Bens Creek Share Discussion Threads

[ohojim] 31/10/2022 18:11

seagreen 31 Oct '22 - 14:47 - 7718 of 7724
0 1 0
Fact Mr Iqubal/MBU have increased their holding by £1.8M over the last few months
Fact Mr Iqubal/MBU have not sold a single share
Fact Mr Iqubal and his family are happy with the progress
Fact MR Iqubal is still investing in other projects


seagreen

Your 3rd "Fact" is very intriguing. How do you know this? Are you a friend of Mr Iqubal and his happy family?

[purchaseatthetop] 31/10/2022 16:21

Seagreen Why on earth do you think they are producing 40k tons in September?

25/7/22 RNS:
"The Company's estimated production from April to July 2022 is likely to be approximately 80,000 clean tons (160,000 raw tons) of metallurgical coal."

30/8/22 RNS:
"Current trading outlook
Ø Production steadily increasing month on month. Between April and August 2022:
ü 184k raw tons of coal have been stockpiled"

From their own RNSs you can see output in August 22 was 24k tons raw coal (12k tons clean). As far as I can see actual output is falling as that is back down to April/May 22 output levels from before the second shift was implemented.

I know you do not like this data but it is straight from Adams own RNSs. Is he lying? Or am I lying to have copy and pasted it here?

Here is what I think: BEN picked the lowest hanging fruit with the Highwall Miners when they started mining. The easiest seams to contour bench. The least steep gradients. The nearest to the stockpiling area. The easiest to mine. But they were running out of easy pickings. So output fell. Which is why they had to move. You see, Highwall Mining is very inefficient unless you are extending the mining from a pre-existing open pit mine or existing contour bench. Just the way it is.

I just love the wording. “Production steadily increasing month on month”. This makes Seagreen think that monthly output levels are rising. But it does not mean that. Any new coal mined means production rising. The only way to reduce production is to start jamming the coal back into the holes.

[seagreen] 31/10/2022 16:01

What do you not get about it you know you are lying and


NO ONE TRUSTS YOU ANYMORE

[seagreen] 31/10/2022 15:59

Fact

You estimated and back loaded the production to the early months to imply no significant production had ocurred due to the second shift to disguise the fact that they were nearing 40K tons

Fact

Due to the above misinformation you are stating September's production was 20K tons as opposed to 40 or nearly 40K tons

YOU ARE THE IDIOT FOR NOT THINKING EVERYONE CAN SEE RIGHT THROUGH YOU

You are one sickman

[purchaseatthetop] 31/10/2022 15:48

Seagreen. You post 7710: "YOU HAVE NO IDEA WHAT EXACT AMOUNT OF COAL HAS BEEN PRODUCED IN THE SECOND HALF YEAR ENDING SEPTEMBER UNTIL THE YEAR END ACCOUNTS ARE PRODUCED YOU ARE JUST ESTIMATING AND GUESSING."

May I refer you to the 30/8/22 Final Results RNS:

Current trading outlook
Ø Production steadily increasing month on month. Between April and August 2022:
ü 184k raw tons of coal have been stockpiled
ü 66k clean tons (equivalent to 134k raw tons) sold via 6 trains
Ø Further 8 trains booked, two per month from September to December 2022, equivalent to 179k raw tons

I think that gives me a pretty good idea for 5 of those 6 half year months were BECAUSE THEY TOLD US YOU IDIOT!!!

[purchaseatthetop] 31/10/2022 15:41

Stocky. Saint Nicholas House Limited.

6/1/22 Administrators Report. Section 5. Secured Creditors. States that BV8 have a Third Party Guarantee.
20/7/22 Administrators Report. States BV8 owed £5.683m unpaid.

Saint Nicholas House is owned by MBU Capital Real Estate Development Ltd
MBU Capital Real Estate Development Ltd is owned by MBU Capital Ltd
MBU Capital Ltd is owned by MBU Capital Group Ltd
Iqbal owns 100% of MBU Capital Group Ltd

May not be quite so ring fenced as you think! As you may have noticed I absolutely love it (channeling my inner Kevin Keegan) absolutely LOVE IT, when they try to hide ownerships and debts in hierarchies of companies.

