Member Info for Takayama

Lanjan- yes that’s right. New shareholders are always welcome. I bought in because I saw value. With a 1p divi, and a p/E of, say 20, this should be trading at 20p I reckon, but that would be tops I reckon.. I agree with Dagenham. Anyone selling now would be mad! If you’ve bought in now, you’ve bought at a good time to get the divi, and then to have spotted a share with sp so below nav. What an opportunity. Get the divi and then you’ve got a spread of great investments to profit from when the board sells them, almost for free!

Lanjan- yes that’s right. New shareholders are always welcome. I bought in because I saw value. With a 1p divi, and a p/E of, say 20, this should be trading at 20p I reckon.

Whatever happens, it’s going to be hilarious here! Let’s hope it isn’t tulip bulbs!

I’m all for a special dividend. It would be great if done at the end of a significant and consistent but back. Even with only 100k a day bought, that’s still 1% of the company a month, but it seems the brokers we have can’t manage such activity every day!

The best chat board on LSE! Good days of postings comrades! Best bit of SEED perhaps is this board! Particularly laughed at the 'it's like being another 12 months married' comment! Ha ha ha ha ha ha ha! I couldn't imagine selling up and putting my money in some stock with a dull board.

Just looking back in here, and seeing many familiar names. Always interested in BEM, and as with many junior miners, another capital raise. Can I just check (having scrolled through and researched but not found the answer), this raise for approx £8m covers running costs for just the next 12 months? That's what the information folder says. Of course, Grafintec will produce revenue in 2027, so three years from now, there'll be an excellent revenue stream from there, and possibly better news on Kallak. But also, presumably, another two fund raises? And that is only for costs to get it to project start line for Grafintec. An amazing upside should BEM continue to manage to raise funds to that point in time. Personally, I like Ed. But his track record isn't stellar. At least he isn't a pure geologist though. GLA

Longlad: Boredom!! Ha ha ha! Absolutely! That's why I come on this board, to read all the really entertaining posts!

Mat: Mellon isn't such a bad person to have around. He's rich. Combination of luck and timing. Perhaps some may rub off on Ed? And skill? Maybe, maybe not, but I'm not bothered about that. Better than no mentor at all. I'm not sure I'd have started here without the likes of Mellon in the background.

Mentorship aside, Mellon can likely provide access to some interesting VC meetings/events for Ed, for Ed to meet the right people, for Ed to hear the 'top gossip' about what's about to be hot, for Ed to be in the loop about what's about to happen. That's more important for someone in Ed's position, and Mellon's usefulness. You win some, you lose some in the end. No sense in despairing. We're not in a desperate position here. Ed's certainly become steadier in the last year. Less of a fast boy perhaps, more self aware. That's good. Personally I'm worried that he's perhaps become risk averse! There are some exciting start ups/early stage companies out there, particularly in some 'sectors' (lets leave the medicinal cannabis sector alone for a bit of time though I'd suggest), and it would be great for SEED to get a position in those other sector's star companies before those bubbles start. Because there will be more bubbles. We just need to get there first.

I'm not too sure I'd agree with Ed that there's a scarcity of capital out there. For the right company in the right sector, there's a lot of investors chasing. There are marginal areas that few people expect growth (ahem, medical cannabis appears to be one of those at the moment) and there are likely to be plenty of companies in these sectors that are overvaluing themselves (I'd agree with that), so those that are genuinely undervalued, no one would really be interested in them anyway so they may well remain undervalued until they either fold or we as investors die of old age. So for example, in the field of DNA data storage, Evonetix had a very oversubscribed series B funding round (£44M chasing £20M Series B round), and that alongside a few other sectors, really IS the future, and would be an exciting area for SEED to consider. I thought Ed's March 18 presentation wasn't too bad. Interesting to hear that Mellon's increased his holding. Mellon and McDermott are obviously very close, so I hope that Mellon's able to provide further mentoring to McDermott. Mellon I think runs the Master Investor Show? Mellon and McDermott certainly share some of the same language ("That shows how much of a lousy investor I am, ha ha"). I think Mellon can get away with it but of course McDermott isn't there yet. And has Lloyd Leckerman exited completely or has he transferred to his wife? I can't remember. I wouldn't be surprised about the former. As others have said here, there is a risk discount likely applied with Ed at the helm so I personally hope he manages to demonstrate some value investing in the near future that can get us excited. I'm guessing the CFG exit is on the horizon too.

