Member Info for dyresearch

Classic Winnifrith/Align playbook...

Encourage newsflow, tweet out supportive statements.....create liquidity....sell......drive price down.....buy......rinse and repeat

Expect a few more cycles of the small cap washing machine, transferring money from punters to them

Why didn't they just go back to Auric for more inexpensive, non-dilutive finance?

Desperation finance....

For every 1p increase in the share price from 2p, the providers of £650k finance stand to make £1.3m profit. Either the Board of BMV are the worst negotiators in the World or they were desperate

So having spent 8 months getting the website into perfect condition:

1. No info on major shareholders - required for all LSE listed companies
2. No info on % shares not in public hands - required for all LSE listed companies
3. No information on auditors, financial advisers etc - all required for all LSE listed companies
4. No corporate governance statement - required for all LSE listed companies
5. No info on various committees such as audit, remuneration - required for all LSE listed companies

So they can't even produce a website that meets the regulations of the market the shares are listed on. After taking 8 months to produce it

Company, having lent money to BMV in return for warrants, issues "positive outlook for share price" shocker

This is the problem with BMV

1. The approval of a Prospectus to allow the issuance of shares to Southern Gold is Price Sensitive and can only be communicated via RNS
2. Emailing people telling them that this process is "nearing completion" is 100% not permissible. Doing this in a traceable email is idiocy

They either don't know the listing rules or don't care. That may be unimportant to some but it's important to me

I'll reiterate, there is no such thing as a "blackout" period prior to releasing financial statements, A company can release an operational update the day before releasing their financial results if they wish. The only requirement under the Companies Act is that Directors cannot trade shares in the 30 days prior to releasing the financial results

If you're going to trade shares in publicly listed companies it's really important that, at the very least, you understand the law regarding what companies can do, can't do and are obliged to so

Lets be clear, there is no such thing as a "blackout" period prior to releasing results. In fact, any listed company is obliged to announce any materially price sensitive information immediately and there is nothing to stop a company making an operational update

People are getting confused with a close period. This is the 30 days prior to release of results when directors and significant control persons may not trade in the company's shares

So if BMV aren't updating you its because they don't want to, not because they aren't allowed to

Pello Capital has no commercial connection to Dispersion Holdings. Check the Ad Doc, its brokers are Tennyson and Novum

If you look at the Admission Document for NFT you will see that its brokers are Tennyson and First Sentinel. For Dispersion its Novum and Tennyson.

Pello has no commercial arrangement with either company as far as I can see

Perhaps it's worth considering why the deal timeline has been blown out of the water. One party or the other (or both) aren't happy with some aspect of the transaction.

I've said all along that the thing that scuppers a deal is if SAU cannot become convinced that BMV have access to sufficient funds to get the mines to cashflow neutral. If they believe they don't have access to sufficient, that means either a massive dilutive raise in the future or they can't get the development done. Either way SAU's BMV shares in consideration become worth very little

It doesn't take this long to do a deal. My money is on BMV being unable to convince SAU they have access to enough cash

@bunion it doesn't work like that. The LSE doesn't police companies websites, they rely on people reporting non compliance with the listing rules
Good luck to all, but a company that can't even be arsed to comply with the listing rules of the exchange (and there are multiple examples on the website, use of social media to leak info, inaccurate and misleading or missing RNSs) makes it uninvestable to me YMMV

@bunion
That isn't correct. The company is listed on the Main Board of the London Stock Exchange, Standard Segment. As such it is required to adhere to the LSE listing rules, one of which is to post all public announcements on their website in a timely manner
https://docs.londonstockexchange.com/sites/default/files/documents/admission-and-disclosure-standards-new2018.pdf
See section 31

Their website has contravened LSE listing rules for ages but the management don't care

Don't forget that this is a company that cannot even keep its website compliant with London Stock Exchange rules

https://bluebirdmv.com/category/regulatory-news/

The fact that they are not issuing an RNS when, although not required, would be a matter of keeping investors informed, should not come as a surprise

As soon as I saw he was involved with this, I sold. Lucky for me that was north of 4p. It's extremely easy to get on the wrong side of any share he is involved with, as you can see this morning

DISH was another company that was paying Align Research for its view on the company
If you can countenance the possibility that AR, Tom Winnifrith, 5 Share Tips etc are all acting in concert (looks at what they say about companies, they are consistent with each other) then maybe it pays to be somewhat skeptical of their motives and what they say
I'm not saying a deal won't get done but I think it pays not to take what AR says about any company as independent research

BMV have been very careful not to disclose the size of the two drawdowns in their announcements. I suspect it is pocket change to keep the lights on. My reasoning is that if it was a lot of cash wouldn't BMV be super keen to tell the world? It would support the share price which gives them a stronger negotiating position with SAU. They haven't announced the size as I think it's small

And don't forget that Align Research are remunerated by BMV. Their business model is to get a Company to issue them shares as their fee for writing research which they will sell at some time after receipt. They don't invest their own capital

Regarding the acquisition. You need to ask yourself whether BMV has access to enough cash to (a) Give SAU enough of the $10m price in cash as they need (b) Develop the mines to reach cashflow neutrality

If you believe they have access to enough cash to do (a) and (b) then all is good. A deal will get done and they will develop the mines and you'll get rich. If you believe they don't have access to enough cash for (a) and (b) then there won't be a deal with SAU. SAU won't take a royalty element unless they are really sure that BMV will have enough cash to reach cashflow breakeven on the mine development.

Also not correct. BMV is listed on Standard Segment of Main Board, not AIM. As such, Main Board rules apply to issuance of new shares.
They can issue up to another 20% of their existing shares in issue in any rolling 12 month period providing they have the headroom to do so. In the event they want to issue more than that (as would be the case here) they are obliged to issue a new Prospectus. That would take about 5 months.

That isn't what SAU's announcement said. It said that BMV was free to propose some combination of cash, shares, royalty and SAU would consider any proposal. But they aren't under any obligation to accept the proposal.

The only way to guarantee acceptance is to pay the full amount in cash

Of course, SAU will have to weigh up the value of any non-cash component of the consideration offer. It may be sufficient, it may not. But, unequivocally, they aren't under any obligation to accept any offer except one that is 100% cash