Member Info for cindercone

"Fortune really was a loser"

When you think of the assets that BMN has and size of the workforce, the SP really is ludicrous. I'm surprised Mojapelo hasn't been sued for negligence, perhaps by BMN itself for breach of fiduciary duties towards the company. The other directors appear clueless as to the damage he's inflicted - did anyone ever attend board meetings?

Yet another II desperate to get out.

Funny how rampers never predict a bad RNS, even though almost every RNS for the past three years has been bad. Either they're deceptive or thick as mince, which is it?

Mind you, it appears Fortune Mojapelo was the biggest ramper with his consistently ludicrous production targets. Always trying to spin a positive when he full well knew the unfolding mess he was creating.

Such horrendous mismanagement on multiple levels surely renders him unemployable.

I'd be surprised if Coltman took the job knowing BMN was teetering on the brink. Again, what would be the point? The concern is that he's just as useless as Mojapelo, in which case we're done for.

Q2 will no doubt be sh*t, because it has Mojapelo's fingers all over it. I'd expect the Orion deal to go through as planned and flog off Enerox to help pay the first debt tranche in November. Some serious cutting and slashing may be required to bring down costs and squeeze every profitable penny out of the plants.

Perhaps Coltman can sue Mojapelo for incompetence and claw back some salary, then mug off the hopeless Nikomarov if he's done nothing to secure contracts for BELCO and sell off BE's 55% of the plant to the IDC.

Ditch the mini-grid as it's a pointless waste of money and go back to being a pure miner maxing out production on what we hope will be sustainably higher V prices within 2-3 years.

"Doesn’t really matter as I have quite a collection filtered. I neither know nor care what they are posting."

As everyone knows by now, you're far too self-obsessed and egotistical to refrain from reading posts. Denying it just makes you look even more dishonest than we know you already are.

Coltman's first comms will tell us everything. Good or bad, the most important thing is transparency - it's not his train wreck.

No corporate BS and maybe buy some shares at these pitiful prices.

Anyone notice how Coffeecups is the equivalent of HalfManHalfGoat when he's out and Pdub when he's bought back in. Laughable individual.

"This pattern is quite common on AIM and commonly referred to as a bubble."

50p wasn't a bubble. A bubble is driven by speculation, but in this case Vanadium prices went absolutely through the roof and BMN was raking it in. The share price didn't go pop either, it came down with the vanadium price.

Assuming Mojapelo hasn't killed the company stone dead, IF vanadium prices reach $100+ again for a prolonged period the SP will climb much higher than 50p. Profits would be astronomic.

Not sure what your point is. Better to speak in plain English.

Spend 32 years at De Beers just to close down operations at BMN and render himself unemployed? Doesn't seem a very attractive job offer to me.

*help pay off the Orion debt.

@Paul150

"Now that Fortune has gone, personally i think that Bushveld should sell their entire stake in Enerox"

IMO that's been the intention for quite a while. It would have been patently obvious around 16 months ago that Mojapelo had bungled the Orion deal and couldn't pay off the debt. That's when he first mentioned the BE carve out, which encompasses the sale of Enerox to pay off the Orion debt.

The reason nothing has been mentioned about the carve out since is due to lack of clarity on Enerox's ownership structure.

Basically, by running before he could walk and building up unsustainable levels of debt, Mojapelo has had to part-destroy the VRFB value chain he's been wittering on about for years.

This perfectly demonstrates his amateur leadership and why a numbers man has been brought in to clear up his mess.

"10:1 consolidation "

Terrible idea. As bad as things are, BMN needs to retain its, albeit flailing, perception as a penny-stock with significant upside. Consolidations are dreadful for failing stocks. At 25p, BMN would be walked down to nothing again.

What a convoluted mess this whole deal has been - no wonder there's been so much animosity and dispute. Mojapelo's entire tenure has become a total and utter disaster. Bad RNS after bad RNS, for years. He's turned BMN into roadkill.

Q2 is just guesswork. Nobody knows what other nasties are lurking under the hood, but the smart money tells me we'll get another good kicking.

I don't envy Coltman, he'll need to get right on top of things to turn this ship around. I would imagine he's scratching his head right now at the utter pig's ear Mojapelo made with his ghastly deals. Nikomarov appears equally useless.

Even if Coltman can get the finances in order, BMN needs someone with the ambition and drive to sell the story. I'm not sure if that's in his remit as he's more of a numbers guy.

BMN needs to be gutted, simplified, costs slashed, assets sold.

The board has rarely been more balanced than at present.

It just has to suffer babbling lunatics like Pdub and HarChris who will literally say anything, no matter how desperate, to support their investment.

It's easy to gamble with other people's money, especially when you're paying yourself millions for achieving nothing. Now Mr Coltman has to save BMN from being another AIM failure bankrupted by a CEO who behaved recklessly while filling his pockets.

The next RNS fills me fear and optimism in equal amounts.

"Fortune has delivered operational improvement."

He also got sacked for taking BMN to the brink of bankruptcy.

Remember, when the price goes down the 'market' is nefariously controlling the share price via algorithmic trading. It has nothing to do with shareholders buying and selling, the vanadium price or Mojapelo's amateur deal making.

"Of course they don't care about BMN or any other small aim share or anyone putting money in such shares."

Algorithmic trading patterns would not apply on a daily basis to a low-volume garbage stock like BMN. They're typically designed to spot patterns in high frequency trading environments or shares with unusual trading volume. That's when they're programmed to step in at quicker than human speed to gain an edge, secure a better price and turn a profit.

"In these circumstances the MMs are going to walk the price down to try to generate trades."

As if the MMs give a flying sh*t about a poxy penny share like BMN.

Head. Sand.