Member Info for SickOfTheRatRace

How is a "fill or kill" achieved? You have to call?

Halifax has no such online option, it just tries to find the best price and if no-one is playing ball it says it cannot be processed automatically at this time and asks if you want a negotiated trade.

As mentioned there have been several occasions where the market size has been meaningless, all trades were going NT regardless of size.

I would much prefer an RNS distraction but trading analysis will do just fine :-)

The PFS for Mokopane as shown in the 2017 Annual Report page 14 was for 9525mtv of V2O5.

It was mentioned earlier MVO being used to make the electrolyte, do we expect production at Mokopane to be modified to be more electrolyte friendly? Is that likely to add any additional costs or delays to the existing plan?

Srob there was talk of a 30p meetup party for a long time. 30p has long been breached.

Serenus to answer your question there have been a number of occasions from memory where it wasn't possible to buy/sell even tiny amounts without it going NT.

If they want people to sell they need to put the price up not down!

All I can say on the dilution front is since my first buy my shares were diluted x3 but the value has appreciated x11.

I would not be enjoying a price of 40p without that dilution.

From memory the only dilution I really had a problem with was Erongo where a value was agreed which would be paid in shares. Cycle on to the deal conclusion and because of share price increases Erongo ended up with shares worth several times the deal price. They then kept us suppressed for a long time whilst they sold them (the now legendary Erongo overhang).

So dilution can work both for us and against us, but so far the positives have outweighed the negatives by 11:3.

The days of "keep the lights on" placings are long gone and I would expect any further dilution to be for investments that would return multiples in future.

That said if the company could avoid all dilution by using other instruments then so much the better. However should they need to dilute me to build a plant at Mokopane that will effectively pay for itself in just a couple of years but be worth say another $150m on profits multiplied by a PE of 15 or say £1 a share minimum after dilution why would I be afraid of that?

PRIC = 'Negotiated Trade Waiver Condition'

The negotiated trade waiver allows negotiated trades to be concluded off order book provided the transaction occurs at or within the current volume-weighted spread, or the price is subject to conditions other than the current market price of the share (e.g., a VWAP transaction).

https://www.fca.org.uk/mifid-ii/6-transparency

This is particularly interesting:

The section about off-exchange trading in MiFID II focuses on recalibrating the use of pre-trade transparency waivers. Trading under these waivers (i.e., in the dark) — specifically, the reference to price waiver and negotiated trade waiver — is allowed with some qualifications. In particular, dark trading under these two waivers is subject to a double-volume cap calculation. So, pre-trade price transparency must be provided in the following instances:

When a given dark trading venue hosts more than 4% of the total volume of trading in a particular security across all trading venues over the past 12 months.

When overall, trading in the dark in a particular security under these waivers is more than 8% of the total volume of trading across all trading venues in that security over the past 12 months. This second cap would, for example, bring onto lit markets a stock that has 3% of its volume on each of four different dark venues for a total of 12% dark share (i.e., not breaching the 4% per-venue cap, but breaching the 8% total-venue cap).

From: http://www.cityam.com/264201/whats-new-mifid-ii

If there are no warrants involved I will be happy3.

You are right, it's absolutely nothing. Been raised before and a number of companies have it not just BMN so nothing to do with a joint listing.

Basil no need to be sorry.

The battery in question is an Iron Chloride flow battery and there seem to be plenty of papers on the mix FeCl2 / FeCl3 so it doesn't look like anything revolutionary.

One study showed a particular challenge with regards charging at the negative electrode: https://ecs.confex.com/ecs/223/webprogram/Abstract/Paper17289/B1-0141.pdf

This is above my pay grade and no doubt Alfa is currently typing a response so I will bow to his vastly superior knowledge of chemistry.

BBN I understand your caution with regards to predicting the V price. With output enhancements from Largo and BMN plus new companies bringing new sources on stream after a few years it would be easy for the casual observer to conclude that the structural deficit would be over and the market will head sub $30kg again.

For anyone considering this as the likely outcome I would draw attention to predictions of VRFB takeup and where the market is likely to be by say 2030. You can get information on this from Google, industry commentary and also from Bushveld's own presentations and the Bushveld Perspective.

