Ronald:
“hopefully enough money left in the pot for the director salaries”. The directors have been sacrificing a large portion of their salaries over the last two years, so will likely do the same if required, which if you had done any research you would know.
“Won't be long before the travel restrictions card is being played again as the cause for the lack of progress”. Considering South Korea has been hit harder this week than any week since the pandemic began, you would have to be very naive to think otherwise. I fully expect not to hear anything in relation to production starting until at least March. Anything earlier than that would be a huge bonus.
Making comments like those, it’s no wonder you lost money on DISH. It’s a shame you blame Aidan for your own failings as an investor though. You need to grow a pair and take it on the chin, rather than trying to troll a board you have no investment.
It was either a hasty decision in general or it’s because that is how the underlying issue had to be communicated to shareholders (with it being price sensitive), but they were hoping for an amicable solution. It will be interesting to see how the BritNRG fiasco pans out in the end.
Well Rolf is confident that the issue with BritNRG will reach “a solution that makes sense to everyone”. It sounds as though they are trying to come to a resolution over the problem, rather than just putting up the barriers, which is a good sign. Hopefully it’s something that will be advantageous to shareholders.
https://mobile.twitter.com/i/broadcasts/1zqKVBnQQXXKB
Considering a couple of years ago the mcap was £5m and it only had Goldridge, it’s actually in a better position now but the mcap is considerably lower. I’d say the biggest risk here is that we don’t know the size of the resource at Goldridge, so investors can’t put a value against it. However, on the balance of probability, as you say, it is likely to worth more than £3m.
All going well, in 2022 we won’t have to read between the lines. The Prospectus will hopefully have gone through FCA approval with no issues, the website will be up & running and production will have commenced.
Covid-19 will still be an issue. Travel restrictions into SK until recently would have inevitably made things more difficult, but SK is currently (with the last 2 weeks) getting hit with its worst Covid-19 outbreak since the pandemic began. Unfortunately, Covid-19 is getting to the point that the world is going to have to live with it, with the possibility of further variants being discovered in the future. Hopefully, once SK gets over this peak in cases, BMV may be in a position to get things moving on the ground.
Thanks for the update Bunion.
SAU’s comments have stayed within the listing rules here. In the last RNS BMV states “settled through the issuance of 150 million shares, or a blend of shares and cash, on approval of a prospectus by the FCA. This is expected to be concluded by year end”. SAU’s announcement at the end of Oct stated: “Receipt of the balance of 150m BMV shares (late 2021, tbc by FCA in London)”.
Both sides have mentioned by the end of this year, which only has 4 weeks left. It would only have to be publicly announced if the prospectus was going to take considerably longer than this period, so it isn’t as though he has produced news outside of what is permitted.
It’s not that they’re avoiding paying the bills, the RNS indicates it’s a set-off against a warranty claim. There isn’t necessarily any issue with doing so. Unfortunately, MNRG effectively took on the role as a guarantor, so is forced to pay the vendor as itself doesn’t have grounds to set-off any sums. Basically, without a controlling interest, MNRG cannot force BritNRG to make payment to the vendor and MNRG is then required to take-up that slack.
Depending on how you look at the situation, if BritNRG / PP was willing to let MNRG take the fall now, rather than settling the sums owed, what would of happened if a dispute arose over ownership of BritNRG…
Well it looks like BritNRG is doing well…
https://mobile.twitter.com/BritNRGLtd/status/1465969538596487175
I don’t want to get my hopes up, but this is definitely one asset that MNRG need to fight for rather than just throwing in the towel.
I’m of the same mind, if MNRG is lucky enough to recoup its costs, I’d be surprised if it ever saw a future penny from BritNRG. As you say, it’s a waste of 2 years and another failed prospect.
- Gold Ridge now seems more like an early stage exploration, rather than a near term revenue.
- MetalNRG ECO isn’t likely to provide any substantial revenues any time soon.
- LVG was a failed prospect, but right about now seems like it would have been the better choice.
- The Uranium project isn’t doing anything right now and possibly never will.
The thing I’m wondering is what will happen with the notes that were converted? Millions of shares have hit the market to enable us to receive a holding in BritNRG. Surely, we should still maintain a significant holding in the company, or be able to get the shares cancelled if they are still held by BritNRG.
Unfortunately Bunion, you’re speaking to 2nr bitter investors or passed investors should I say, so their views will always be negative.
Braindead was on a loss here (BMV), stated he sold because a deal was never going to be concluded, then the following week the deal was settled with SAU and he wasn’t able to buy back in for the same price he sold.
