Member Info for bigbadbob79

Numerous posters have speculated that $200/t is breakeven for BEN. Perhaps $120 covers the direct operating costs, but none of the administration, overheads etc.

Either way, it doesn't leave anything for shareholders. That maiden dividend that Adam and the "Sunday Roast" amateur rampers liked to talk about is never going to come.

IMO the deal means shareholders will end up with nothing.

Well todays RNS says that any revenue above $120/t has to be used to replay the finance facility. So the operations is going to be loss-making regardless of coal price until that facility has been repaid in full. Lovey 13% interest rate, increasing to 16% and/or calling the loan in if they don't make any sales for 2 consecutive months. Plus a lien on the mining equipment.

Avani are going to end up with the asset. Clever deal they've done, they get 400,000te of coal AND the mine!

Absolute piffle. They aren't going to pay any more than market price for the coal.

Meanwhile BEN borrows yet more money at a swingeing interest rate to pay off some older debt and "for general working capital".

Also confirms no dividend this year.

This is going sub-IPO price. Wonder how the Sunday Roast clowns will try to spin this.

What a joke! The CEO essentially gets his money back after 7 years and then has another 46 years to feather his nest from letting the property after that.

Investec are getting a royalty until the debt owed is paid off. I think it's $3/te or something like that.

Doesn't this stockpile and no trains in February rather undermine what we were told last year by the company and the Sunday Roast paid rampers that Integrity are desperate for the product and will take everything Bens Creek can produce over the 20kte per month contracted volume? They haven't even taken the contracted volume? Or has that contract expired now??

Rosty, on what basis is this loss making, cash burning joke of a company "undervalued"?

If the "Roast PR" clowns are running the show I hope they've prepared better than in the past, and actually do some PR rather than ask daft questions and say the first thing that pops into their heads.

WiseInvestor "MCap still less than 10% of the funding amount". Do you think MCap should be equal or near to the required funding then?! LOL
WiseInvestor indeed! Just LOL!

They don't have 4.6p in cash today as they are burning through the cash at a rate of knots. The business is worth nothing, so you can't ascribe any value to that either.

Who would want to buy Parsley Box?
They don't actually have much to sell. They don't do any manufacturing. It's unclear who owns the IP to the recipes (not that that's going to be worth much anyway). The business makes a loss and the business model doesn't work.
All they really have is a brand that has very low market penetration.
Delisting and/or insolvency IMO.

There'll be no offer. The company is worth absolutely sweet FA.
Makes no money. Manufacturing contracted out. Brand name that hardly anybody has heard of. Horrid ready meals that are not as cheap as the cheap supermarket ones and not as nice as the nice supermarket ones.
No assets, no brand. So just the business model to buy which is broken and therefore worth nowt IMV.

The fact some early investors are trapped as well with the shares they didn't manage to offload at IPO means nothing other than they made a poor investment decision.

It's risen because some people on twitter pumped it as MCap is/was was below cash, but they burn cash at a rate of knots hence the placings since listing. The dump can't be far away.

10p! LOL!

Yes that is correct Penstock, I mentioned ports because that was one of the reasons cited for the initial train delay after the rail spur repairs were completed - waiting for a ship to arrive. But the company never RNSd that so it could have just been made up by people on here/Twitter/Sunday Roast etc.

One thing I id notice when I looked at he site on Google Earth is that the rail spur appears to join the main line facing the wring direction if coal is going to a port. I guess this makes the train journey more complicated and costly so perhaps NS and customers prefer to take coal from other mines.
The other factor is that the 2 trains fulfil the contract volume. AW is on some of the podcasts saying Integrity would take whatever they can produce over that. But is that necessarily still true? Perhaps there was some gentlemans agreement to that effect, but the market has clearly softened and Integrity aren't going to take coal that they don't have a home for.

The news in the RNS this week has been expected for months, so was not a surprise to the market. I was not surprised at all to see it fall back after the initial rise.
IMO the best thing they could do to improve investor appetite is to stop collaborating with the Sunday Roast clowns and get some proper PR and do some proper interviews with respected financial market commentators. And concentrate on running the business rather than doing interviews with the two amateurs. It's clear all has NOT gone to plan in the past few months. Buying a knackered HWM was not a clever move either, despite attempts to dress it up.
The other big thing is that it's not clear what reserves they actually have. Huge acerage for sure, but only a relatively small area is permitted at present so there's no guarantee they can mine all of it at present.
And met coal price softened, and possibly a nasty recession on the way which will push prices way down.

As usual, a combination of things.

Won't be making 700 grand a day at todays prices. Have you seen what's happened to the gas price this week?

Why would PW be worried? He made his millions when he flipped all those 7p warrants at 280p or whatever last year. He's played a perfect game from that POV and now just needs to find a way to quietly exit stage left whilst no ones looking. Perhaps no video this month is the first stage of that?

Those podcasts are awful and the two "presenters" are clueless clowns. I don't know why AW keeps entertaining them, each new podcast just seems to introduce more doubt/questions.

Looks like the employee had 940,000 options, excercisable at 5p. He's sold some of the options at 18.5p to raise £37,000 and has spent that £37,000 excercising his remaining options at 5p. The person that bought 50,000 of the options has also converted his at 5p. The director who bought 150,000 options has not converted them yet.
So the company has amended the terms of the options granted to the US employee to allow him to transfer/sell some of them to others.
Essentially, he's bought 740,000 shares in the company without having to spend any money. Perhaps he didn't have spare cash to convert his options, and had to sell some options to raise cash to convert.

I guess spooked at the forward guidance not giving much clarity/confidence. Also the remaining debt is likely to get significantly more expensive to service if it isn't at a fixed interest rate.