My personal conclusion at present is that VRFB takeup is going to ensure a structural deficit pretty much for at least the next decade. VRFBs are going to take any additional production improvements and then some. It is my own opinion (please of course do your own research) that due to this high V prices are here to stay. Of course there will be peaks and retraces but the long term average over the next 10 years is going to be significantly higher than the last 10.

Naturally that conclusion is based on a presumption, that VRFBs gain traction and there is significant demand for them. Can anyone accurately predict the VRFB market in say 5 or 10 years time? Maybe, maybe not. I just look around now at the increasing mention of battery storage all the way from grid level down to home level and the evidence seems to show that industry has already decided that storage is the way forward - the only question being where that storage comes from.

I therefore take a much more bullish view. Higher price averages are here to stay and any production improvements realised by BMN are therefore going to be rewarded handsomely for a number of years. It is difficult to comprehend the absolute monster BMN could become.

@Alfa in regards to your earlier post regarding which option is preferable personally I would like to see priority given to diversification from a plant perspective. This ensures the company is not reliant solely on one plant and therefore doesn't have it's income suddenly cut off due to local plant issues such as a strike or equipment failure.

The ideal scenario would be Mokopane feeding Vanchem and Brits feeding Vametco.

@ProperGolfer the company will have costed their longer term plans at an expected Vanadium price lower than now. There is nothing to fear from this temporary reduction in pricing. Steel mills still require Vanadium and flow batteries still require Vanadium and in ever increasing amounts in a market where production is lower than demand.

Commentary is that the market will pick up again shortly following seasonal shutdowns.

@Nickderby the problem is that those on the bear side always see a fund raise as negative - it MUST be because the company is skint and needs to pay the electric bill.

Thankfully anyone here longer than five minutes can see the real picture.

@BBN there is also the point that Fortune stood up in a recent presentation in front of the President of SA and committed a huge investment over the next three years.

It could be argued that BMN could cover that investment from profits but that largely depends on external pricing factors - so a capital raise may well be essential and already in their plans.

It is nice that we are making huge profits now but with huge profits come future huge ambitions and no matter how high the profit may be it still may not cover it.

I have every confidence the board already have everything costed out based on a Vanadium price that is lower than the price today.

Expert10201 paying dividends could effectively pay dividends, to coin a phrase.

It is accepted that a dividend policy is forthcoming and indeed looks like it was tied to last years institutional raise possibly to get some institutions interested - this is regardless of any future raise.

However if we consider dividends in the context of a possible future raise then it would seem absolutely the right time to pay one now. There are some capital requirements that are *possible* in future - we may need $300m to build a plant for example should other desires not come to fruition.

If capital needs to be raised then the ideal position for existing shareholders is that the share price is as high as possible when it occurs to ensure that dilution is minimised. If you want to raise say £50m at 42p then you are going to need to issue 119m shares to do it. If you start paying dividends now and the price appreciates to 84p on the back of that news you just halved the amount of shares you need to issue and reduced shareholder dilution from 10% to 5% for the same net effect.

The company pays out the same money and gets the same money it needs regardless and takes advantage of the higher share prices enjoyed by profit making dividend paying companies whilst shareholders take a smaller hit.

I keep forgetting, was JimmySt the one that posted "Why the low volume today guys? GLA" on a Saturday or was it blueface?

Knuttie as I posted towards the end of last year my thoughts are with you on this difficult day and I hope everything goes well.

Just a quick note as I have been catching up on board postings today. Sorry to hear about both ongoing and new medical issues being mentioned over Christmas. For everyone affected I hope treatment has either now completed or is progressing according to plan. I didn't mention it here but having suffered a bit health wise during 2018 I am certainly looking forward to a better 2019 and wish everyone all the best with their health and fitness.

I would like to make a special mention to everyone here that is connected to the NHS. No matter how you contribute from cleaner, porter, nursing staff, doctor, consultant etc to name just a few thank you for all your exceptional work. You are part of a massive machine that has touched all of our lives in an immeasurable way.