Member Info for HarChris

'Sad when people missed the 8P entry a week ago'

I was one of those. Didn't expect such a strong 7 or 8 trading days, well done to the holders and hopefully it continues onwards for you!

It's going to be hard I think to convince a judge that the DHSC weren't happy with Primer Design's products and that was the sole reason for pausing the contract when this particular contract was off the back of a previous contract with Novacyt/Primer Design and having already worked with them for six months agreed to a deal that potentially totally dwarfed the previous one in size and scale.

I know you're just being honest but it's not very pleasant to come on here and talk about the potential money you can make off the back of folk heavily in the red... and secondly the lower the price of the raise the worse the optics and therefore the more difficult it is to recover to even the likes of 4p plus there's many more shares in issue.

CLSK it depends on when bitcoin runs... if Argo needs to raise in the meantime and investors aren't willing to take on the risk of supporting Argo with the hosting agreement termination looming without a steep discount then you could be talking very steep dilution at 5p. If you then reach the interims with all the poor financial info out there does a BTC rally to $100k in Sept/Oct drive the Argo share price back up from 5p to say 30p and will investors actually support another raise to wipe out the debt?

With every week that passes the chance of this turning out well gets smaller and smaller.

It's reasonable to ask Craig to lay out what mothballing instead would mean for BMN but there are some hints in the latest RNS.

First of all the $3m advance was received last week which suggests to me BMN are already out of cash. It is then states that Vanchem currently has $13m of debt with many of that long overdue so mothballing means no cash to even pay staff what they are owed let alone keep them on a retainer for when operations would be ramped back up all being well in say 4 or 5 months time. You then have to ask at what price would BMN choose to restart operations? They haven't made a profit even in the years where V averaged more than $38/kgV and would certainly need substantial funding to get back into operation so would it be dependent on when funders were happy with the risk/reward? $45/kgV

You have to assume that if Craig refuses this deal BMN need to find at least $5m just to pay the fixed costs for a few more months too and keep staff on retainers otherwise the cost of ramping back up would be prohibitive.

I'm sure Craig thought long and hard about this option and concluded it was the worst of options but to have him explain it would certainly be helpful.

'You’re saying we shouldn’t give Shishir time because of low SP? Well there will be a lot of graphite mining companies losing their CEO.'

Are you being intentionally ignorant? I've said five times today that I'm judging him on the next set of results, not the share price. And yes the SP matters because Shishir took a gamble over the past fifteen months or so to minimise dilution and to grow in a steady fashion with minimal resources instead but the growth he promised isn't being seen and now he's left with a situation where dilution will dwarf what it would have a year ago if he'd just followed what others in the sector were doing and was more aggressive on the funding front when it was available and the outlook was healthier.

He fully backed himself the whole way as a man that lives and breathes graphite and as such is responsible for the current predicament.

That’s all fair and reasonable Zan and is certainly how I would have viewed things had this come about six months ago. Whilst I agree it’s a risk for me Shishir is starting to look like the bigger risk with the outcome of choosing ‘stability’ inevitably leading to failure here.

Just my view and I respect yours. Im waiting on th me next results to decide what to do but let’s hope whatever happens it works out for shareholders like us sitting on hefty losses

Don’t mistake what I’ve said anyway, you won’t find me voting for this proposed resolution if Shishir delivers strong and positive full year results in the next week or so. Don’t you think that’s fair? Or do you think we should all just give him as long as he wants despite driving shareholder value lower and lower?

I agree but you do understand that that doesn’t happen overnight don’t you? It took around a year for the Suni acquisition to conclude, you don’t think a painful cash raise would be needed in the interim?

This is where I stand...

If results are poor then TGR are in trouble. You can forget net asset value or whatever, the share price goes lower and TGR will be needing to raise meaningful amounts of cash with a market cap of 4-5m and a track record of missed target after missed target. I simply don't see willing funders offering that cash with Shishir, Puruvi and Alastair running the company as a threesome without taking their pound of flesh and some.

These upcoming results need to be positive or a shake up is essential and as far as I can see this group is probably the only option.

Absolutely Zan.

Historically Shishir has shouted every teeny weeny positive from the rooftops and burrowed every negative away as long as possible. There's always a chance that this time it's different but logic would suggest we haven't been fed even a snippet re production since half year report because, well, it's likely the numbers aren't heading in the right direction unfortunately.

Sure and if vote fails Shishir is going to have no trouble raising at all?

Here's the TGR placings since IPO, tell me if you see a trend or not.

45p (IPO), raise £6m

90p, raise £10m

35p, £5m

52.6p/27.6p, raise £5.28m for Suni funding at different price points

11p, raise £1.045m

With the difficulty adjustment downwards Argo might see revs for May at the dizzy heights of $4m.

That makes no sense Steve - SPR agreed a deal well before Acacia signed up for $3.5m more shares in December.

Plaza I don't think there's anything suspicious about the timing of these subscriptions shares - they were initially expected to be issued around the 24th April so they are being issued later than planned if anything.

Https://portillioncapital.co.uk/Portillionletter-BMN-06-05-24.pdf

Kaeren have you read the going concern statement for GDR in their interim report in late March? It's not great reading when you take into account we're now a full week into May:

''At the current burn rate, the Company has a cash runway through May 2024. We are confident that we will continue to gain commercial traction and securing significant revenues, but due to the time required to achieve this, as we have already stated, we will require additional funding. As described in the accounting policies, we continue to adopt a going concern basis for the preparation of the accounts, but the above condition represents a material uncertainty that may cast significant doubt on the Group and Company's ability to continue as a going concern. As set out above, the Company is actively pursuing further equity funding to provide the necessary resources to execute the Company's growth strategy.''

"They bought Vanchem for US$68M, spent many millions on upgrading the kilns, paid millions in interest and now sell the thing for "*UP TO*" US$40.6M. Fantastic!"

_________________________________

'As previously notified on 23 October 2019, the total consideration for the acquisition was reduced from US$68 million to US$53.5 million, of which US$30.5 million was payable in cash (US$30 million on closing and US$0.5 million after two years) and the balance (US$23.0 million) would be satisfied through the issue of Bushveld Minerals unsecured convertible loan notes.'

Not great but I suspect it was either that or ceasing operations.

Hopefully for you guys it won't be another Yourgene Shi*show.

Started Nov 2022 at 3.75p a share, fell to 1.85p by late December then placed at 0.3p the next day. Must have been sickening and don't have enough of the details to know if this is directly comparable but Cheek needs to get something over the line and soon to prevent this falling further.

I certainly waited too long and missed out on this 15%! Drat.

I notice Argo isn’t rallying with the rest of the miners now.