I have to admit Longlad that even I am starting to feel a little wonderment at the lack of activity beyond ‘high interest account’ and ‘special dividend’ talk. I, too, feel that the opportunity cost may simply increase here without end, actual cost notwithstanding. Where is the exciting growth? European cannabis markets are undoubtedly loosening up, and, as someone perhaps a little longer on the tooth, I have seen (and experienced) such quiet before frenetic activity in the past. At this point, it feels I can only hope that is what will happen here. My most pessimistic words yet. But I’ve made a lot of money in such an environment in the past… . . There is undoubtedly value here. Perhaps the board may wish to offer me a job? I understand risk and of course, there is risk in NOT acting as we all know. At least I hope we do. GLA.

‘Special dividend is on the table’. Correct me if I’m wrong but is this the first time we’ve heard this?

A fund raise was inevitable. Not sure why anyone would be surprised. I don't think anyone is being hoodwinked or whatever here. It looks pretty straightforward to me. The company needs money to operate and there'll be yet another fund raise in time. Ed is probably hedging his bets on timing Oaktree. I remember reading a note around 10 years ago, saying something along the lines of 'its been going on this long, why wouldn't it go on for longer, don't invest'. The Sami know this and they know the constant appeal proccess is their best chance to drive BEM to the ground (as do you all). I'd respectfully suggest therefore that Ed is taking a careful path by diversifying more heavily elsewhere. Kallak was always political but not in the way that is discussed for the most part here. It's about historic land rights and how mining has been historically perceived. That doesn't really get resolved instantly via an election or by some government agency staffed by civil servants making a decision. They may help but it's a far deeper rooted issue. It looks like a good time to wait a bit for the SP to drop further and then to buy if you are betting that the Kallak court decision will go BEM's way (what other avenues do the Sami have after that if they fail?). There's money to be made here. But not by holding. Even if some assets look pretty good on paper.

Dags, all good points. Fwiw, if I had some spare cash, I’d be looking at Mex. Luke Johnson has just moved in it seems. GLA.

The TMS' broadcast is a useful one. I'm glad that Ed is now reining in his 'telegraphing' tendencies. Spells well for the future. Not much new, but so what? That's fine if there isn't anything particular new. I welcome an update that the boat is steady as she goes. An update that foolish self valuations are being turned away. An update that there are options for the future. Yes, we could have invested in crypto, but the guy collecting the rubbish when I had my new kitchen installed invested in crypto and whilst I'm sure that bloke made a bit of cash, but that's pure speculation on his part rather than information based decision making. If I'm sitting back and waiting for a return, I'd rather do so I'm more relaxed if the return is based on a more informed decision making process than a bloke who gets lucky on what is essentially a ponzi scheme. No offence intended to those invested in crypto.

It's unlikely Portage will die. They seem to have a decent amount of friends. Whilst cash looks to be running out they still have access to around $80million on demand, which should generate another load of positive clinical trial data to provide motivation for additional funding. But yes, only a small holding left so doesn't matter that much at the moment. Though of course, if Ed was to buy some more....... . :-0

I can’t see a floor here. Anyone else thinking this is ripe for a big short?

13 million or so left to buy back. Even with 200k a day, we’d be pushing it. The pace of the buyback needs to up a bit. Not sure if average volume allows much of a pick up. We’ve only around 10 weeks left. And this low price is amazing. My guess is that the buyback will increase pace pushing the SP up. 😭Gla.

