Member Info for Lindon

It’s a moot point anyway, none of the notification benchmarks preclude anyone from officially disclosing lower levels of holdings if they choose to do so, but only the London exchange takeover code applies to Guernsey incorporated companies registered on either of the London exchanges. They are an offshore tax haven and are not one of the countries granted equivalence or operate in one of those equivalence listed countries.

A shareholder in a non-UK incorporated company (unless incorporated in the following jurisdictions whose rules have been deemed equivalent: the United States, Japan, Israel or Switzerland, and the company discloses equivalent information via a Regulatory Information Service (RIS)) must notify the company when its interest is in respect of 5% or more of the voting rights (and at the following thresholds: 10%, 15%, 20%, 25%, 30%, 50% and 75% thereafter) as soon as possible (and not later than four trading days) after learning of the relevant acquisition or disposal. The company must then publicly disclose this information as soon as possible and in any event by not later than the end of the third trading day following receipt of notification.

In the case of a shareholder in a UK incorporated company, it must notify the company when its interest is in respect of 3% or more of the voting rights (and every 1% threshold thereafter) as soon as possible (and not later than two trading days) after learning of the relevant acquisition or disposal. The company must then publicly disclose this information as soon as possible and in any event by not later than the end of the trading day following receipt of notification.

mining flash note bushveld minerals*

bmn ln

buy

tp 7.9p (from 12.8p)

04 october 2023

earnings update

bushveld minerals is an integrated vanadium business with established south africa based upstream mining and processing operations, electrolyte production facility in development and an investment in vrfb oems. the company is one of the three operating primary vanadium producers owning two of the world's four operating primary vanadium processing facilities focused on ramping up operations to 5.4ktv in the medium term and potentially 8.0ktv in the long run as well as addressing growing energy storage related demand through downstream business solutions.

• we update our earnings estimates and valuation following the release of interim results last week and details of a debt/equity deal agreed with southern point resources (spr) earlier in september.

https://*********************/companies/uk/industrial-metals-iron-steel/bushveld-minerals-limited/research/sp-angel/bushveld-minerals-bmn-ln-earnings-and-valuation-update/7_2023100403532962523/0f788071-3201-4aa1-b278-14761ed94f69

Https://www.investormeetcompany.com/investor/meeting/interim-results-to-end-june-2023

Main take away from the meet is CC ‘s emphasis on reducing costs. Office rental cost will be reduced by a third, V marketing costs to be reduced by 15% once current contracts expires, granting of the Brits licence if proceeded with would have triggered significant environmental and local community costs which with the current mine having a conservative 30 yr life span- is not needed, work on improving plant maintenance programmes is underway, also identified other areas for costs reducing exercises to be implemented - and Enerox’s related issues/news expected over next few weeks.

AimWolf

Posts: 95

Price: 1.65

No Opinion

27 Sep 2023 20:40

Yesterday:

“It's a difficult time indeed. But if we can get through these difficult times lots to look forward to.

Lots of demand expected in the new world for ex China high grade vanadium producers with an increase in commercialisation of vrfb coupled with increasing steel demand with higher intensity of vanadium use.

Yes we might drop to 1p, but vanadium demand looks like its only going to increase”

Bye, bye Aim Wolf. … what’s going to be your next I.D.?

@eatstocks … “30$ has been a strong support and resistance for V price. It does not guarantee a jump or that it won't drop under”. Err … not recently it hasn’t, it's been some way under that benchmark, but this rise does at least gives some hope its the start of an upturn.

Not difficult to find is it?

Patrick O'shea has been working at AFRITECH HOLDINGS LIMITED since 27 October 2020, currently, he/she works on the position of a Director.

active

Company address: AFRITECH HOLDINGS LIMITED

207 REGENT STREET, LONDON, ENGLAND, W1B 3HH

AFRITECH HOLDINGS LIMITED Company Documents

Total company documents available: 8

view documents

Other company directors in AFRITECH HOLDINGS LIMITED:

Name Town

NATHAN BROWNE LONDON

ERROL MUSK

(Note … Errol is Eon’s daddy)

§ A potential future commitment by SPR of an investment of US$7-10 million in Vanchem for the recommissioning of Kiln-1.

IS a POTENTIAL future commitment - actually a commitment? What does that actually mean? Kiln1 reached the end of its life and refurbishment was claimed to be an uneconomical proposition. Presumably then- it’ll be a question of funding a complete replacement Kiln - not just a matter of refurbishing the existing scrapped plant? How far will $7- 10 million go towards purchasing and commissioning a new kiln?

