Member Info for CJohnSpain

BTW it's been correctly pointed out to me that profit on the re-sale of HWM 20 can't be calculated, because we don't know how much remedial spending was necessary before it was sold.

Let's face it: BEN and Mega have made a dog's breakfast of getting two HWMs up and running.

Yes, they re-sold HWM 20 for a 40%+ profit: bought $2.5m. Sold $3.6m. $1.1m profit: peanuts compared to the more than four months lost waiting for Mega to supply a second HWM that actually works. Imagine how much coal could have been mined in that time.

Fine, offering Mega exclusivity has brought a slight reduction in rates charged, but Mega haven't covered themselves in glory. Is it actually wise to be in an exclusive agreement with them? I don't think so.

Personally, I can't get excited about Sunday Roast broadcasts: the journalists involved are far too boosterish and don't put the pointed questions that could actually help investors have a realistic idea of the future of this Company. Fluff.

Reducing MBU's holding below a controlling interest should certainly provide a short-term fillip to the SP; but ultimately we need to sort out the eternal glitches here and generate some serious cash flow.

Remember that back in December, BEN sold our very own newly purchased HWM 20 (for a close to 50% profit), because Adam thought we had a surplus HWM with Mega's two HWMs - the one already in operation and the other that was on its way.

This was a costly error, and another example of unwarranted optimism. HWMs are pretty fallible machines and it would be damn useful to have an extra HWM as a back up.

Shouldn't the Company be thinking about buying HWM 77 off Mega at a deep discount, then give more time to sourcing the relevant parts? It can't be a question of bespoke manufacture.

Unwarranted optimism is not merely Adam's character trait, but-probably essential to take on a very complicated project like Ben's Creek.

"John
Check link:
www.stormvik.com"

Hi iosbyios, i wasn't sure what you wanted me to see?

Hi iosbyios,

It would be interesting to have more info about the source of the new funds.

Given these are very low working capital companies, the funds raised should last maybe a year??

ONe.bas is currently held within Stormfjord.

On the 24th November 2021, CRV totally wrote off the value of its holding in one.bas!

1. The fundraising in the three companies was on the same day. It suggests - but doesn't prove - one funder bought the shares.

2. Given the tiny amounts raised, the funds almost certainly represent working capital. None of the three companies generate any cash.

3. The funder could have spent the same amount of cash and bought CRV shares. This would have given giving him/her/it a percentage of the three companies far in excess of the tiny amounts acquired in the underlying companies at eye-watering valuations. (Obviously, CRV is pretty illiquid, but even given the inevitable premium you'd have to pay to buy large numbers of CRV shares it would still have made obvious sense to buy CRV.

4.So it's possibly some sort of related person purchase to keep the three companies afloat.

So I'm inclined to take the purchases with a pinch of salt as a guide to valuing CRV.

I do believe the shares are undervalued, but not as massively as the implied valuation of CRV suggests.

The fact remains that the companies are still pre-revenue. Even the much vaunted omega-3 company which already had its products listed on Amazon has sold nothing to date.

This is a very interesting update.

Stormfjord, Rosedog and Biovitos have simultaneously raised $100k, $70k and $13k by issuing shares.

These give implied valuations of $28m, $28M and $10m respectively for the three companies.

CRV now owns respectively 25.5%, 28.6% and 24.5% in these companies.

The implied value of CRV's holdings in the three companies is about $17.6m or 14.6m sterling. This is roughly 20 times the current share price of CRV.

Thanks for the link, Iosbyios.

The current market cap of Hemcheck is about 786,500 pounds sterling. Bio-Vitos owns 88.3% of Hemcheck and Craven owns 24.5% of Bio-Vitos. So Craven's share of Hemcheck is worth 170k pounds sterling.

PS Have you any idea why the Omega 3 business has sold nothing to date?

There is nothing in the interims that hasn't already already announced.

We are still pre-revenue. We still are not flogging any supplements on Amazon. No explanation at all of what's gone wrong there.

And Craven industrial Holdings is still propping up Craven Capital with loans to cover the very small running costs.

So as this comunique makes clear and as the figures discussed earlier show, Hemcheck was distressed. This faciitated the reverse takeover by Bio-Vitos.

This represents another move by an investee company of Craven away from web-based businesses.

To be welcomed in my view.

! pound = 12.62 krone (SEK)

So Bio-vitos have paid a total of 5.23m SEK for 88.3% of Hemcheck. They've also ceded the IP rights to Iron Succinate to Hemcheck.

But given that Bio-vitos will own 88.3% of Hemcheck, they've actually only ceded 11.7% of the IP rights to the previous owners of Hemcheck.

Hemcheck is currently worth 9.97m krone. So Bio-vitos get stock worth currently about 8.8m SEK.

So this values the 11.7% of the IP rights to Iron Succinate at SEK 3.57m krone. So according to this deal, if it was fair, IP rights to Iron Succinate are worth about 2.4m sterling. (Craven's share is about 0.6m sterling. This again suggests that Craven as a whole is under-valued.)

In itself, this does look a fair deal to me. However, Hemcheck has minimal turnover, 3.52m krone in 2021. 278k sterling. And is heavily loss-making.

Dealer Bob, I appreciate your optimism regarding the dealer network across Europe and the US. But a company doing such tiny business is not going to have any substantial dealer network.

Hi, iosbyios, that's really interesting regarding your family and grandfather. The dolk will stay in your family for generations, perhaps.

I appreciate a local might well be disappointed by the film! But I watched it with my adolescent (Spanish) son. it was a useful introduction to some of the complexities of the Second World War. He asked me a load of questions about Norway, neutrality and so forth. (Spain itself was neutral, but leaned heavily to the Axis.)

Regards

CJohn

Thanks for the post, Iosbyios,

We've probably had this conversation before: but one.bas sounds to me like a no-hoper. No revenue, living off other music sites, merely re-grouping already free content.

By the way, am I right in saying that you are Norwegian? Last night, i watched the film "Narvik" in the original Norwegian and was able to understand about 60%, given my decent German. For the same reason, I can read Swedish very slowly, but I appreciate your summaries.

So there's an RNS dated yesterday saying the 2023 AGM took place yesterday.

However, no notice was given of the meeting. So no one went except M Pajak.

Another low in corporate governance for the Company.

Thank you for your kind words, bbr391.

Hi, iosbyios, you say that traffic on TV Zinos was nearly as Sweden's two biggest TV stations last weekend.

Could you please give us a link to that information?

Thank you for posting that.

It illustrates the problem with TV Zinos.

There are numerous competitors; as well as, of course, pirated on-line TV.

And it's free; so there's zilch revenue. Until we get serious numbers of people visiting the site. Which is unlikely to happen, given the competition.

Hello Iosbvios,

That's an interesting number: where did you get that figure from?

Could you please post the reference?

"Next week 1.000.000, today 918.660
Champagne been purchased, will be Wednesday we believe!..........;)"

What do these numbers refer to?

Remember, the Company itself says , "TV Zinos has organically grown its new-use base to over c.20,000 unique users per month. "