Member Info for Pocko

And if Vardar were to be listed, BEM would retain a stake and become a corporate shareholder. When Vardar required funds, we would be expected to participate. Its not as simple as it simply raisining its own finance.

So I'll ask again, what has been achieved in Q1 to date?

Work permits need to be submitted for drilling on KS... Which takes time.

The PFS has yet to commence... The clock is ticking.

I'll be closely watching progress in Finland, as the RNS mentions 'significant progress by the summer'.

And as interesting as it would be to float Vardar, it will still require fundng in the meantime. And if it were to be subject of an IPO, would there be any appetite for it? The uptake for this latest fundraise was 36% in the UK and around 75% in Sweden from memory. Who would invest in Vardar directly?

Of which £1.55m is from the loan and will need to be repaid as part of this capital raise.

So the gross proceeds are not the whole picture.

This buys BEM time for 12-months, much like hiding behind the couch when the man from the Provident comes knocking for your mother's loan payment.

£6.4m Gross... sj74. Loan to be repaid and costs to be deducted. So net proceeds will be less...

I'll continue to be a critical friend EricDraven...

This isn't a game, or a way to pass the time. You own part of this company. To simply accept poor performance without any degree of critical analysis of the information posted in RNS makes absolutely no sense to me

This isn't gambling with the housekeeping, or a cheeky punt on the horses. Some investors have real money invested in this company and deserve factual and concise information within RNS.

Blind faith, hope, trust, the summer solstice and lucky heather have no part in making investment decisions.

My posts are almost exclusively fact based, and will continue to be so. Likewise, I respect the posts of persons that post in the same manner, irrespective of their viewpoint - I don't need an echo chamber, just sensible and informed debate.

The fundraise does not draw a line in the sand from which point everything will be better. In fact, there will be further fundraises resulting in a further dilution of your holding, and at some point a share consolidation, meaning in the future, you will not have a million shares in BEM, more likely 10's of thousands - Rinse and repeat.

Vardar farmed out would not result in a huge payday, given that we own roughly 65% of the company. With costs for an IPO, plus the buyout of the outstanding 35% owned by the founders of the company (who have already received a handsome albeit unknown profit for their shares from BEM), we would be lucky to get our initial investment back - Of course we would retain a shareholding in Vardar PLC, meaning as an investor, we would be tapped-up for their operating costs by a rights issue or loans, just as we are by BEM.

The PFS will be a significant event, but it's value to shareholders is at best an unknown. The environmental permit application involves fieldwork, but is by and large a paper excercise - The true value of which will not be known until we receive the actual permit, which is of course beyond the control of Budge - Much like the issuance of the exploitation permit.

I standy by for the 'but Kurt said' responses...

The irony being of course, that there is no discount to the market.

11-months on from the issuance of the exploitation licence Could it get any worse?

You might be waiting a while Oaktree...

Struggling to see where the near term value inflection points are?

If Vardar where to be spun-off, pray they don't use PrimaryBid. And in reality, what is the asset actually worth? Certainly not what BEM have invested to date.

""As momentum continues to build with Kallak, Beowulf is considering its options for the further development of Vardar. With the success achieved last year, the Company sees the realistic possibility of spinning out Vardar as a standalone listed company"

Could be interesting...

The UK uptake was 37.8%... so investors aren't quite as loyal as you give them credit for. Which is why investors could apply for as many shares as we wanted - Budge knew.

Standby for another raise in 12-months.

Boring stuff RNS, but if you take the time to read and digest them, they contain fascinating insight.

Shares will be admitted to trading on the 22nd March 2023 at 0800hrs - So don't hold your breath waiting for notification from PrimaryBid... Quick to take the money.

And given that the 22nd March is about a wrap for Q1, and that BEM have yet to finalise work plans and budgets, and won't do until they know the outcome of the rights issue, I'll ask again, what's been achieved in 2023 to date?

I've made money on this EricDraven, and I'll continue to do so -But not as much as I should.

This company is not where is should be, and the Government can only be blamed for so much. Budge has been at the helm for 8 years.

12-18 months will pass fairly quickly, and then what?

The fact is that this isn't last chance saloon at all. This business and it's investors can be financially rinsed in perpetuity and there is nothing you can do about it.

Keep these fingers crossed EricDraven, and I'll continue to pick holes in woolly RNS.

My points are all fact based EricDraven... And you've yet to unpick any of my arguments.

I've no interest in speaking with him again quite frankly. He's the CEO and a set course, a direction which will only change under new stewardship.

BEM has become a fiefdom, with Budge unaccountable. Hence the £3.2m invested in Vardar, for which there is zero accountability.

Crossing your fingers and hoping for a positive outcome won't make it so I'm afraid.

I wish my business had some gullible investors who simply shovelled cash my way without any recourse and accountability on my part.

I've spoken with him previously... £14m gross funding ago in monetary terms, not including two loans and smaller fundraises.

Let that sink in.

And if you think the submission of the environmental application will positively impact the SP, you're dreaming. The market however is very much alert to the value of BEM. Hence the pitiful price that Budge was able to negotiate.

2.06p...

I've just stated facts. If's, but's and maybe's are not progress.

Clearly easier to please than I am.

And EricDraven, with respect, do you honestly believe whether you and I support Budge on this board or not, it will impact the project either way?

And on that...

" When the Capital Raise has been completed, plans and budgets will be finalised that will support the application of the Environmental Permit in Q4 2023 and the start of the Pre-feasibility Study."

So even though a significant part of the fundraise is underwritten and Budge can put an approximate value on the fund raise in order to finalise budgets and plans, he hasn't?

Q2 beckons with no progress of note in 2023

So the £7m gross that's been spanked from the raise in 2020 is ok as we weren't in receipt of the exploitation permit?

But now we have the permit, and potentially another £7m, things will be different?

I've seen little evidence to suggest things will be different... And yes, I am still invested. I'm just more inclined to be critical of poor performance when it's my money been spanked.

And with BEM having a Mcap of £20m, explain to me how Budge has arrived at a valuation of £15m for Vardar based on his incremental investments in that company?

Again, it's your money - Wake-up

Because progress has been pitiful...

Pre-issuance of the exploitation licence, I can accept slow progress - Progress since March 2022 has been appalling

I don't accept mediocrity.