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2 big ifs - if the company gets the funding (as set out in the last RNS) and if the vanadium price rises (as is many analyst expectations- albeit not necessarily aligned on timescale) then the SP could multi bag from here IMO. Investing at current SP of around 0.5p means worst case it goes into administration and you lose your money, but the potential upside may be significantly more than x 2. It’s a punt using money you can afford to lose based on a risk reward analysis. It seems the company is currently priced to fail, but will SPR, Orion et al really allow it to sink if they believe the vanadium price is more likely to increase than not over the next 12 months?
Maybe they are just init to acquire the assests for next to nothing?
If that was the case then why participate in recent placings and make significant loans? Their interests are surely best served by the company recovering from here and them maximising their investment and returns. In an administration they wouldn’t necessarily get the assets if someone made a higher bid.
Believe me I hope you are right.. but we are not party to those discussions and agendas.
Wakey? as in westgate and kirkgate
SPR have only participated in the placings in order to have enough votes to try and get this sale through. Anyone who thinks otherwise is just being blindsided.
Next step will be for SPR to purchase Vametco for $100m and they, together with Orion will vote for it. Orion will call in their debt and shareholders will get nothing.
Craig is also aligned with SPR, lets make no mistake about that.
In my view, the ONLY option for UK based shareholders is to vote against this deal and at the same time for a newco CEO. Someone who is prepared to try and get the best value for UK based shareholders by selling off both plants for c$200m.
The curtains are already closed. The only thing left to decide is how much is left for debt and equity holders.
Seriously, can anyone take a CEO at face value when they are not prepared to update their LinkedIn for their new job?
Metatron, yes as in Westgate and Kirkgate.
Wow PMC2022, 5 postings one after the other - comes across as desperate. I really wouldn’t short this from here.
Okay Wakey. For what its worth, I don't generally post on here.
I have personally spoken to Craig via Microsoft Teams on behalf of UK shareholders since he took over Fortune and I have recently sold my c.5m shares because of recent developments at a 6 figure loss. Many LTH's will know who I am.
I'd love to see a better outcome for remaining shareholders here, but I just don't see it i'm afraid unless UK based investors are prepared to try and do something differently.
I will watch from the side line. Goodluck to you all.
PMC no idea who you are and if your claiming to be the person you allude to then your talking cr4p. Your not Paul.
Unfortunately, one of the downsides of these chat rooms is that any fool can register and post garbage with impunity.
PMC - pleased to see that you are ‘watching from the sidelines’. Saves me 30 seconds on green coffin clicks.
And @PMC .. who made you a 'UK shareholder rep' .. ?
You don't speak for me !
PMC2022 please would you explain what you mean by 'speaking' to Craig via 'Microsoft teams'
I have to say that what PMC says is absolutely correct, regardless of whether you like how he is saying it. SPR is not the only way out, though the board are confidently predicting that it is. This is the same board that has presided over 95% shareholder value destruction, 80% of which has come since Fortune was forced out of the business - and yet they have the brazen temerity to warn shareholders that they may 'lose a substantial part or all of their investment' if we do not jump to their tune right now. Too late, they've already lost a large part of the investment of many of the shareholders here. I see now reason to allow SPR to pick up for pennies the company that we have built with our investments.
Absolute nonsense, the share price erosion started when Craig was left to deliver the interim results in which Fortune had fully presided over. It was in those results that it was revealed that BMN under Fortune was still haemorrhaging cash with averaging close to $40/kgV. The fall out of that period left the share price at about 1.5p, so at least start from there.
As for FM, anyone that thinks a founder that lists a company at 20p and leaves over a decade later at 90% down has been a success is struggling with cognitive dissonance.
FM had a clean slate following covid, a debt free balance sheet in which to grow the business with 3 years to get it right from there and with V around $40/kgV for nearly half of it (including significant post outbreak of war in Ukraine spike) but instead left after those three years with no growth, an electrolyte plant with no orders and the business with $3.7m cash and $94.4m debt.
Harchris, the shareprice erosion happened years before. It happens continuously on AIM if you had not noticed. This is because the market makers can play private investors for fools and simply sell shares short. For the record when BMN listed over a decade ago it had nothing, zilch, nada, and was a putative iron ore company. It was Fortune that turned it into a Vanadium business, connected up the dots with the Flowbattery people and got us to the position of owning 50% of the world's Vanadium plants outside of China.
Now you're happy for SPR to walk away with a good chunk of this at around 20% of the rebuild value, with no more cash to keep the business operating.
It absolutely was Fortune that did all that but it was also Fortune that took on massive debt and failed to build the company with that funding and left BMN vulnerable to predators like SPR ever since. The board moved to install Craig before it was too late but there was always going to a bit of luck on his side needed to and he's had none of it - V sinking ever since his appointment and nefarious entities taking advantage of BMNs precarious position since.
You call it 'happy', I call it the best of some very bad options. I firmly believe that rejecting this will lead to shareholders getting zilch rather than very little and by my maths very little is greater than 0.
You say 'SPR is not the only way out' but i'd love you to share the other options that are on the table as you must have been in those discussions? The real truth is likely that all the other predators were quite happy to wait for BMN to enter administration before poring over the remains.
Anyone thinking we the PI's would end up with anything at all from administration ... I have London Bridge to sell you !