Member Info for Pocko

Investors need hard facts. All we have is uncertainty, created by the company itself.

The last fundraise was supposed to support the business for the next 12-18 months. It will be spent on fixed costs such as salaries, and so might last longer. But Röstin has already signposted that another capital raise will occur sooner rather than later.

There is no impetus for new investors, no news on the horizon, and therefore no interest in the company in the present.

It's a mess of the company's making. They get paid regardless, rewarded for failure in fact. But we are quite likely to lose everything.

The board, just like Budge, will grasp the next opportunity.

And the only thing currently stalling progress of any description, is the ineptitude of the board at BEM.

That is entirely their own doing. Who pays the price? Investors.

EricDraven, beyond investing in Vardar (Budge: BACS, Bankers Draft or Cash? University Buddy: Ooh... Cash please, preferably big mixed dénominations) that appears to have bought a Nissan Patrol, a few portacabins and maps obtained by using a drone (No drilling for us) has progress really stopped or stalled?

And aug59, do you genuinely have no doubts or issue in respect of the investment of £3.25m in Vardar? Because I do.

And judging by the tone of Röstin's reply to my question about Vardar posed at the AGM, albeit answered by email, so does he.

Aug59, Budge mentioned 'discussions' with third-parties in numerous RNS over a number of years (soley around Kallak). Those RNS can only be judged on our current predicament - A since departed Budge, and and an SP languishing.

And yes, the entire company can be bought for around £18m. It's called the market cap and represents the value of the company through the financial lense of the market.

When the facts change, so will my opinion.

And you'd be better off contacting Röstin for answers than trying to convince me otherwise, when faced with the facts and our current dire predicament.

The display of either ineptitude or more likely deliberate obstruction on the part of several different governments of differing political persuasions towards our company over the last 10-years, suggests that no discussion of any sort has ever taken place or is currently taking place.

The Swedish government of the day, whomever that may be, can outlast our small company.

Remember the years that we spent posting, myself included, convinced that things were occurring in the background, whilst all the while it transpires that our application was sat on a desk gathering dust - Literally?

So again, based on what evidence do you make such assertions?

And an election will soon be on the horizon. What then?

And the so-called 'Green transition' is smoke and mirror's, designed to appease the green lobby. Mining is a dirty but necessary business, From the mines and coking plants in Poland, to Bauxite mines in DRC worked by child labour.; And the myth of EV is being debunked to a degree. So there is no ecsaping that Kallak will cause environmental and social harm, regardless of electric trucks powered by so-called green electricity - It will also be an economic force for good for some, but not all locally. Hopefully (Apologies... I try to avoid such words as Hopes, dreams and fairy dust), Kallak will be good for us too.

But the truth is, person's involved in the mining, procurement and processing of commodities don't care where they come from. And neither do consumers if it hits them in their pocket. That removes the 'green' argument and any perceived advantage in our application and industry knows it.

The Swedish government doesn't care about china, pollution, child labour, or anything else afflicting the world. It cares about re-election, and therefore seeks broad appeal and avoids the decision making requir d of serious government.

Just as the board does not care one jot about private investors. They've had your money, and you've had plenty of opportunities to profit. It's a dog eat dog world.

Have a read of Very Bad People by Patrick Alley - He co-founded Global Witness. Supports my point.

An honest opinion based on what exactly aug59?

If the content (a loose term if ever there was one) contained in the RNS is to be believed, there's a 6-month review, So in your opinion, what's the 'not too distant future'?

Investor confidence has been utterly destroyed, which doesn't bode well, unless of course some amazing news is released before a fundraise - Unlikely at this juncture.

Again, the quality of Kallak is not in doubt and no industry secret. So what is your optimism actually based on?

The people writing the RNS are cut from the same cloth. It's waffle designed to confuse, and offers nothing.

Good RNS, but still lacking in detail in my opinion. Investors shouldn't be waiting on news in 'the coming months'.

And yes sj74, agree totally on the figures and capex etc

And there we were, extoling the virtues of investing in Sweden.

Röstin and Bowie can soon bounce on to the next prospect and bleed it dry. Joke.

The quality of Kallak has never been in doubt. Likewise, it's no secret, and if big players in the industry had wanted it from the off, they would have undoubtedly been involved. But they are not.

What clearly is in doubt, is the ability of BEM to extract it. Therein is the issue - A complete lack of investor confidence. The board has destroyed belief.

Budge had an easy ride of things at AGM's. Docile and compliant investors. That needs to change.

If nothing else, a few emails direct to Röstin might give him something to do on a daily basis.

Proactive investment is required.

It was a pitiful take-up in the UK, around 36% from memory. And I don't see that improving for another round of cash raising (Lies) given the current state of affairs. What would be the USP?

And with more marketing and finance people involved, I doubt that any action will be beneficial to private investors.

They're not known for honesty and integrity.

And expect a 'The company was in dire straits when I took over... This action is necessary blah blah blah...' statement from Bowie. Just like Budge did when he took over.

A two fingered enjoy your medicine statement from Bowie to investors.

Because it buys time is my best guess; And masks the fact that it will be 12-months before anything starts to move forward in my opinion, inclusive of the review.

I won't support any further fundraise unless its advantageous to do so - Which given the current state of affairs is unlikely.

The smaller the uptake in the UK, the danger becomes that the AIM listing becomes even less significant, and a delisting becomes a possibility.

As for the plan?

Rip-up the current plan, create a new plan, and get investors to pay for it.

And as for those off-record conversations that aug59 alludes too, what occurs now?

And who in their right mind would buy Vardar? Certainly not for what Budhe paid for it?

Maybe Budge can trot down to Barclays and have a word with the small business manager and get a loan to buy Vardar?

And Kallak? Sold for a pittance.

EricDraven: The word 'Approximately' is not exact. It is a rough time scale... Check the dictionary.

And from the 28th June: " This strategic review will take approximately six months to complete, and we then look forward to updating the market on our revised development plans and timetable including the environmental permitting process and application which is no longer expected to be filed this year."

My money is on work having stopped. Why continue with something that might not fit the development plan?

Your friend can look for positives all it wants, but this is dire.

Small beer compared to the £80k Budge cost the company, and of course the £3.25m spanked on Vardar.

And we have a 6-month review, which may or may not have started.

Assuming it takes a while to start implementing the plan... and that the review is even completed on time?

Say 3-6 months to commence the implementation. That's 12-months further down the road. A year of fixed costs such as salaries etc.

And then investors are asked to support this program with a further fundraise?

It might focus their minds if the board were on genuine performance related pay?

The fact is EricDraven, is that the idea that investors can trust anything in the RNS has been dispelled.

Progressing on three fronts was always too much in my opinion, particularly given that our sole means of financing those projects was BEM and therefore private investors. I've always been a vocal critic of Vardar, and that now appears justified in my opinion. But... At least there was some direction or obvious plan, however implausible. Now what? No direction and no obvious plan. But we are once again being asked to show patience and blind faith.

Appalling company and even worse management.