Member Info for SickOfTheRatRace

Sigh. Of course it's great to see our house broker increase the target but given they have far more access to the company than we do why do they make basic errors in their releases?

SMC is Strategic Minerals Corporation not Special Metals Corporation which is a USA based alloys supplier and nothing to do with the holding company of Vametco.

Alfa, I can only echo sentiment regarding TBP.

Just an observation, I assume you copied this from your previous posts so you may want to update this bit:
"(Q1 2018 was the last reported production period, we are eagerly awaiting Q2 production figures right now)"

Fortune has been quoted online as stating that the increase to 10,000mtv at Vametco would cost around $100m.

With Vamchem in business rescue and taking into account the price paid for Vametco (an operating plant) and the increase in V price is it possible to put an estimate on acquisition and any plant replacement costs as an immediate alternative to spending the $100m at Vametco?

Personally given what we has transpired at the Vametco plant in the last two weeks if up to $100m is potentially going to be spent I would prefer it was first directed at an alternative facility to ensure that BMN production is sufficiently diversified. Later on when even more funds are available, increase at Vametco.

It would seem the prudent thing to do would be to diversify production first so no one facility has the company over a barrel.

Any thoughts on this?

LUCAN the RNS yesterday is pretty clear that it is illegal?

Xlogically the last known official information is that released by the company yesterday afternoon as an RNS.

IlluminatiShare - As well as the first class information posted here the best places to research the company are www.bushveldminerals.com and www.thebushveldperspective.com

Yachty are you inferring there is a link between Vametco and the violence? Or was this civil unrest outside the plant gates being controlled by local law enforcement? Do you have more details on what actually happened and how people came to be injured, was it third party or strikers fighting themselves or with employees trying to cross the line?

I am as sure as I can be that Vametco management were not firing rubber bullets, if indeed that is confirmed as something that actually happened.

It is seems clear that BMN/Vametco are following due process/labor laws to the letter - unless you know otherwise?

Alfa can you comment regarding warrants, as I understand it some of those outstanding warrants cannot be converted as there is an agreement to not convert/sell more than a certain amount per quarter.

If so where are all these shares coming from. Not me that's for sure!

After today there will be only 11 trading days to reveal H1.

As mentioned in a previous post I have September 28th in my diary as the anniversary that we found out about the passing of Corbine.

How fitting to mark that anniversary week with official accounting confirmation that BMN has transitioned from a loss making to a highly profitable company.

"Very good deal" is a galactic understatement.

If we consider what BMN paid for their original % share in Vametco and what they are paying for this % share at a time where the V price has gone from $20 to nearly $90, "very good deal" is doing BMN a great disservice.

Late to the party today. Well what can I say. An incredible deal and I am sure everyone will join me in thanking Fortune and the rest of the board for achieving this outcome.

As you know I hate warrants and fully expected this deal to be announced with some complex warrant/future dividend structure that although achieved the desired outcome would have set us up for yet more price drag and MM shenanigans in the coming years.

Therefore to read this announcement today of a cash payment with nothing further to pay, ever, led to a huge and very audible sigh of relief.

It is clear to me that the sentiment on this board is fully digested by our board of directors and I loved this part:
"The Sojitz shareholding in SMC is acquired free from all claims, liens, equities, charges, encumbrances and adverse rights of any description, and together with all rights attaching thereto, accrued or contingent."

If that wasn't designed to be as 100% certain as possible that this is it, no more, I don't know what is. No room for shorters or naysayers to infer ambiguity either now or in future, the deal is done.

So now other than the compulsory Black Economic Empowerment (BEE) share Vametco is fully ours.

Fantastic. Incredible work.

40p? Sounds like a deramp clark :-)

Two top-ups for me this morning. It's a sea of blue.

Buys going through below the midprice. Price to buy 19.45 - 19.50. Bargains galore!

The same square mile gives us the current ability to invest in BMN and hopefully make a lot of money so a necessary evil on the path to retirement!

Not sure if I am allowed to say? It's not difficult to find, start with Vametco and narrow your search to Sep 18.

"The Mines have indicated compliance....all future civil disobedience have been suspended....Please note that feedback will be given to communities....until further notice....."

@Alfacomp yes I can agree that at this stage of the company that is the position we find ourselves in.

Your primary point (unless I misread) is that regardless of this information being disclosed or not it makes no difference because the majority of holders are going to hold regardless because they understand the long term potential. I agree - this action has made no difference to my personal investment resolve and I have bought more. I see this strike action as having very minimal impact to the future of BMN.

However the company has to comply with AIM regulation and there is no way around that. We can argue regarding the level of disclosure and detail but disclosure there must be. The Q2 update didn't fit that, but the last RNS did. So I applaud the company for addressing that situation and if I have to suffer short term pain then so be it. It makes no difference to the end goal as many others here regularly say.

I am also of course very grateful for the existence of the Bushveld Perspective and the information it provides. Both you and the other contributors provide the more in-depth ongoing analysis that BMN hasn't had the resources to do themselves. Ultimately we all benefit so thank you.

A game of football needs to be played within the rules of the game. I don't think the rules of disclosure on AIM are compatible with the company not telling us there is a strike but happy to debate otherwise if there are alternate views.

For clarity for all readers, AIM rule 11 states:

11. An AIM company must issue notification without delay of any new developments which are not public knowledge which, if made public, would be likely to lead to a significant movement in the price of its AIM securities.

By way of example, this may include matters concerning a change in:

its financial condition;

its sphere of activity;

the performance of its business; or

its expectation of its performance.

My interpretation is that strike action fits three of those four so must be disclosed.

@raffym that's because at the moment we only see the here and now and we are still in the middle of the strike. Before judging on transparency (and to be honest I think it's a moot point as the company has to keep us informed of price sensitive info) we need to see what happens when the RNS comes out saying the action is over.

The previous announcement left us 5p down and because it was good and bad apparently left us no avenue for recovery without alternative news.

I fully expect a bounce here when the RNS drops that the strike is over. I cannot predict how much of course as that will depend on a number of factors and as I said earlier I don't believe all this drop is strike related.

At present the drop from 28p to 23p and from 23p to 19p is the same percentage in both instances. The difference this time is we have the good news of resolution to follow.