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Absolutely, I doubt 10p would even be considered, especially with flanks included.
RNS 24th Oct:
"If the Company was to dispose of both of its Assets, then AIM Rule 15 (Fundamental Changes of Business) would apply. Such a disposal would require shareholders' consent, an announcement which contains the information set out in Schedule Four to the AIM Rules; and be accompanied by a circular containing the details of the disposal and convening a general meeting to approve it. "
Would imply they could sell one asset without a vote as the business fundamental hasn't changed.
Besides the appetite for a vote at all will largely depend on the price. I doubt anyone will be calling for a vote if the offer for MT is 50p a share but if the board said the offer was 10p the vast majority would demand a vote so they could attempt to vote it down.
The last three production updates were between 8th-10th of the month. Tomorrow is the 10th, so hopefully the update will be forthcoming.
In periods of market instability like this the best thing any company can do is just continue to deliver on its business plan.
The main casualties will be companies that rely on income raises via share issues. Thankfully BMN is well past that phase. A profitable well run business with low production costs. Even if sales are marginally affected BMN has more than enough cash to weather the storm.
It is often repeated but it is only a loss if you sell. For those of us here for the very long term we are certainly used to being underwater at times. If you believe in the fundamentals of the company then short term index volatility matters little. It's where the price will be at your self proposed exit date. Granted for some that may have been now, for certain purchases or retirement planning but that's the nature of life. In many cases these plans are not cancelled, just delayed. For those here for the endgame, whether that be the ongoing fully integrated model paying handsome dividends or indeed a complete takeover those targets are still there. Current instability may delay the date somewhat, but the endgame hasn't changed. To this end I have no intention of selling any of my holding (aside from the fact my past attempts at trading never work, I always manage to buy at the peak and sell at the bottom!) - I will just ride out the storm and let the board continue it's masterclass in business building.
The main panic at the moment is fear of the unknown. In the case of BMN the future is largely roadmapped and if you have confidence in the board to deliver on those plans what is happening on the wider market now should be of little consequence. Those who have sold their holdings across their investments will be looking to buy bargains in future, once some of the current hysteria and the unknown is replaced with the realisation that the vast, vast majority of people will contract and recover fully the markets could be in for one hell of a bounce.
London Stock Exchange site is also broken today, not showing any trades for today at all. Was also giving constant Nginx (webserver) errors earlier but seems OK now.
@Daisydog I believe the ATM "buys" were shares in lieu of fees:
https://www.lse.co.uk/rns/ATM/issue-of-shares-beh8fqr3jtk1yrb.html
However that is a very positive sign that the directors are willing to be paid fees in shares, they know where the company is heading.
For those interested in Freetrade you may be interested to know that as of today Freetrade has dropped the £1 timed fee. So we can expect microtrades scattered all over the place now.
https://community.freetrade.io/t/commission-free-instant-orders-launched-today/16879
Anglo Pacific Optimistic On Coronavirus Impact On Commodity Prices
https://www.morningstar.co.uk/uk/news/AN_1582631497829866700/anglo-pacific-optimistic-on-coronavirus-impact-on-commodity-prices.aspx
Also according to the interim report in 2019, deferred shares do not entitle the holders to receive and dividends and distributions so unless we are sold outright these shares would not receive any special dividend from a MT sale.
I think the ordinary shares not in public hands are part of the overall ordinary shares value. Most are the directors shares?
@ninjamagic good post and I see you mentioned coronavirus. That's why it was important to post the earlier message titled "Anglo Pacific Optimistic On Coronavirus Impact On Commodity Prices". This week has been a bloodbath already for many stocks based on coronavirus fears, however as with any perceived fear it will be seized on and used as justification for MM's moving markets down.
Although at first glance the casual viewer might question what this has to do with BMN, here you have a commodities investment company saying the coronavirus is not having any material impact at this time.
So cutting out some of the less worthy content of the article, we could be left with this as the key takeaway:
"Anglo Pacific Group PLC on Tuesday said the coronavirus has not yet had any negative impact on the company's operations. Anglo Pacific, which invests in mining royalties, has investments in a number of commodities such as vanadium. The company said spot prices for its commodities have held up well so far in 2020.
Whilst it is too early to form a view as to how events and markets will evolve for the year as a whole, the immediate impact of the coronavirus on the commodities they are exposed to has been mildly positive as Chinese steel smelters have continued producing."
Original article for reference: https://www.morningstar.co.uk/uk/news/AN_1582631497829866700/anglo-pacific-optimistic-on-coronavirus-impact-on-commodity-prices.aspx
This is not to say that the virus situation is under control by any means, but at least we have a company directly investing in commodities stating it isn't really affecting pricing negatively at this time.
Hopefully this will also be confirmed by BMN in the next update, particularly as they have stated before we sell only a small piece of our production to China. Even so, if the widely held belief is that China is understating the impact on it's own industries turns out to be correct that could even lead to an uptick in imports to cover production losses as factory outputs ramp up. China is already implementing a stimulus package.
Anglo Pacific Group PLC on Tuesday said the coronavirus has not yet had any negative impact on the company's operations.
