Member Info for Nickderby

Capa, I should add that i am not a financial adviser. Go and see an IFA if you need to know more :)

Capa, the 55% is immediate, but only if you decide to take the excess cash out of the SIPP. The 25% is payable immediately to take the funds into SIPP drawdown. This is only on the excess over the LTA. The SIPP drawdown account is reviewed again at the age of 75 or death, whichever comes earlier. There could be an additional charge at that point (25%), if the fund has grown further beyond the LTA. Agreed, drawdown doesn't mean taking the cash, it's just a way of crystallizing the LTA and taking out the tax free cash. Once the SIPP has been moved to drawdown, any cash taken out as a income will be charged at your marginal tax rate. That's enough on SIPPs from me :)

Knuttie, hahaha. Will do :)

Capa, I think you're slightly confused? Taking a SIPP into drawdown isn't taking the cash out. It remains in the tax free SIPP environment. It is only the tax free cash that comes out of the tax free SIPP environment. In your example, you are correct that the tax free amount is 375k. The balance of 1.125m would go into drawdown with no further tax consequences. The balance of 1.5m (the excess) can be either drawn out of the SIPP and you will pay 55% tax on it or you can keep it within the SIPP drawdown account and suffer only 25% tax on it. So you either get 375k cash, and 2.25m in drawdown (1.125 + 1.125). Tax is 375k. Or you could take the excess as cash too, in which you would get 375k plus 1.5m x 0.45 = 1.05m cash and 1.125m remaining in drawdown. Tax is 825k. Simple! :)

Capa, it is still classed as a SIPP. It is just a 'SIPP in income drawdown' per Hargreaves Lansdown. No need to concern yourself with my SIPP, lol :) Concentrate on the more important stuff. Cash elephant!

Thanks CG. Bushy shares in an ISA sounds perfect. We don't want huge tax bills on our current gains or our even larger gains to come! :)

Capa, I went into full drawdown after taking the maximum tax free cash, paid the tax on the excess (which hurts). The reference to age 75 is just the next chargeable event. Assuming I reach it :) Now I've paid tax on the excess, my SIPP is a great place to build up funds for the long term, due to the IHT benefits.

Capa, I expected that from you. As I have explained, in the past I have sold some SIPP shares because I was over the maximum lifetime limit of �1.8m. I have now gone into drawdown, paid the tax and so am happy to start loading back up my SIPP. The next chargeable SIPP event is when I reach 75 or die. We all need to look at our tax circumstances when we are making so much money. Maybe even you will have to check yours sometime :)

This is an easy buy and hold for me. High vanadium demand. Insufficient vanadium supply. Profitability high. Minimal capex to 5,000 tonnes production pa. Mokopane and Brits vanadium in the background. Bushveld Energy. Eskom VRFBs. Cash elephant! Potential chinese suitors to satisfy their huge vanadium requirements. What a great company to be invested in :) DYOR

Daisan, my 1m buy was split over 5 trades and is made up as follows: 2 at 375k. 2 at 100k. 1 at 50k. The first two trades were delayed but have now appeared.

21.08p/21.48p

Alfa, exactly! It's worth saying again.... Perfect Storm! :)

BMN has now positioned itself into a really strong position. The market is struggling to keep up with everything but will no doubt catch up soon. Just to keep things simple... Vanadium demand significantly exceeds vanadium supply and this will continue for a minimum of 3/4 years. This shortage, together with other current events, will generate a vanadium supply deficit in excess of 10% per annum. If VRFB demand takes off as expected, the vanadium deficit will be much greater than this. Therefore, although vanadium prices are already around multi year highs, they are likely to keep rising over the coming months and years. Excellent news for Vametco profitability! Vametco production costs are very low. Vametco is debt free and even made a profit during the low point in the vanadium cycle. Vametco production is growing - production is currently in excess of 3,000 tonnes pa, growing to 3,750 tonnes pa from June 2018. Production guidance for 2018 is 3,680 tonnes. Vametco will increase production capacity to over 5,000 tonnes pa by the end of next year. A brownfield acquisition would increase this significantly. We have one of the largest, high grade, low cost vanadium resources in the world. World class! Everything else is an additional bonus - Mokopane vanadium, Brits vanadium, electrolyte production, Imaloto coal, iron ore, titanium, phosphate, Afritin Ltd and Bushveld Energy VRFBs! Let’s not forget the demonstration VRFB with Eskom. This has huge potential. The Mokopane mining licence is imminent. Offtakes and development news must be very close when you look at Mokopane profitability. I expect to hear about generating early cash flows from Mokopane soon. Even the SA political situation has improved significantly. Our future is looking incredibly good. It is definitely time to relax and enjoy :) DYOR

I should add that the December 2017 accounts need to be published by 30th June 2018.

The next accounts are the year end accounts (actually 10 months to 31st December 2017). I don't expect these to be very exciting though; they will most probably show a loss due to the poor first 6 months to 31st August 2017. The first 6 months were hit by the Afritin demerger write down of �7.6m, causing an interim loss of �6.7m. During the final 4 months from 1st September to period end on 31st December, we only held a minority share of Vametco, so the revenue/profits cannot be consolidated. These profits will be accounted for under the equity method of accounting. Late December 2017, we acquired the majority Vametco holding and so from that point we will be consolidating the Vametco figures into our group accounts. The next quarterly production figures to 30th June 2018 will be out in July and these should show increased production in Q2. The important H1 figures will be published by 30/9/18. These figures should be exceptional with FeV averaging over $60 per kg in Europe for the first 6 months of the year and even higher in the US. There is plenty of other news expected that will drive the share price over the next few weeks/months. Very exciting times ahead :) DYOR

Even the currencies are still moving in our favour. Rand/$ at 12.622 reducing our production costs (at guidance of ZAR205) to $16,241 per tonne. Excellent! $/� still falling, now at $1.32 to the �, increasing our sterling revenues and therefore our profits. Perfect storm! :)

I’ve bought another 1m shares this morning. So much happening over the coming weeks/months... Half yearly & quarterly figures - profitability significantly improving each quarter as the vanadium supply shortage keeps growing. The acquisition of the Sojitz minority holding in Vametco increasing our share to 74%. Mokopane mining licence - imminent! Mokopane news of early revenue generation. Brits vanadium drilling news, very high grades expected, thereby reducing Vametco production costs even further. Bushveld Energy contracts. Eskom VRFB agreement news. Electrolyte production news. FeV prices rising and production increasing further. Brownfield acquisition to increase our production capacity further. Imaloto coal BFS, by 30/6. Imaloto coal platform sale/spin off. Etc! DYOR of course :)

Part of the recent placing was for this transaction and it was also confirmed by the Company broker, SP Angel.

MiddleEastMoney. In the next 12 months, the Company will earn around £57m post tax profits, using current company guidance. Then taking into account the increased production to 5,000 tonnes pa (expected next year) and the acquisition of the Sojitz share of Vametco, our profits after tax will increase to around £98m pa, using current FeV prices. That’s solely for Vametco and would easily justify a market capital in excess of £1billion on it’s own. An additional positive is that there is currently a world vanadium supply deficit and vanadium prices will almost certainly rise from current levels, increasing profitability further. Plus we also have Mokopane vanadium, Brits vanadium, Bushveld Energy, electrolyte production, Eskom VRFBs, potential brownfield acquisition and Imaloto coal still to come :) DYOR

Libero, the significance of the Sojitz acquisition? It would increase our share of Vametco from 58.31% to 74%. Thereby increasing our profits by almost 27%. Huge! :)