Hey Dags. I think you've misunderstood my post (as Samval has pointed out). The intention isn't of course for Ed to keep the SP down. It's to TAKE ADVANTAGE of the people who are selling at this price and pushing the price down. From where I'm sitting, the CFG investment is a good one. I've spoken to scientist friends of mine about the science behind alternatives to palm oil (there're a few 'competitors' out there) and CFG's technology is indeed at the best, most realistic edge of commercialisation. Commercialisation is the key. And as far as cannabis is concerned, we all know that it isn't there yet. But there is a direction of travel. The direction is positive. That bit is obvious. And everyone is excited about France. It's going to be frustrating, but there you go. That's the nature of the investment. LGP and CFG are fundamentally well run companies. At least if they were poorly run, then fine, we could moan. But they're not. This is what the first rung of the ladder looks like guys!! Taking advantage of what I think are fools at this stage is the perfect strategy. Buying 6p worth of asset at 2p? I mean, come on! Let the fools sell! I had never, in my wildest dreams thought that this is what the buyback would look like. I really don't care if I'm the last one left here when everyone else sells out and everyone's money has been used to buy all these shares at this ridiculous price. How on earth do you think Abramovich got rich? And the other Russian oligarchs? They ran around from door to door buying up all those poor Russians' shares for mere kopecks to the ruble. This is where we are now! It's almost as if we're in the middle of the Russian hinterland, knocking on those doors late at night getting those poor suckers to sell a prize asset for pennies so they've got a bit of extra money for something they understand - vodka! It's tough if you have been holding long term and seen some difficult decisions (the Ukraine war really, really didn't help the sale of LEAP - you guys MUST realise that at the very least!), some poor behaviour (a board should never, EVER, raise expectations), but ultimately, we've got some really good assets here. I don't doubt that Ed and the team ARE working on triaging those possible investments. I've no doubt that we're going in the right direction. Respect to everyone here from me too. It's okay if you disagree with me. I'm cool with that. And I really appreciate your posts too.

It looks like the buyback is heading towards being a fantastic success. If we can load up the remaining amount of shares at below 2.5p then I’m certain another buyback will be announced. This is way beyond my expectations at how well this is going. I’m extremely happy that the rug has been pulled from under the feet of short term profiteers (sorry guys!) and genuine value is being created here. Roll on next buyback. Let’s aim for at least 33% of the company to be bought back at an average cost of less than 3p a share by end of 2024! It can be done and Ed, i know you’re reading this board - long term holders aren’t bothered about the short term price. Invest in your long term holders!

I'm always interested in the practical applications of the technology in which I'm invested. This was an interesting article, even though the bike geometry seemed a bit odd.

https://thefeed.com/insider/cognitive-switch-ketones-impact-on-performance-and-cognitive-health

To be honest Samval, I don't think it's worth the effort to go if you're already on this board. It's around the corner for me but I have a hot date, and frankly, that really tops this event! My understanding is that there won't be anything new at all. It really is to drum up new interest in the company and get people to invest. It'd be interesting to see who they've invited and then if those invitees even bother to go. Ultimately, the question on everyone's mind will be whether they want to invest in Ed and the board (rather than the company itself, which we all know is worth much more than the SP). It'd be useful if Mellon goes of course, and that may help sway one or two with promise of 'being in with Mellon'. And perhaps there may be other bigwigs. If it's anything different to that, well, that'd provide an interesting insight into Ed's thinking too. I doubt we can expect anything more, not because it's Ed and SEED, but because that's the nature of these PR efforts. I don't think it's bigger than a PR effort, and those aren't known for being an easy way to sway opinion. Easier at this stage to make Ed and the board more 'investible' would be a successful buyback (buying back the whole 21,5 million shares at less than £500k would be great), or some other notable success. But I guess that isn't on the immediate horizon. I know Ed will be saying 'At least I'm trying' at this stage. But like with a lot of AIM CEOs (and a lot of the adult population to be fair), it is very much about being able to monitor his own behaviour and recognising the impact it will have on the SP. Difficult to undo regardless of how 'insignificant' one may view it to be. Daniel Goleman wrote some helpful stuff.