Member Info for MickR

Franny, your post of 13th March 2018 answers your question?:

I have been in/out of BZM for a number of years, initially bought at 1.5 and averaged down to 0.5. Sat there for years then saw it suspended and wrote it all off in my mind, bad times. Then, out of nowhere multibagged and paid for my daughter to go to uni. I'm back in a sitting tight and at a decent average.
During this time, more so over the last 9-12months I have kept an eye on this BB and I have to say, out of all the posters on this and the 7 or 8 other AIM shares I am in, I have never read such cobblers as you have come out with over that time. You're not bi-polar of something are you?
Why don't you take a day off mate.
Patience is a virtue old son.

I have been thinking about this and I believe others have mooted the point as well as to the FACT that the Company has $3.2m undrawn under a Hudson loan facility which is not payable until 31st December 2019. See RNS of 23 March 2018.

Also, the company has existing authority to raise funds via a placing, see RNS of 12th July 2018. Why did it not simply use these paths come November to secure further funds and why did it issue the corporate update last week the way it did one day prior to release of interims?

Something is not adding up to me, it looks like the SP is being deliberately walked down as it was obvious the market would be spooked by the reference to "insolvency".

Why is the NOMAD allowing this to go on and kill the SP?

Franny,

It does look like the BOD are calling Hudson's bluff hence the reference to insolvency process if Hudson do not play straight...As Haddad says, BOD are looking out for PI's, the huge trade last Friday looks like a Buy to me too.

This is the contract in French....Can anyone conversant in French see the provisions regarding termination as bankruptcy is a standard termination event in such mining concessions.

https://www.contratsminiersguinee.org/contract/ocds-591adf-1601150827/view#/pdf

Eyeguy,

It will not be bust as that will amount to losing the mining rights in Guinea. It will more likely be a "squeeze out" of the minority holders (aka PI's) at a substantial undervalue to the enterprise value of the company. I think 1p to 5p.

IMO DYOR etc

De ja Vu?
http://www.lse.co.uk/ShareNews.asp?shareprice=BZM&code=2nm8d9ot&headline=Bellzones_shares_suspended_as_miner_fails_to_agree_vital_loan

Now that the mining convention has been ratified, Bellzone is worth much more. Insolvency is out of question as that would void the mining rights in Guinea IMO....

Also look back at 2014 when CS/Hudson were talking about a takeover.

Unfortunately, it is always the PI's who get shafted. I think most would take 1p to 5p.

I also have a feeling that Hudson intends to take over the remaining 50% shares not held by them on the cheap as they are in total control here...

They can put in an offer to purchase the remaining shares at 1p or even 3p and acquire the assets on the cheap. Fingers crossed for a 5p per share buy out.

My estimates are $17.5m plus interest is owing to Hudson.

Surely monetisation of the port would generate sufficient cash to pay off Hudson and leave over surplus cash to fund working capital etc.

Talk of insolvency is premature. This is not a Weatherly WTI type scenario where the economic life of the mine was reduced by ground water etc.

Does anyone know exactly how much money is owed to Hudson as of today, 1st October 2018?

I hope this saga has not been orchestrated by the BoD to snap up cheap shares...looking at the tight range all day, it does look like the share is being manipulated but what do I know...

Have a small holding from 2p days, still believe in the assets and hope this gets resolved soon.

Hudson with its 50% shareholding can pass an ordinary resolution to sack the BOD, if Hudson is not happy with the BOD, why is it not replacing them? https://www.charlesrussellspeechlys.com/en/news-and-insights/insights/corporate/2018/removal-of-company-directors-by-ordinary-resolution/

Meanwhile, Pancontinental (ASX: PCL) up a whopping 75% overnight on the ASX on substantial volume.

Has anyone noticed lots of cancelled trades in the past few days? It looks to me like the SP is being deliberately held back. There was a small sell on the ASX at AUD 3.4 cents overnight. Games being played.

Perhaps anyone else more knowledgeable can comment? I agree, a farm out or takeover will provide the catalyst required for a proper re-rate.

Released on the ASX overnight.

Some interesting bits which I picked up:

Following the release of the CPR, the Company appointed Stellar Energy Advisors, a specialised, independent
advisor providing acquisition and divestment services to upstream companies in the oil and gas business. Stellar
launched a structured farm-out process of the Company’s Namibian acreage with a view to seeking a partner to
fund future operations on the block, commencing with 3D seismic data in accordance with the extension work
programme agreed with the MME. It is believed that potential farminees have decided to await the results of the
drilling being carried out in Q3 and Q4 2018 by operators nearby.

As at 30 June 2018, the Group had cash of US$4,928,998 and had no debt.

Our current market cap is under GBP 5m and our cash position is approx GBP 3.85m with Zero debt.

Debt is the biggest problem of any business. We have ZERO debt.

We hold the largest net acreage in the region:
Block 2011A is located in the northern Walvis Basin, immediately to the east of the Company’s current licence,
PEL 0029. The combination of the two licences increases the Company’s presence in the region to 11,607 square
kilometres offshore Namibia, making Global one of the largest net acreage holders within the region.

We have 85% working interest in both our Namibian projects.

Directors have plenty of skin in the game.

New Namibia deal coming from the horses mouth?
http://www.stockhouse.com/companies/bullboard?symbol=v.afe&postid=28683321

Give me 20p outright per share and I will never look back here :-)

A poster on the Canadian Bulletin Board of AFE has confirmed today that AFE is due to announce new investments in Namibia ...looks to me like a deal is coming our way....fingers crossed
http://www.stockhouse.com/companies/bullboard?symbol=v.afe&postid=28683301

Ignore the trolls

Jim,

Last years final results were out on 20 September 2017 and 29 September in 2016. Wednesday and Thursday which is why I believe we will receive tomorrow or Thursday.

If a deal is done, it is difficult to speculate on commercial terms, but safe to say it will be at a higher SP than current.

The increased volume traded last week could have been because of the C1 PCL trading halt and speculation that TLW had hit a gusher as our new block was adjacent to C1 and if you read our RNS last week, it speculated that any oil play in C1 would have also migrated to our new block.

Anyway, you have done some good research here and fingers crossed a deal is announced soon. Good luck

We are guaranteed a RNS this week and it may be last chance saloon to buy in at these prices IMO. I am Locked and loaded.

I guess more will be clearer tomorrow or Thursday when the company announces its final results. Fingers crossed the results have a STELLAR angle with a deal being announced.

Jimarillo,

Yes, I saw those posts as well. We just need to wait for news I guess. One thing we need clarification is whether or not we have still retained Stellar Energy to secure a JV or farm out as it is not clear why we have been dropped from their mandate lists in August.