Member Info for Daisan

More obfuscation. Looking back at these trades I see that this is correct - the buy is always executed first but notification is delayed so it is reported last. The sell always seems to be reported without being delayed.

Tiresome.

Alfacomp,

A reasonable explanation.

Uksteveg,

Thanks. Interesting. I confess that the current activity is somewhat bemusing and I suspect that we are missing the most important pieces of information to truly assess the situation. Until then we wait.

I can't see too far back for trades but for some reason I thought that these trades have been going on for days.

So your interpretation is that these are inter-MM trades? Rollovers of some sort?

Jamiejojo,

I used to muse about this but in reality it never happens. Theoretically in such a circumstance the company would return money either through a buy back or a dividend. You can imagine the effect on the share price if you issued a dividend that was 50% of the market capitalisation. They would be queuing up to buy shares.

Raz10,

I can understand that interpretation but my guess is that the 250k is a sell given the repeated 250k trades we have had and the price action. However, the whole pricing mechanism on BMN appears to be broken currently so they could have invented a new trade that is neither a sell nor a buy for all I know.

In what sense regarding Lemur Uksteveg?

For context - the current NPV for Mokopane even at these V2O5 prices is > $1.1bn.

For which asset jimbo66? The NPV for Mokopane alone is way above the current market capitalisation.

I doubt whether we have "40-50% of the MC in cash" currently. It will build towards that level but will take some time to get there.

We have had quite a few 250k sells in recent days. Whilst it is possible that these are from different holders, the simpler explanation is that there is a single large holder reducing. It is interesting to see as we currently have the situation where the buying is the vast majority of the trades whilst the selling tends to be the larger trades (not completely as we have seen 350k and 500k buys recently as well).

All the while the market makers have access to a source of shares they can control the market as they see fit. Just a waiting game I'm afraid, although good news would boost volume significantly and we could see the back of the endless 250k trades.

How odd. Actually, 'odd' has become pretty normal in terms of BMN trades these days so perhaps I should have said 'how normal'.

Sorry, it wasn't a UT, just an after market sale of a couple of thousand shares.

I feel for Stephen. I am sure that we have all been in companies which just keep screwing up with the resultant share price free fall and think 'shall I sell or double down?'. He is clearly still doubling down but if he stepped back I am sure that he would realise that this investment is likely to be worth considerably less than he paid for in the same way that the rest of his holding currently is.

Is that a UT at 25.25? You really couldn't make it up.

1.3m? Presumably that is the 800k you noted previously added to the 500k buy that went through. Bizarre behaviour a couple of days running.

As I indicated earlier, HL are nominees. They just hold shares on behalf of private investors.

Surely some of the planned increase in BMN's production will be earmarked for the electrolyte facility. After all, they are going to need some should they start winning contracts (i.e. Eskom).

Of course, that is only relevant for companies that have a cash flow but, then again, that is true for PE ratios as well.

RazorShultz,

I think that the reason PE ratios are used is because they are relatively easy to quantify. But they hide a multiple of sins and still you have to assess whether the ratio presents value or not compared to peers. For large, mature companies they can be OK, but even there I would suggest that there are better measures. My preference is to see the free cash flow as it is unambiguous and includes pretty much everything.

BigBiteNow,

I certainly agree with that. PE ratios are a desperately poor measure of value for most companies but the investing population does insist on using them. For BMN I suspect that it will not do it any harm currently but heavy investment now will obviously impact future profitability. Of course, your expectation is that the investment should produce returns that outweigh the depreciation. If not, you should not be doing the investment in the first place.