Ronald on the other hand lost money on DISH (which realistically would never have made a decent sum of money, even if it had succeeded). He makes himself feel better by slating Aidan Bishop’s other projects, as he feels his failed investment was Aidan’s fault and not his own.
Seems like a waste of time to myself, as if it were me I’d spend the researching other prospects. However, for these two it seems to make them feel better about their bad decision making.
The funding is sorted, just read the RNS’s:
26/03/20 - “The Company has entered into a legally binding agreement with a South Korean company in respect of non-dilutive funding”.
28/09/20 - “The Company is pleased to update shareholders that it has received the first tranche of funding”.
19/07/21 - “The Company has remained in close contact with our Korean funding partners who have had an encouraging site visit, produced and interesting video for their clients, and expressed their delight at the recent conclusion of the deal with Southern Gold”.
Without seeing the actual terms of the agreement, shareholders won’t know the precise arrangement with the funder. However, the signing of a legally binding agreement indicates that funding will be received. The BoD did other none-dilutive funding options available though, prior to entering into the current agreement.
You can hold any shares in a ISA/SIPP, provided the company is listed on a “recognised” stock exchange. From a practical perspective, you may want to to make sure you are able to trade the share through your broker also.
It depends who the majority shareholders are and what their holding is. Considering MNRG was supposed to have a 50% holding, no other shareholder would have had that high of a stake also. The crux is that if there are majority shareholders that are also working at BritNRG I.e. PR, they may be able to offer themselves significant salaries, rather than paying out dividends to all other shareholders I.e. MNRG.
I’ve been wondering what the remaining holding is in BritNRG myself. If it’s 10%+, at 4,000 barrels per month, that would actually be sufficient to justify the current mcap itself. Although it’s no where near what was originally planned, it would mean things aren’t a complete disaster here. If it’s less than 5% however, it’s almost worthless, unless BritNRG does get towards 1,000bopd.
Having been a holder off both, and very lucky to take a small profit from SXX, there is little to no similarity.
Fundamentally, SXX had a huge operation, but no funding to take it forwards, so was forced to sell on the cheap. EUA has a producing mine already (WK) and funding available to bring MT into production should it wish to do so. It was approached by numerous parties in 2019 enquiring about purchasing part or all of its assets. EUA is looking at the selling option because it wants to, not because it has to.
The “shortly” wording is subjective. EUA has been around for 20+ years, so 12 months could be considered shortly by that comparison.
As I say, from being a holder of both, there’s more differences between SXX and EUA than there is similarities.
Thanks Keith, I was just about to look through POW’s announcements for drill results.
It appears there’s decent levels of Nickel, but also elevated levels of Cobalt, the two things we want to see.
With this interest in MFP and the MoU in LVR, KAV are not messing around when it comes to exploration. If we get positive results from the KSZ, next year could be game changing for the company.
Unfortunately it’s just going to be a waiting game here. Holding 50% in BritEnergy, and BritNRG as a result, meant the mcap / share price was considerably undervalued. Goldridge sounds like it has a long way to go before it could be sold for a decent price or before it could be brought into production and the waste to energy project has little value.
Until this issue with BritNRG is concluded or the value of Goldridge can be realised, there’s little reason for new investors to come on board.
The whole situations frustrating because with the revenues that BritNRG is providing, surely it would have been better for MNRG in the long term to try and overcome the issues rather than just pulling the plug on the entire agreement.
This green box that keeps appearing does make me laugh. There’s only a small number of BMV holders that tend to read the posts here anyway and most of us have Braindead filtered. The constant de-ramping seems like complete wasted effort…
Given the time remaining and that any other parties still need to carry out due diligence, a sale this year will have always been a bit of a stretch to be fair.
It’s odd that they would look at listing on another exchange considering we’re looking at selling potentially all of the assets. Unless, as some have speculated before, they may be looking into the prospect of retaining the Rosgeo related assets, or just selling the assets with the intention of continuing the company for other ventures. It’s going to be interesting to see how this one pans out.
Considering the BoD has always indicated it would be take up to 6 months to Kochang up and running, there should be some operational work due to commence. This day and age everyone can be contacted remotely and the company does still have representatives over in South Korea, so using Covid travel restrictions is a bit of a measly excuse.
On the Prospectus and the website issues though:
The Prospectus is for the issuance of the remaining shares. The BoD aren’t going to unnecessarily rush to get these shares added to the market. Plus, a Prospectus is a hefty document, considering it was SP Angel who produced the last one, it’s not as though Hill Dickinson are able to copy and paste sections of it. 6 months is reasonable, unless the BoD were to pay a premium in order to get it unnecessarily pushed through.
On the website, what’s the point paying out to get the website completed if you don’t have any news to yet put on it.