[drew lonmenob] 31/10/2022 14:58

Fact seagreen is a loser

[seagreen] 31/10/2022 14:47

Fact Mr Iqubal/MBU have increased their holding by £1.8M over the last few months
Fact Mr Iqubal/MBU have not sold a single share
Fact Mr Iqubal and his family are happy with the progress
Fact MR Iqubal is still investing in other projects

[purchaseatthetop] 31/10/2022 13:01

Stocky. If you go through their list of companies in MBU Capital Group then you will see they are all loss making, immaterial or bust.

But you are right. This is about BEN. And Mohammed Iqbal. MBU is irrelevant as it is really Iqbal.

We will agree to disagree in the nicest possible way. I will not even show you on an administrators report where he disclosed secured debt has third party guarantee. Maynot be parent company guarantee but will be Iqbal. Who is MBU anyway. Many ways to skin a cat and Iqbal has many cats.

[stocky50] 31/10/2022 11:56

And Patt - you have no way of knowing this (their sources of liquidity). Lets get back to topic - Its about BC.

[purchaseatthetop] 31/10/2022 11:40

Stocky. MBU has no other sources of liquidity other than BEN shares and they MUST sell to survive. You just don’t see it.

But that is OK. We will see eventually.

What is important is Interims and balance sheet. I care a lot for balance sheets. Loads.

[stocky50] 31/10/2022 11:37

Re Going concern statement - This just points to "AN" example of future liquidity. It says that since the lock-in expires, the Group is able to sell "AS AND WHEN REQUIRED".

It does not say that it WILL sell - or that that is the only reason the Group is a going concern.

As for Euston - FOR THE LAST TIME NOW - This is in an SPV with NO CROSS GURANTEES!

[stocky50] 31/10/2022 11:12

Patt - I genuinely cannot see your logic. Have really tried hard - but am afraid you are wrong on this.

Since MBU is no longer the stressed seller (as you have always maintained) - then lets just focus on BC.

I keep saying the same thing - and you keep saying the same thing. For me - its about where the company will be once it reached full production.

For you - the focus is purely on previous delays and previous statements (without accepting that delays and cost over-runs are part and parcel of building a company).

You give no credit to what a 12month old company has achieved.

TINY volumes on the stock have caused a price drop. Will not take much (in my opinion) to reverse this. SO LONG AS PRODUCTION TARGETS ARE MET.

[seagreen] 31/10/2022 10:38

stocky 50 he lacks any formal recognised accounting or law qualification.

[seagreen] 31/10/2022 10:35

Pinnochio says

Ittman said NS invested in the mine.

Consol Energy says

CONSOL is very excited about reaching this major milestone in the project as the Itmann product diversifies our revenue and product mix and opens new market opportunities around the world. The project is also a major development for the state of West Virginia. "We have invested approximately $100 million in the development of the mine, preparation plant, and surrounding infrastructure. We also have given a boost to the economy of southern West Virginia, creating approximately 175 long-term and high-paying jobs, supporting many businesses in the surrounding area and providing numerous charitable contributions to the local communities through our CONSOL Cares Foundation," said Jimmy Brock, President & CEO. "I'd like to thank our hard-working Itmann team, who enabled us to bring this project to fruition with an aggressive schedule in a challenging supply chain and labor environment, and who we expect will be the backbone of our success at Itmann going forward. We also thank the state of West Virginia for its cooperation and support of this project and our transportation partner, Norfolk Southern Corp., for its additional investment in the area and support of the Itmann project and surrounding communities. We look forward to continuing these relationships for decades to come."

Its a general statement thanking the state of West Virginia and their transport partners for its cooperation and support for additional investment in the srea and surrounding comunities

No speciic mention of investment in the mine infra structure or property beloning to Consol Energy..


ITS QUITE SIMPLE CONSOL ENERGY WENT THROUGH IDENTICAL DELAYS DUE TO COVID/RUSSIA THAT BEN HAS AND THEY ARE STILL SUBJECT TO AND ALL MINING INVESTORS ARE AWARE OF IN THE USA (eg PXC another example)


We all know that there has been a bottleneck and horific delays in the mining indstry

Delays do not equal lies

Simple its been a fact of life since Covid

YOU HAVE NO IDEA WHAT EXACT AMOUNT OF COAL HAS BEEN PRODUCED IN THE SECOND HALF YEAR ENDING SEPTEMBER UNTIL THE YEAR END ACCOUNTS ARE PRODUCED YOU ARE JUST ESTIMATING AND GUESSING.

Simple you are assuming again.


