Member Info for Bella6532

Part 2
‘TPG Public Equity Partners, LP is a hedge fund launched and managed by TPG Pep Advisors, LLC. It invests in public equity markets across the globe. The fund seeks to invest in stocks of companies operating across diversified sectors. It invests stocks of companies across all market capitalizations. The fund employs long/short and absolute returns strategies to make its investments. TPG Public Equity Partners, LP was launched in 2013 and is domiciled in the United States.
Note: if you check out the graph in this link, there is a small upper line around the 0.78% mark on the top right. When I looked at the same chart between 4 and 6 June there was a similar small upper line around the 0.70 – 0.71% mark. Does this line indicate a future position point? I guess we will see in a few days time.’
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=240817244

Question is…who approached who???
Was the Angel comment to shorters actually a ‘ha ha gotchya’ moment or more of a ‘sorry guys a bunch of pi’s made us do it’ moment…!!!

Personally, and I’ve thought this for a while and did ask the question a few weeks ago…why was BMO really brought on board…? As they obviously have no presence in SA…now with the recent electrolyte RNS, it appears to have been more about generating US investor interest rather than linked to the upcoming SA Listing…

The real SP decline really on took hold after the second peak in mid December, BMO was appointed mid Dec and their annual mining conference was held in Florida in February with FM in attendance – coincidence or???

How much walking down took place to get to a more acceptable buy in point for US ii’s???

Again personally I think we've been seeing two senarios in play...V prices and US market investor targetting...

‘VanEck Vectors Exchange Traded Products (ETPs) have been offered by VanEck since 2006, when the firm launched the nation’s first gold-mining ETF, VanEck Vectors Gold Miners ETF (GDX). Today VanEck Vectors offers more than 55 ETFs, which span several asset classes, including equity, fixed income, and currency markets. Many of these ETFs are based on pure-play indices whose constituents must derive a majority of revenues from the target region/sector. VanEck Vectors is approximately the 9th largest ETF company as of the end of 2016.’
https://en.wikipedia.org/wiki/VanEck

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)
https://www.vaneck.com/etf/equity/remx/holdings/

‘About Securitites Lending
VanEck Vectors Exchange Traded Funds (ETFs) may lend securities to generate additional income which may help reduce expenses. All net proceeds earned by VanEck Vectors ETFs in the securities lending process are allocated to the applicable ETF after subtracting fees payable to the lending agent.’
‘Securities lending is an established practice that involves the lending of securities from a lender (“Fund”) to a third-party (“Borrower”). In return, the Borrower posts collateral — typically cash or U.S. Government securities — in an amount equal to at least 102% of the value of the borrowed securities. Over the course of the loan term, the Fund will receive any interest or dividends on the securities loaned. Moreover, the Borrower will pay a fee, as well as any interest earned on the investment of the cash collateral.’
https://www.vaneck.com/etf/equity/remx/securities-lending/

Lending Portfolio Securities
http://vaneck.onlineprospectus.net/vaneck/REMX/index.html?where=eengine.goToDocument(%22Statutory%20Prospectus%22)

https://www.vaneck.com/about-vaneck/investment-teams/vaneck-vector-etfs/equity-etfs/

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)
https://shorttracker.co.uk/company/GG00B4TM3943/

cont..

Monthly breakdown based on my personal order numbers and multiplier.
Oct 18 2347 = £7567
Nov 18 2225 = £7173
Dec 18 2416 = £7789
Jan 19 2316 = £7467
Feb 19 3045 = £9817 (Due H&B Ordering ?)
Mar 19 4780 = £15411 (Due H&B Ordering?)
Apr 19 4745 = £15298 (why the drop off?)
May 19 5160 = £16636

Page 2...
Are we being shorted because we are simply a single play right now or is it the fact no new shares aren't being issued through warrants no longer being exercised (simply lack of liquidity) or just the V price...or a combo of afore-said.

At what point would said shorters go long? Completion of the Vanchem acquisition???
One thing I did notice was the shorter who came to light does seem to be heavy on the oil and gas side!!!!

Did I read somewhere that BMN may be looking to sell Vanchem production into China on a possible ‘off-take’ basis/agreement? What impact, if there was such a thing being worked on how BMN is viewed in the markets?
https://investingnews.com/daily/resource-investing/what-is-an-offtake-agreement/

Finally, if the seller fails to comply with the conditions of completion etc it looks like BMN would get their US$6.8 million deposit back plus a further US$6.8 million in the form a Break Fee. Nice one FM....

‘Vametco is currently the Group's only cash generating asset.’