@ julianb1234 - “I have no idea why the Finnish takeup of heat pumps is so much higher than ours”

Having installed a Finnish manufactured air source heat pump 3 years ago to replace my 10 year old swim pool gas boiler - I found it to have roughly the same overall running costs in heating my 25,000 gallon outdoor swim pool. Although the purchase price was around £1,000 more expensive, However it has such shockingly poor efficiency in respect of the time it takes to heat the water to any given water temperature. - this winter I’m going to change back to gas! No way would I agree to change my house central heating boiler for one of these.

I suggest it could come down to the difference in energy costs between to 2 countries but in my experience also possibly the expectations in the U.K. that when you turn on the thermostat we expect pretty much instant results and not have to wait a fortnight to get our heating up to reasonable temperature?

No

Should find out soon how many Orange Trust have taken from the new issue!

Arcacia now hold 160,103,265 shares = 10.28%

Unfortunately www. link doesn’t seem to work on LSE but for those who are not interested in paying the subscription to access Independent research - their price target is 9p

link.

https://*********************/companies/uk/resources/bushveld-minerals-limited/bmn/lon

bushveld minerals: fully integrated vanadium exposure with potential for operational turnaround & share price rerating.

we initiate coverage of bushveld minerals (“bmn”) with a price target of gbp9/sh, implying 339% upside to the current price. bmn is a fully integrated vanadium producer that operates mines and plants in south africa, which we estimate will produce 3,700t of vanadium in 2023e, accounting for >3% of global supply.

after operational difficulties, pricing headwinds, and associated balance sheet stress led to a steep de-rating in bmn shares, we expect a rerating to be driven by growing production and...

https://*********************/offering/changeretail. 45 pages. (subscription access only)

* ARE going to continue!

@Uksteveg if Arcacia do still have a substantial holding of c33 million BMN shares I think there is a good possiblity that their holdings in the company will go back over 3% admittance of the new shares. Imo, they are not intending to continue as the main mover behind the scenes and are NOT going to bail out. FM would not still be involved if that was the intention.

Just my opinion!

Mustang Energy convertible loan notes holders informed Mustang that they have elected to act on the backstop agreement.

• The backstop agreement envisages the issuance of new shares in Bushveld Minerals in lieu of outstanding Mustang convertible loan notes after the deadline for Mustang readmission to trading on the LSE passed on 31 July.

• In return, Mustang will transfer 22.1% interest in VRFB-H that holds a 40% interest in Enerox, a VRFB OEM based in Austria and operating under CellCube brand name, as well as novate rights under the US$2m loan made to Enerox

• As a result, Bushveld Minerals will be issuing a total of ~270.4m new shares to redeem ~£7.2m in outstanding 2021 and 2023 Mustang convertible loan notes (implying a 2.6p issue price and representing 17.4% of enlarged share capital).

• Bushveld Minerals will hold a 64.5% interest in VRFB-H including a direct interest of 22.1% and an indirect interest of 42.4% through its 84% shareholding -BMN (LHS)

in Bushveld Energy (50.5% interest in VRFB-H).

Conclusion:

Exercise of the backstop option by Mustang Energy convertible note holders increases the Company's stake in VRFB-H and ultimately in Enerox, a VRFB OEM based in Austria, although at a hefty price with ~270m new shares to be issued representing ~17% of enlarged share capital. Conversion of notes, essentially, means Bushveld is taking an additional 22.1% interest in VRFB-H at a ~$32m valuation which is in line with the original deal agreed in April 2021 when Mustang Energy invested $7.5m for a 22.1% interest funding its with 2021 CLNs ($8m). This compares to ~$13m implied from the latest Garnet investment of ~$3.3m for additional 10% in Enerox taking its stake in the VRFB producer to 60% with the remaining 40% held by VRFB-H.

We revised our valuation to account for the latest updated FY23 guidance (3.7-3.9ktV at $26.1-27.0/kV C1) as well as increased number of shares and lower

VRFB-H implied valuation. Production is expected to come in marginally stronger in H2/23 predominantly driven by better feed at Vanchem, although, earnings are to remain under pressure as vanadium prices remain subdued. Share price performance is expected to be held back by ongoing Orion convertible facility refinancing (~$45m) discussions as well as a need for additional liquidity over the next 12 months highlighted in the interims. Ultimately, Group rerating will be driven by vanadium prices that we would expect to perform well on the back of potential stimulus measures in China as well as ramping up growth in VRFB

Arcacia virtually own MUST and very possibly still have c. 33 million BMN shares. If so they will have as much a vested interest in seeing an improvement in the sp as everyone else.

It also shouldn’t be forgotten that CC and FM (who is VERY close to Arcacia’s owner, who is a founding member of BMN) have stayed bonded in this together. FM has been openly said to have been kept on board to oversee the what he knows best - energy storage!

Its now more likely, imo, that this could prove to be the catalyst for BMN to move off AIM.

Facilitated by Acacia overseeing BMN reversing into the main market listed MUST. All the potential is there for meeting everyone’s desire to move off the AIM.