Member Info for BenAlder

Nobody is getting free shares from this. BMN will retain some shares, sell some, and either re-invest the cash in the spinoff (it will need funding) or in BMNs expansion plans. If they do give out shares to shareholders, than I would expect a fund raise and dilution shortly after by the new company.

BEs only real value is its share in Cellcube.

You want Neville Registars. See Jimtoms letter of the 1st May (page 6) link here -

https://www.dropbox.com/sh/hjby9enqkgl3izx/AADeMqYvHWOAZvm7X3jrP383a?dl=0

Yeah I’m really happy, relieved actually. Things are going the right way. The Group has been EBITDA positive for the past 12 months. Avg V prices for this year look to be well over the $50 mark. Costs are still high, but the margins are good and improving. BE spin off may pay for the new SAG mill.
I’ll sleep well tonight.

Mustang take over BE?

LOL. Saved by the bell!

Well lots to read.....

Its pretty poor that they cant publish their accounts on time.
Wonder if new broker handed it back and told them to do it again?

@Alfred - If and when I feel this has been a mistake, I’d sell and admit defeat, and leave the BB rather than linger like a bad smell, full of resentment at the company and those that still believe. Like UncleJohn, I’d happily sink more of my cash into this share, as I have the confidence that Vanadium production and sales alone, will see this multibag from this level.

The company is bigger, stronger, fitter than ever. Has enjoyed a half year of sales at V prices we would of sold our souls for last year! SP is at total disconnect from the reality of the situation on the ground right now, and ignores the risk mitigation that has taken place to go forward on a sound platform for cash generation. Current SP/mcap is a joke but my only regret is not having some spare cash to spend on this tomorrow. 5 year low, what an opportunity!

“Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.”
Warren Buffett.

I dont know if he ever played on the AIM market, but he also says....

"Price is what you pay. Value is what you get."

"You are neither right nor wrong because the crowd disagrees with you. You are right because your data and reasoning are right."

The game is not over. DYOR and ignore the interference.

you are the one shouting. Take a pill man!

What name were you using back then?

Glad I cheered you up. you were sounding so full of hate.

Look forwards, not back. Buy low , sell high. You suggesting there are no prospects here?

In essence it is just a holding company. Treated much the same as VFRB-H would. BMN own 84% of BE which holds 40% of this SPV with NESA holding 60%. My understanding anyway.

Stage 1 - Vametco - Installation of a Semi-autogenous (SAG) Mill establishes a sustainable and reliable supply of concentrate feedstock (up to 6,800 mtV) for both plants. ($25M ?)
Stage 2 - Vanchem - Refurbishment of Kiln 2. +1000mtv ($40 ?)
Stage 3 - Vanchem - Refurbishment of Kiln 1. +1000mtv ($40 ?)
Stage 4 - Vametco - Increase single kiln capacity. +500mtv ($46 ?)
Total capex - $151M or $50M a year for 3 years.

5000mtv @ $45 KgV and avg costs of $25 = $20 profit before sales/other costs = $100M , so feasible to fund from cash flow and debt. Start in mid 2023 if V prices high and demand is there. Fund raise only necessary to fast track production increase.

Read Jimtoms letter. They are CGO's registar, the shares being issued.

Try Timpson……….

I think you are getting RTO and TO mixed up. BMN were selling a part of a private company (VRFB-H) to Mustang to raise cash in a hurry, to keep their share of EHL. Mustang is only buying part of VFRB-H not BMN, to start a business for itself. They are preparing a prospectus based on Cellcube not BMN.

Mustang cannot acquire all of BMN without paying for a fair price for it, otherwise BMN has just given itself away, including some shareholder control to Mustang’s holders for $7.5M. BMN would have to ‘takeover’ ie buy Mustang and transfer all its assets into it to get the main market listing, to keep control and avoid dilution. I don’t know how you envision it happening.

I’m no expert so happy to be corrected, but I’m done with this subject. Lets’ see what happens.

The main reason someone allows a RTO is to monetise an asset, or to pass the asset on to someone that can develop and realise the assets potential and also remain a part shareholder. You get some cash but most is paid in shares, which are usually then sold down. Yes BMN and Acacia have control by way of majority shareholding in Mustang as a result, but it is unusual to exercise it. A re-brand is not out of the question, just much less likely IMO.

@ Pondering. Agree with that but I just don’t buy BMN being taken over by Mustang just to achieve a main market listing. That and a SA listing is not that important at this stage from a business perspective, investor - yes. I can see Mustang taking full control of VFRB-H and being equal partners with Garnet, before they float it off at the right time. But all these parties are investors, so surely looking for a return at some time. That is the game being played IMO. ATB!

Interesting info about Acacia and Mustang I was unaware of.

Extract from RNS Number : 3431Q - Mustang Energy PLC - 26 October 2021 - Interim Management Report

In March 2021 the Company announced a Strategic Alliance and Placing to Acacia Resources Limited ("Acacia"). Acacia was established in 2012 with a current focus on minerals involved in the energy transition process. The principal purposes of the Placing and the Strategic Investment will be for the Company and Acacia:

· To invest together in manufacturing assets involved in the energy transition process with a relative focus on the energy storage/battery value chain; and
· To invest in the development of renewable energy projects where there is scope to include stationary energy storage.

Acacia also acquired existing shares from two shareholders and as a result of the Placing and these purchases became the Company's largest shareholder with 24.03%.

https://www.lse.co.uk/rns/MUST/half-year-report-4qqtmxk9z1cv8ul.html

Lol @ Pdub. No @Pondering, but interesting. My take on Mustang is –

Mustang’s ambitions were to get an ‘Energy’ business. Their focus was/is Cellcube. They are still interested. From BMN and Acacia’s position, I think they may want to extract themselves, or reduce their position in Cellcube. This is because, as good as the prospects are for Cellcube, it will require more capital to be able to take on multiple or big projects. (See Invinity as an example.) BMN needs all the cash it can scrape together to complete its priority of production expansion, whilst helping another VFRB company up the ladder.

Float Enerox/Cellcube (in USA for best price,) with Mustang taking BMN & Acacia’s shares in VFRB-H, thereby owning 50% of Enerox. Perhaps Garnet would reduce their share holding at the same time, giving Mustang the majority shareholding. Garnet would be happy that BMN are out and they have a source to raise capital for Cellcube. ie private investors and placings via Mustang. BMN and Acacia get a handsome return on their investment.

Next….

I cannot see how the company is not making good money, even with higher costs currently, considering the vanadium prices we have seen for this year. I bet they will be higher than now at the end of the year and thru out next year. (Mind you, I have been saying the same about gold and silver for the last year!)

That profit will have to be recognised and the fact that the company will continue to increase capacity (and profits) by up to another 100% from last year’s rate. So eventually the SP will start playing catch up. How long? ? , but its like a game of chicken right now. How low can SP go before a classic AIM rerate happens, and you’ve missed an opportunity? No point selling now that the cash cow is turned on again.

How long? Two weeks to go…..
Got a theory (it passes the time) that the brokers told Duferco that they could get rid of all their shares in 6 months, or by July.