Anglo Pacific, which invests in mining royalties, has investments in a number of commodities such as coal, vanadium, uranium, iron ore, and copper. On Monday, it said it would no longer be investing in thermal coal assets amid a move to greener commodities.
The company said spot prices for its commodities have held up well so far in 2020. Coking coal, which makes up the majority of earnings, is up 14% so far in the year, with iron ore and pellets broadly the same and copper down around 7%.
Anglo Pacific said "very little" of the coking coal from the Kestrel mine in Queensland and the thermal coal from Narrabri, New South Wales, goes to China.
Chief Executive Julian Treger commented: "Whilst it is too early to form a view as to how events and markets will evolve for the year as a whole, the immediate impact of the coronavirus on the commodities we are exposed to has been mildly positive as Chinese steel smelters have continued producing whilst there has been a slowdown in domestic coal and iron ore production.
"We continue to monitor the ever-evolving situation."
"The project will see Pivot Power install the world’s largest commercial hybrid energy storage system (50 MW). It will combine the high-power capabilities of a lithium-ion battery with 2 MW / 5 MWh of the heavy cycling, non-degrading characteristics of vanadium redox flow machines, supplied by UK energy storage experts, redT energy. Utilising both lithium-ion batteries and vanadium redox flow machines together in one hybrid system, combines the strengths of the two technologies to meet the complex demands of multiple applications while extending the lifespan of the lithium-ion battery."
Here is the original Red-T media on the project that mentions a hybrid solution: https://www.redtenergy.com/eso-news-release/
EDF has ordered 100MW of storage from Wärtsilä and will deploy the batteries at two UK projects, the 50MW Oxford 'superhub' and at a site in Sittingbourne, north Kent.
The sites are both projects developed by Pivot Power, recently acquired by EDF.
The Oxford superhub scheme was originally set to include 48MW battery and 2MW of flow storage. It is now progressing with 50MW of lithium ion, though flow storage provider Red T says it is "100 per cent still in the project."
The Oxford storage facility will be connected at transmission level at Cowley substation to underpin a network of EV chargers via a 10km private wire around the city.
Some 300 heat pumps are set to be installed as part of the project, which, along with the battery and EVs, will be smartly controlled to enable flexibility trading.
Habitat Energy will trade the flexibility, largely on the wholesale markets. Kensa Contracting will provide the ground source heat pumps.
The storage, private wire and EV chargers are slated to be in place by the end of this year, with the heat pumps installed by 2021, when the Renewable Heat Incentive closes.
The 50MW Sittingbourne project is also expected to be operational by the year end.
https://theenergyst.com/edf-and-wartsila-strike-100mw-battery-deal/
Absolutely the Crux interviews are a breath of fresh air. CEO's with nothing to hide have nothing to fear. The difficult questions avoided by many are asked from the perspective of a private investor and are a must watch for any share. I would certainly be wary of any company CEO that refuses to be interviewed.
In terms of our own CEO his confidence in interviews is coming on in leaps and bounds and is wonderful to see. He has every reason to be confident, this is a fantastic project and the economics just get better and better. There is little downside here and tremendous upside - you can get the gist in the interview of just how huge this resource could be. The Crux interview is a must watch for any investor.
With tin prices as they are and costs as advertised then with the smelter margin deducted we are doing little more than breaking even at this stage which is why that tantalite detail is very important for investors. However that is not really a negative. They are in early stage production and successfully covering costs on tin whilst learning as much as possible in phase 1 for the phase 2 design. The tantalite is transformational to revenue even at this stage so I hope for more information on this in future production updates - at least confirming what was said in the interview regarding ratios. Lithium news will also be welcomed and may attract a wider audience once we know more.
As I have commented before the phase 2 plan is pivotal, if it meets their self imposed dilution policy and is positive for investors I see a quick re-rate on the cards as the worries about dilution currently will no longer be holding this back.
I see this as a bargain at these levels.
If you are interested in seeing what shares are supported you can find the list here: https://docs.google.com/spreadsheets/d/14Ep-CmoqWxrMU8HshxthRcdRW8IsXvh3n2-ZHVCzqzQ/edit#gid=1855920257
To be honest I think anything that widens the exposure for BMN is a good thing. No doubt there will be some people who see the list who have never heard of BMN so check us out.
The service supports a limited number of shares at present so won't be seen on all shares. It's already wreaking havoc with those who look for 1 share trades as a sign of "RNS LOGGED!"
@JMC69 The price of 18.75 is from the one year graph both on here and Google so is based on closing prices. It is the lowest daily price shown and only lasted for one day. Possibly intraday was slightly under that hence your purchase at that exact level.
Ultimately that will be a great purchase, well done for finding the bottom which is very difficult to do! I normally find when I buy the price immediately goes down!
rattie, I don't know you personally or have had any dealings with snowman but as an investor who has been through something similar in another share where a long term poster has passed away I just wanted to offer my condolences. Like snowman that investor (Corbine) didn't get to see the ultimate result of the share they invested in, hopefully snowman had family who can.
Best wishes.