The Vanchem acquisition:
… ‘Provides optimal product diversification’ and ‘is capable of producing various vanadium oxides, ferrovanadium and vanadium chemicals, complementing Vametco's existing NitrovanTM offering’…

...’Enhances Bushveld Minerals' ambitions in the global energy storage and vanadium redox flow battery space’…
…’Provides further capacity for electrolyte manufacturing through the existing chemical plant and vanadium oxide production…’

And:
…’Consideration is payable in stages, with US$6.8 million paid on 30 April 2019 following the execution of the Agreement into an escrow account pending completion of the Transaction….paid out of the Company's existing cash resources.’

…’US$61.2 million to be settled in full no sooner than 31 July 2019 and no later than 31 October 2019…and ‘is expected to be settled via the Company's existing cash resources, future cash flows and, to the extent necessary, debt facilities. The Company is currently in negotiations with local banks to provide these facilities.’…

…’ The estimated refurbishment capital expenditures of approximately US$45 million, which will be incurred over a five year period from the completion of the Transaction, and the US$20 million capital spend for Mokopane will also be funded using a combination of internal cash flows and debt facilities’…

…’In the event that the Company fails to comply with the conditions to completion for which it is responsible, or after all such conditions are fulfilled or waived it chooses not to complete, the Escrow Amount will be released to the Sellers’…

…’In the event that the Sellers fail to comply with the conditions to completion for which they are responsible, or after all such conditions are fulfilled or waived they choose not to complete, the Escrow Amount will be released to the Company and a break fee (US$6.8 million) equivalent to the Escrow Amount will be payable to the Company’…

Observations/Questions:
At the moment BMN is only a single play, however, on completion of the Vanchem acquisition all this changes, however, should the M. licence come through prior to completion then the changes would be far greater. Could the timescales set for completion (no sooner than 31 July 2019 and no later than 31 October 2019) have anything to do with the issuing of the M. licence timescales??? And would the acquisition still go ahead if the licence was not forthcoming?
Continued Page 2....

Apologies: correction:

Alphacomp...Cellcubes SP chart mirrors that of BNM over the last 12 months...since 5 May 2018 their SP has gone from about 0.71 down to today at 0.12.
Considering the great advances they've made in their marketplace - has their SP decline affected their short to long term growth projections in any way...and why such a decline?

I'm sure you can find a way Alphacomp of working the above into your conversations/questioning....their SP decline started in May 2018 and seems to have been despite the V price rises/falls and Cellcubes own marketplace achievements...did they become a target of shorters too???....thanks in advance...

Alphacomp...Cellcubes SP chart mirrors that of BNM over the last 12 months...since 5 Jan 2019 their SP has gone from about 0.71 down to today at 0.12.
Considering the great advances they've made in their marketplace - has their SP decline affected their short to long term growth projections in any way...and why such a decline?

I'm sure you can find a way Alphacomp of working the above into your conversations/questioning....thanks in advance...

I’ve tried to put the news/updates due in Qtr/date order.
If there are any I’ve missed or put in the wrong sequence please feel free to add/amend.

Q2 Bushveld Energy - Q1 Qrtly Update - soon!
Q2 Brits - Maiden Mineral Resource Estimate and possible update Brits Mine plans for the future.
Q2 Vametco - Tailings Facility Expansion completion update.
Q2 Vametco - Kiln Off-Gas Project Commissioning to commence.
? Q2 Vametco - Mineral Reserve & Resource Estimate
Q2 Lemur – SEIA due.

Q2 (28 June 2019 latest) Bushveld Minerals - Final Results for Period Ended 31 December 2018
Possibly including Bushveld Minerals Dividend Policy and possibly a token dividend for 2019

Q2/Q3 (June/July 2019) - JSE Listing

31 July (earliest) to 31 Oct 2019 (latest) – Vanchem Acquisition Completion.

Mokopane Mining Licence granting – could be due at any time!!!

Lemur – EPC Contract outcome – could be due at any time!!!

Bushveld Energy commencing the electrolyte and VRFB assembly plant.

Development of Mini Grid (Solar/V Battery) at Vametco and its replication on other site.

Bushveld Energy participation in 1000MWh of opportunities in Africa by 2020

clarkgriswold...'chip paper news'....Oh! really?

'This is a segment of investment that has been growing rapidly, and the Global Impact Investors Network (GIIN) estimates from the latest annual survey that there is now $228 billion in impact investing assets which is roughly double that of last year.'

'So What Is Impact Investing? “An Emerging Asset Class”
Impact investment, as defined by GIIN, are “investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return”.'

