Member Info for BigBear2

Sp aside I think JB has been doing a decent job growing production by giving warrants on top of the placing sucks As soon as I saw thes Stanley results was clear best value was here just a shame we can’t get out of arkoma as we have wasted precious cash on an option we chose not to exercise.,,

From my experience scenario 2 more likely. Any farm in with global having no cash would be pants likely retaining something like 10% A placing at low price always sucks but would at least mean they have cash when negotiating.... All IMHO

EyeGuy filter this numb nut...make life easier..
what kind of fool would suggest a port in a country where there is a shortage of viable options to export highly valuable bauxite is worthless

On the face of it acquiring the whole shebang even for £50m is a total no brainer here....you are conservatively getting a huge iron asset(min NAV $200mill) and the ferronickel (NAV approx $100m) + the port (est val $100 mill) for v small amount..

But we have to bear in mind that whatever is going on behind the scenes its Hudson that are wearing the pants.
Takeover would be fantastic, but a more likely scenario is a deal being pushed through on the port that will instantly
re-rate the company and leave both the ferronickel and iron assets still intact.

If the figures quoted by Julian come in we are looking at the mother of all re-ratings here....

Also the previous 'we will need to get finance by mid nov' comment in RNS may now not be the case as cash burn has now been minimized till some sort of deal is done.....
Let's hope all parties see sense and a deal on the port is done, then Hudson having made their point release funds

Are either going to ride us bareback and clean us out (still not convinced this is possible)....or

They are going to actually do us a favour and get the BOD to prioritise a deal on the Konta port...
I get the impression the BOD were willing to wait this out until after the feffonickkel DFS, but clearly Hudson want this
done(or at least agreed) before any of this costly work continues.

I re-iterate IMHO there is a deal on the table.....most likely with an entity known to Hudson that previously the BOD did not want to accept thinking they could get a better deal later. ANY kind of deal that frees up funding and in some way monetise the port will see this instantly multi-bag over night..

a 4.5 mill mkt cap with assets worth 100s of mills....

Is the bod consistently use some negative language in the RNSs that seem unecessary...
They could (should) have said Konta port discussions continue with an increased emphasis on bringing talks to a near term conclusion', but instead chose to say talks are at a tentative stage...totally unecessary....
It just feels for what ever reason it's in the BODs interest to keep the sp low for now.
Talks have been ongoing for months on the port so just how tentative can they be??
A lot more going on here and Hudson know they have to pony up cash in the next few weeks but it would seem they are using this to get a deal done, and I would imagine that deal would be with a party known to them...why else would they allow Bellzone to negotiate from a position of financial weakness...

Clearly this is something Hudson wanted and no doubt considered the outgoing ex chairman’s presence a headwind to the direction they want the company to go in.... Things moving along let’s see how many hoops Hudson want us to jump through.....

I drop in from time to time to see how things are going here ....
It seems to me corruption here is on a par to what we sometimes see in companies such as Nigeria (although things seem to be improving there...)
Quite simply someone and I would imagine that someone is Russia is quite happy with the situation that most gas is imported and Hank intention of that changing...
The harsh reality it would seem is they are happy to let a few chuffs be pumped out to test production and I would imagine the plan is to let ascent run out of dosh and a larger player take the whole shebang for nowt...

To me the bod wanted to poodle along doing the dfs and raise funds then do the port deal later... Hudson clearly believe a deal can be done near term To generate income and hence reduce the debt whilst leaving there majority holding undiluted. The message is clear get the deal that I presume is now on the table done ASAP...

A lot of it on her today and fully justified as many are grasping the deep pile off doo doo we are in....
I will be absolutely staggered if EM agree this amiably.....why would they....we have outrageous monthly run costs and in 3 months or so will have to place again....

I read with interest the other day LOGP RNS whe the bod ar doing everything they can to keep costs to a min....and they have ...30 grand a month...
I would love to know exactly what the COPL staff are actually doing now....well design they have had shed loads of time for that with the delays....Art should be forgoing salary and taking shares and the rest on gardening leave...

Art has our dough from the placing and can happily collect his salary and pay his minions to the tune of $400k a month...

The 2 disputes show no sign of being resolved, far from it looks like Essar are going to take this further....

But putting all that aside the main question we need to ask our self is what price the placing that's required early next yr will be at..

I reckon it will be at a derisory level and Art will do his usual pay salaries no reductions and then consolidate something like 15:1 and the whole shebang will start again.

So the update is.....no update whatsoever still in dispute with no timeline for an end...

even with income of 4 mill USD we would instantly massively re rate

Forget the huge iron asset
Forget the ferronickel

We are being told the port could generate income of USD 10 mill a year??

And we are at this level?

WTF are Hudson playing at, to say this is annoying is the understatement of the year.
I very much doubt they have simply said no to refusing funds, more like there has been a discussion and they want something,
or rtaher BZM to do something they are not willing to do.

Regarding the sale of the port I am aware that it is the boards intention to lease it for Bauxite Exports...
But that does not mean to say there has not been a low ball offer to buy it...?

Whatever is going on it will simply be a relief when it is resolved one way or another.
I wonder what the government is making of this after ratifying the treaty for Bellzone and also publicy backing them on media (eg the ambassador)

Yup and they did not participate in last placing @ 0.6p.... Then promptly vetoed future placings... so for sure they don’t want to go sub 50%..... We are seeing a game of brinkmanship here for assets worth hundreds of millions....

Before the extraordinary meeting hudson have to decide whether to allow dilution and vote yes or give us the dough they promised they would....or simply make an offer. If they do nowt and vote no bod have threatened insolvency which means they get jack sh•t Today feels like a warm up for a much larger sp swing....

I agree with EyeGuy....the placing option is required in order to be able to enable them to explore other options...
Essentially Simon has upped the ante and is clearly fed up with whatever BS that Hudson are trying to pull.
What is crystal clear is that Hudson do not want to be diluted below 51%
Any placing dilutes them....
So its
a) release the funds
b) Take out the co
0r
c) Everyone loses the lot

Clearly option c is even more undesiatble for Hudson than the average shareholder....so they are having their hand forced.

Need.to sort this pronto a ridiculous state of affairs...

Nope we will hear something mid November at very latest and I would imagine sooner than that. My hunch is that Hudson are wanting the bod to flog konta port for less than what’s consider fair value and want the debt wiped and maintain their 50% holding. For arguments sake let’s say someone has offered 40 mill usd for the port - a third of what’s been spent., that would clear Hudson debt and provide decent working capital...