Member Info for nursesteve

I’m holding all my BEN eggs in one basket (being fully invested via my SIPP). However the slow erosion of the share price in the face of such excellent progress does puzzle me. Just wondering if the approaching end date of the hard lock in period could be a factor? Would Ben directors have agreed to a gradual sell off if one of the holders gave advance notice ? So as to avoid a sudden downturn after the lock in period ends?
It would puzzle me if anyone did want to leave but sometimes investors need to release cash for reasons other than what’s happening with the value of their holdings.

That is a pity Rak as Penstock posted valued comments including how many milestones were left on the permit (low single figures last time I looked) and seemed a genuinely good bloke who like me was well invested in BEN. Thanks for your replies. Good luck to him, you and all invested here.

Penstock or anyone else care to post an update on progress of the permit?

I share the frustration but I’m trying to be patient until the end of the year - even though I do check here and the sp almost daily! Good luck all!

What is that old saying something about the stock market being a place where money is taken from the impatient and given to the patience?

Did you hear me wondering ? Lol Thanks 19th

I think Falling Knife didn’t get enough credit for his / her post. Totally agree the shares are going for a song at present.

Thanks 19th / appreciate it!

I can’t dispute that so suppose it might well be the same company. Unless you can find another filing ?

Cous101 you misunderstood me, as I said I had looked again and IMHO I believe that this is the same company in both the RNS dated 14 March and who bought in with a notifiable holding in todays RNS. I don’t think that it is the same company you refer to. I don’t see a perfume company being the obvious investor in BEN.

Nice to see that the company has released an 5pm RNS about the total number of shares so that holders can judge the notifiable threshold, (I know this is required periodically but a good coincidence while I’m speculating about BEN being a good target for a buy out!).

Good luck

Ok Cous101 you prompted me to dig again and I found an RNS dated 14 March containing RNS Statement regarding Rule 7 lock-in rules that seemed as if Bluestar had been happy to trade a debenture (bond) against the entire shareholding MBU held. Having Bluestar buy in just before the anniversary of the lock in period coming to an end would seem as if they might still be happy to take MBU’s entire holding?

Bens Creek Company's largest shareholder, MBU Capital Group Limited ("MBU Capital"), had entered into a debenture ("Debenture") with Bluestar Global Capital Limited ("Bluestar") on 24 January 2022, which was filed at Companies House on 2 February 2022. Pursuant to the terms of the Debenture, assets belonging to MBU Capital were pledged as security, which included MBU Capital's entire shareholding in Bens Creek.

At the time the Company and its Directors said they had no knowledge of the Debenture. The entire shareholding of MBU Capital in Bens Creek is subject to a Rule 7 lock-in until the first anniversary of the Company's admission to AIM, details of which can be found in the Company's admission document published on 13 October 2021.

MBU Capital have stated that it was never the intention to grant any security that breached its Rule 7 lock-in obligations and both MBU Capital and Bluestar have now agreed to remove the Debenture without delay. The form of the Debenture that was entered into by MBU Capital and Bluestar was incorrect and therefore entered into in error. MBU Capital has confirmed that while the Rule 7 lock-in remains in force any future debenture arrangements that may be entered into by MBU Capital will specifically exclude the granting of any security or pledge over any of its shareholding in Bens Creek.

I’d be interested in much more knowledgable posters on here chipping in with their thoughts?

A quick Google about Bluestar reveals they are an investment company that “focuses on businesses that have the capacity for substantial growth and increase in value”. Good show of faith from the professionals!

They might not want the whole chicken (see my previous post) but it’s a lovely nibble! GLA

Happy with the update and to see how BEN continues to progress. Just missing the chat on here. Any level 2 insights since the large trades? BEN could be a target for a takeover, why pay for eggs when you could own the chicken?

Just looking back at the RNS of 25th July (which I thought was decent), it stated ‘Bens Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine in North America supplying the steel industry, is delighted to provide a trading and operational update ahead of release of the Company's results for the year ended 31 March 2022, which is expected by the end of August 2022.’ so results for the year are due very soon and when we have those then I expect we will see a significant re-rate. GLA

They might be cancelled trades ?

It does seem strange that the share price is still languishing after one distressed seller, sold out.
If I’ve got it correct then AW has stated he aims to try and issue an initial dividend within a year of them going public that would give initial shareholders their stake back? and so far the company is selling coal by the train load at a fixed price above the current market price?
I speculate that the company valuations from before they had the infrastructure in place and before they had any income are what have put off investors and AW is aware of this which is why he has stated that the company will have the company reviewed when they are up to full production.
At the risk of inviting abuse, correct me if I’m wrong but I think it’s worth (at least me - and Penstocks mum!) holding on. GLA

Thanks iceman!

Is level 2 still looking good as SP seems to have dropped. Always the same with Ben bit of positive news and a fall in SP!

Good update from the CEO and puts the flooding questions to bed.