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Investments in Mustang/BMN and RMM both appear to be poor decisions, everything else seems a bit stale. No updates on ALTE since incorporation, the 3 SPAC companies which were registered (what for) etc etc
Its a shame as I had high hopes for the new board but Prim seems to be lacking a direction and any urgency at the moment.
Hoping I have jumped in here at the right time,..
BMN share are down 25% in the qtr, we shop Will not be traded on a listed exchange and will be matched with buyers. Even prim on Twitter values them at 1.5m far away from the 5m Mcap. I’m as hopeful as anybody over prim but let’s not ramp it hey.
Yes claims and counter claims seems a messy ordeal, Garnet own 50%. An update would be good to clear up the situation. Must have know this information for a while as have prim, must had to disclose this information in its notes as it is material.
n mid-July 2021 a claim form was issued in the High Court of Justice: Business and Property Courts of England and Wales (Chancery Division) by Garnet against VRFB-H and EHL seeking declarations against VRFB-H concerning alleged breaches by VRFB-H of provisions of the joint venture agreement in relation to EHL, arising from the indirect investment into EHL through VRFB-H by the Company. VRFB-H believes Garnet's claims to have no merit and is robustly defending its position. In addition, VRFB-H issued a counterclaim against Garnet and is seeking declarations against Garnet for material breaches of the joint venture agreement in respect to Garnet's conduct. The matter has been listed for trial on an expedited basis on a date to be fixed for late January 2022. It is unknown when a decision would be handed down.
Whilst the Company is not a party to the above proceeding's they have precluded the Company from issuing a prospectus, which is a precursor for the Company's shares to be reinstated to trading. If the Company's shares are not reinstated to trading by the 31 December 2021 the investment in VRFB-H will, pursuant to the agreements executed with VRFB-H and the CLN holders and described in the Company's 27 April 2021 release, be sold to Bushveld Minerals Limited and the CLNs will be redeemed. Bushveld Energy Limited, a 74% owned subsidiary of Bushveld Minerals Limited, currently owns a 50.5% interest in VRFB-H. Acacia Resources Limited, which has a 24.03% interest in the Company, owns the remaining 27.4% interest of VRFB-H.
http://www.mustangplc.com/announcements/30092021%20Interim%20Results%20Deferral.pdf
This share is quickly turning into a bottom draw dog, the way in which the BoD handled the recent RNS was shocking. Will continue hold in the hope the BoD can deliver the planned roll out and turn this around.
So as I read it the negative retained earnings (relating to previous year’s losses) are cancelled out alongside premium shares. Therefore future retained earning can be distributed as a dividend should the company be in a position to do so.
Company getting its cards in order again.
Would be great to see some activity now regarding current and future investments. All gone a bit quiet. Update on the Mustang situation?
Its good to take profit while you can, my original target was 4.20 after holding here for 5 years so have too taken some profit but still hold some shares, I really do think the current price will be a steal in a few month time.
Good Luck