'The bank has committed to investing at least $5 billion of private client assets to Sustainable Development Goal-related impact investing, in a strategy that includes partnering with the Rise Fund – a new $2 billion social impact fund.'

https://www.forbes.com/sites/jpdallmann/2018/12/31/impact-investing-just-a-trend-or-the-best-strategy-to-help-save-our-world/#41c0eb0775d1

So my question is...could/is BMO helping to raise the awareness of BMN as being part of this new asset class?

' Hedge funds and private equity funds may also pursue impact investing strategies.'
https://en.wikipedia.org/wiki/Impact_investing

Could BMN be worthy of impact investing? If so, at what point would a private equity fund look to invest?

Could the appearance on Friday10th May of the notification of the Hedge Fund short position on Bushveld Minerals which appears to confirm the suspected systematic shorting of BMN be in any way linked to a possible upcoming impact investing strategy???

https://www.barrons.com/articles/the-rise-fund-spin-off-marks-growth-of-impact-investing-01548368130

Sphinx...here's an update for you...

Orders = totals for the qtr based on my own monthly sub order numbers.
Estimate = estimated total revenue for the qtr based on a multiplication factor.
Actual = total revenue for the qrt reported by PXS.
Not sure if H&B orders are filled using same order number sequence or not..time will tell.

Initial Stock Approx £41K (£135K Sales Value) - see PXS financials.
H1 16/17 (3 months only)
Orders 2367 x 2.67 Estimate £6320 Actual £7000

H2 16/17
Orders 8497 x 2.67 Estimate £22687 Actual £22000

H1 17/18
Orders 10546 x 3.224 Estimate £34000 Actual £34000
(Approx £22K worth of stock remaining = approx 72K sales value)

H2 17/18
Orders 12604 x 3.224 Estimate £40635 Actual £39000

H1 18/19
APRIL: Expiry date extended for another 12 months.
SEPT: NEW STOCK ARRIVED/deal with H&B
Orders 14430 x 3.224 Estimate £46522 Actual £47000

H2 18/19
Orders 17129 x 3.224 Estimate £55224 Actual ?????

Monthly breakdown for H2 18/19 based on my personal order numbers and multiplier.
Oct 18 2347 = £7567
Nov 18 2225 = £7173
Dec 18 2416 = £7789
Jan 19 2316 = £7467
Feb 19 3045 = £9817 (Due H&B Ordering ?)
Mar 19 4780 = £15411 (Due H&B Ordering?)

Apr 19 4745 = £15298 (why the drop off?)

Re Order Numbering System.
James & James may well count every pack shipped in an order for stock control/customer warehouse charges.
Example: Order 1 = 2 packs so the order number is 2
Order 2 = 1 pack so the order number is 3
Order 3 = 2 packs so the order number is 5.

If H&B placed 1 order but that order contained 500 packs then the order number sequence would go up by 500 not 1.

Pdub...sorry I'm not trying to start any conspiracy theories - just trying to get my tiny grey cells around the trading so far this year.
Alphacomp et al..many thanks for the input/feedback

Alphacomp...it might not be in their remit but I guess it also depends on who is doing the shorting and who knows why they are doing it and what their goals are:

'Overall, it is clear from our evidence that a substantial fraction of the excess returns accruing to
short sellers is based on private information about earnings and fundamentals that later becomes
public. Furthermore, short sellers have fundamental information beyond that possessed by analysts.
Together, these results indicate that short sellers make valuable marginal contributions to price
discovery in U.S. equities.'
https://risk.edhec.edu/sites/risk/files/edhec-working-paper-what-do-short-sellers-know_1370937806718.pdf

All just speculation of course until we are told otherwise....

apologies if already posted:

https://www.energy-storage.news/news/chemours-partners-uet-to-boost-flow-batteries-in-marketplace

Alphacomp, I would have to agree with you if one only looks at the Vanchem purchase in isolation but what about investments/additions they may be planning for the Vanchem site. Perhaps they have bigger and better plans for the site which they have not elaborated on yet...or even other sites come to that. I still keep coming back to..why BMO Capital??? and why the SP decline pretty much from the time they came on board???
I guess it will all be made clear as time goes on...and the story unfolds.

Added to which, the SP is currently at 27.25 and we have we have Brokers putting out targets ranging from +65% to +230%...it doesn't make sense (see below). Brokers know what's going on both with the companies they represent and trading patterns...why would they all be sticking their necks out if they only know what we know regarding BMN's plans (the first 3 surely will be 'inside') and if they also know/believe the shorter/shorters are into us for much longer.

SP Angel - target 90p.
BMO Capital - Outperform rating and a price target of 55p
ARC - target 45p.
Peel Hunt recently initiated a buy rating and gave a short term target of 45p, with ‘solid near term growth plans’ as well as ‘further upside’ expected.

