Member Info for EnricoPallazzo

Excellent! It combines my two favourite ingredients: prawns and vanadium. And it can be recycled after 25 years of use: the electrolyte is shipped back to Bushveld and the electrodes are turned into prawn crackers!

No worries: we'll have a last-minute rise to 12.50p and a UT at 12.70p!

These clauses will cease to apply as soon as 50% of the convertible loan notes have been converted, i.e. on 23rd October this year at the earliest. I reckon the JSA listing will be delayed until that point, otherwise it would result in unnecessary payments.

I don't think the conversion itself will affect the share price too much because the shares are subject to a six-month lockdown and then a six-month orderly market agreement, so they won't be dumped suddenly.

Have I understood these clauses correctly?

When reading the RNS about the completion of the Vanchem deal published on 23rd October, I was puzzled by a few financial aspects of it, in particular the clause referring to the obligation to pay to the previous owner (VVP) a certain percentage of the money raised in case BMN raised 30m dollars or more. I assume the clause applied to any future shares issue.

Could anyone clarify what that was about? I'm not worried about the need for such equity raise but I wonder whether the clause may delay the JSA listing until half of the convertible loan notes have been converted. My interpretation is that if more than 30m dollars worth of shares were issued for the JSA listing, the clause would result in a large payment to VVP. There was a similar clause about debt. Here are the two clauses verbatim:

- Obligation to repay an amount equal to 40% of any cash received on a new share issue which raises more than US$30m, provided no more than 50% of the Loan Notes have already been paid, redeemed or converted;

- Obligation to repay an amount equal to 50% of any debt raised over US$15 million, provided no more than 50% of the Loan Notes have been repaid, redeemed or converted;

Some large company will come round and snap it soon unless some proper PR is done. The potential is massive but there are no big deals at the moment, so it's likely to be on a slow burner for at least a few months.

I'll be investing towards the end of this year if there are any significant contract wins.

I know why Gervaise has called the new patch 'Rudall'. It was initially called 'Area 45H/221' but, as soon as we won it, our competitors exclaimed: "Ruddy hell, that's a lot of gold, and it's going to Greatland, again!". With a strong Aussie accent, "Ruddy hell" sounds like "ruddy 'all" or "rudd'all"; hence the name.

Fantastic news all round!

A few days ago, when all the pumping was happening, I warned new investors that the P&D crew was sucking them in and said a placing at 0.15p was looming. I think it will be around that level, perhaps a bit lower.

I really can't understand why people keep investing in a company run be crooks for their own enrichment. The company has never achieved anything beyond lining the pockets of a few directors. If you're unlucky enough to be invested at the moment, take what it's left,brun away and never look back. Don't touch this turd again even with a very long pole, and stay away from any other company with even a remote connection to Lenigas. They are all P&D vehicles.

Scoutt,

Surely, the only logical conclusion is therefore to stop investing altogether?

Surprise, surprise!

Cheer up! At least we're not UKOG. I was watching the pumping happening there over the past few days and expected a crash, which has duly happened today.

The fundamentals are excellent here, it's just a waiting game.

I don't rely on the LSE website for real-time prices. ADVFN has had an unchanged price - 14.625 - throughout the day. Not sure where the LSE movements come from.

Cheers, Pdub. I'll watch the interview.

Thanks. The RNS says this:

"Provides further capacity for electrolyte manufacturing through the existing chemical plant and vanadium oxide production."

I'm not sure how to interpret 'further' in this context. Does it mean "we already have some capacity, Vanchem extends it"?

This is the only relevant bit about Vanchem I've found on the website:

"Enhancing the company’s ambitions in the global energy storage and VRFB space by leveraging Vanchem’s existing chemical plant and high purity oxide production capacity in the manufacture of vanadium electrolyte."

It sounds like electrolyte production could be achieved at Vanchem in the future but it isn't happening yet. That's my interpretation, anyway. Maybe we're in for a big surprise soon?

Excellent! I note they've said Bushveld Energy already produces vanadium electrolyte in South Africa.

I haven't chosen a name for my future holiday home but, if I ever buy one, it will have a special Greatland bar with a map of Havieron (signed by Paddy) behind. Anyone turning up and saying 'Greatland' will be given free whisky; it'll be 'Havieron' for a pint of Guinness and 'Scally' for a glass of finest Aussie wine. Oh, and if you're hungry, 'Kraken' will get you grilled octopus!

Are we at 12p?

Yep, and it was a UT, so we're officially at 15p now!

Pdub,

I won't miss a ride to 50p and beyond this time round. I did a few years ago but I'll sit only hands now.

All the best
EP

I'll wait for a drop to 0.8 before piling in. Good long-term prospects but I don't expect anything exciting to happen before Sep-Oct.