees worldwide. With Flex’s 100 manufacturing sites in 30 countries, NEXTracker is now more scalable, reliable, and bankable than ever before. Delivering our trackers for dozens of projects across five continents, we are one of the fastest growing cleantech companies in solar today. ‘

‘NX Flow integrates solar and storage solutions to improve return on investment for owners of solar power plants. At the core of the system lies an advanced vanadium flow battery (VFB), ‘
https://www.nextracker.com/product-services/solar-storage/nx-flow/
https://en.wikipedia.org/wiki/Flex_(company)

21 Jun 2017
‘One of the world’s leading suppliers of solar PV trackers is targeting sales volumes of approximately 15MW per week of the new battery solution it has paired with its products.’
‘NEXTracker, which according to GTM Research held 30% of the global PV tracker market as of April this year and was sold to Flextronics for US$330 million in 2015, recently launched its partnership with Avalon Battery, a flow battery maker from Oakland, California.’
https://www.energy-storage.news/news/nextracker-targets-15mw-of-battery-solution-sales-per-week