Part 2..

Ahhhh!!! Now the jigsaw puzzle starts to come together:

1 May 19 RNS Acquisition of Vanchem Plant
‘The Company plans to finance the entire Consideration and associated capital expenditure from the Company's existing cash resources, future cash flows as well as, to the extent necessary, debt facilities which are currently being negotiated.’
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=BMN&ArticleCode=05tu50jq&ArticleHeadline=Acquisition_of_Vanchem_Plant

9 May 19 It appears Public Equity Partners Management LP, a Hedge Fund based Forth Worth, TX (USA), have a 0.54% short through 11 May 2019 (today).

https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=240817244
‘TPG Public Equity Partners (“TPEP”) is TPG’s hedge fund with approximately $2.2 billion in assets currently under management.’
https://www.tpg.com/platforms/tpep

TPG Capital (abbrev. for Texas Pacific Group) is an American investment company. It is one of the largest private equity investment firms in the world, focused on leveraged buyouts and growth capital.
https://en.wikipedia.org/wiki/TPG_Capital

Why would such a large US based company be interested in shorting a little AIM Listed company likes of BMN???? Are they trying to put us under or is this part of a much bigger picture to do with raising/organising/negotiating ‘debt facilities’…..!!!!!???

Are they really out to get us???

6 Nov 18 RNS Exercise of Warrants & Total Voting Rights-Amend
Application has been made for admission of these 6,257,309

12 Nov 18 RNS Exercise of Warrants and Total Voting Rights
‘Application has been made for admission of these 3,598,684….
…the Company has no further warrants in issue.’

14 Nov 18 SP hit a high of 50.19
https://uk.investing.com/equities/bushveld-minerals-ltd-historical-data

16 Nov 18 RNS TR-1: Notification of Major Interest in Shares
Golden Summit International Ltd +10m shares (crossed on 9 Nov).
Why did they invest at this point with the SP being so high???

13 Dec 18 RNS Appointment of Joint Broker
‘appointment of BMO Capital Markets Limited as joint corporate broker to the Company with immediate effect,’
Why does BMN need another Broker??? Could it be to finance an upcoming acquisition which we now know about!!!!

BMO Capital Markets Limited
‘Whether you're looking to finance an acquisition or bolster liquidity, we can open the door to global capital markets.’
https://www.bmocm.com/our-services/#capital-raising

‘BMO Capital Markets is a member of BMO Financial Group, one of the largest diversified financial services providers in North America with US$614 billion total assets and over 45,000 employees as at January 31, 2019.
BMO Financial Group is the 8th largest bank in North America as measured by assets (Bloomberg, as at January 31, 2019).’

20 Dec 18 SP second peak 49.7

4 Feb 19 RNS Analyst Site Visit
‘hosted a site visit for analysts and investors to the Eskom - Research, Testing and Development Facility in Johannesburg, as well as the Vametco mining operations on Thursday 31 January 2019.’

25 Jan 19 RNS TR-1: Notification of Major Interest in Shares
Golden Summit International Ltd +10m shares. Again why invest now with the SP at such a high???

15 Feb 19 ‘BMO Capital analyst Alexander Pearce initiates coverage on Bushveld Minerals… with a Outperform rating and a price target of GBP0.55.’
https://www.streetinsider.com/Intl+Ratings/BMO+Capital+Starts+Bushveld+Minerals+%28BMN%3ALN%29+%28BSHVF%29+at+Outperform/15142133.html

25-27 Feb 19 ‘Fortune Mojapelo…attended and presented at the BMO Capital Markets 28th Annual Global Metals & Mining Conference, in Florida,’
https://www.share-talk.com/40-bushveld-minerals-limited-aimbmn-bmo-capital-markets-28th-annual-global-metals-mining-conference/

20 Dec 18 to 27 Feb 19 the SP slid from 49.7 to 37.6 with BMN Capital on board, the Analyst Site Visit, BMN’s 55.0 price target and FM presenting at the BMO Conference in Florida (USA)….what is going on??? Why????

27 Feb 19 to 30 April 19 the SP again slid from 49.7 to a low of 23.50….Why??? Who is Shorting??? Who is Selling??? (No TR-1’s)….

Cont..part 2

BBN...again many thanks for your extremely detailed explanation.

BBN...it certainly would make sense to keep the two separate and serving two different market places.

Regarding your previous statement: 'So they are already (understandably) employing a subsidiary to make the purchase.'

Could they simply be referring to Bushveld Vanadium as the 'South African subsidiary'? If so is this also the mechanism to keep the V Mining separate from the Energy side of the business?