There really is no need to lie everyone knows that delays have occurred and they know they are progressing to the ramp up stage now.

The key investors can see that real progress is and has been made and are happy to wait when full prouction is achieved in a reasonably short period of time and then enjoy the the next five years of significant prouction.

The fact that a US$2Bn coal company has invested over US$100M in low vol coal mine and been delayed years far longer than BEN, who were producing washed high vol coal within in six months and is highly indicitive that BEN have made huge progress despite the delays and there remains ahuge demand for meturlurgical coal


(P.S. I also note although I am not going to pay the pitsburg times for the info, the Itmann mine has been delayed since 2020 due to Covid although some ROM coal was sold whilst the delayed wash plant and infra structure were completed. The whole project is still not completed.

So they had to do exactly what BEN did due to the delays)

[purchaseatthetop] 31/10/2022 10:04

Stocky. Limited liability protects you unless you trade while technically insolvent in which case limited liability does not protect the Director. That is why Iqbal transferred ownership. Iqbal had traded far beyond technical insolvency.

The old businesses may be supposedly ringfenced but not in that case.

The £28.7m long term debt may not have had parent company guarantees as of 31/3/22 but the debt was rolled over in July 22, after balance sheet date. I bet there are guarantees now.

We can all see different things. That is fine.

[stocky50] 31/10/2022 10:00

Patt,

Although I am sometimes impressed at the level of detail you go into, I am also very confused by the conclusions you get to.

Let start with MBU.

I have stated before how on Page 19 of the accounts, "Consolidated Analysis of Net Debt" - It clearly says that of the £46m of debt - £37m is ringfenced in SPV's with no parent guarantees. So you need to exclude this from your debt figure.

Then you talk about the debt at MBU Capital Limited. This debt, as you point out, was transferred to MBU Capital Group - and was subsequently written off. A process which the Auditors have signed off on. So this debt does not sit with MBU Capital Group anymore either.

The debt does NOT automatically become a lability for Mr Iqbal.

Let me explain what a Limited liability company is ... It's exactly as is sounds - A structure that LIMITS the LIABILITY for the owners.

A simple google search should clarify this further for you..... "..... in the event of liquidation or litigation, the most you can be liable for personally is the face value of your share in the business. Any further liability must be paid out of the company's assets."

So to finally close this chapter - MBU Capital Group is a solvent business. It does not have anywhere near the liabilities you claim - and therefore - neither does Mr Iqbal.

I don't understand your motive for trying to make out that the largest holder of BC is insolvent - and that "forced" selling is likely to happen anytime soon. This is factually incorrect.

[purchaseatthetop] 31/10/2022 09:50

Somebody is selling as much as they can without completely crashing the market. Imagine the frustration of the myriad relatives of Mohammed and Raju who had to watch the share price hit 100p and they were unable to sell their 5p shares. Now the Ferrari has become a Fiesta. Bet family lunches are a bit frosty.

[ohojiim] 31/10/2022 09:44

Purch, I listened to the latest SR podcast and at the end they ask if anyone is interested in appearing on a future episode to get in touch. I've emailed them your details with your email address for them to get in touch and invite you on for a head to head with Adam. Let's make BEN the fun share. It certainly could do with some cheering up :)

[purchaseatthetop] 31/10/2022 09:18

Ittman said NS invested in the mine. May be indirect as transportation related but very important. No spin. Simply quoting what they said.

Delays are simply highlighted because Adam had been promising endless things from the beginning. But none delivered. Has he explained? No.

MBU Capital Group accounts are there for all to see. My view is that they are bust.

I know exactly what they have produced up to 30/8/22. I assume nothing has changed because why would it?

Everybody reads what I post because, unlike you, I have been proven 100% correct so far. I said this is heading for teens. Won’t be long.

[seagreen] 31/10/2022 08:03

Pathetic Patt you know exactly what I meant you were spinning N&S made capital investments in the construction of the mine. They did not. You spin it that delays = lies when every business suffered from the same covid or Russian caused shortages of parts or permitting. You spin it that MBU are up to legal accounting practices to cover up they have restructured and are not insolvent You spin it that MBU will dump is shares on 11th Oct but they have not sold a single share but increased their investmentYou have no idea how much coal has been currently or is being currently produced but you insist BEN are lying.No one believes anything you say

[hazelst] 31/10/2022 07:13

Naughty little charity fraudster.