Bens Creek Share Discussion Threads

[purchaseatthetop] 16/10/2022 16:49

seagreen.....making claims about the financial affairs of Mr Iqbal? Not claims, facts. Lets have a look:

MBU Capital Group Ltd:

Accounts overdue. Due 22/6/22 after being delayed for three months by having the accounting period reduced by one day.
Charge created for borrowings from Blue Star dated 24/1/22. The source of all MBU money right now.

MBU Capital Ltd:

Accounts overdue. Due 30/6/21.
10/2/22 Court orders to be wound up.
Two outstanding unpaid and defaulted charges including one to Blue Star.
Last accounts on 31/3/19 had third party creditors of more than £13m.

Park Place Plaza:

Accounts overdue. Due by 31/12/2019.
In Administration.
Page 11 of adminisrtrators report says deficit of £15.7m against secured creditors and unsecured get nothing.

Saint Nicholas House Ltd:

Accounts overdue. Due by 31/3/21.
In administration moving to dissolution.
Secured creditors facing £5m deficit and unsecured over £8m.

Euston One Ltd (debt company for William Road Properties Ltd)

30/3/22 accounts show secured loan of £28.7m at 31/3/21 and that going concern is requiring sale of the property and must be done by July 22 when the loan expires.
Planning permission refused.

I could go on and on. These ARE Mohammed Iqbals financial affairs as he was 100% owner of them himself up till May 2021 when he transferred them to MBU Capital Group Ltd. He is a wall of secured debt and no assets. BEN is his one chance to escape. He must be running out of friends now as Bluestar and the USA hedgies who bankrolled him are now underwater.

That is the wood you must try to see.

[hazelst] 16/10/2022 15:26

Never trust a convicted charity thief.

[purchaseatthetop] 16/10/2022 13:15

Seagreen. You need to see the wood for the trees. Check all of Iqbal companies. All broken and in default debt, not filing accounts, being struck off. Any supposed “investingR21; is borrowed money to try to placate the market.

[seagreen] 16/10/2022 12:49

Patt

That is your view Post 7434, I really do not give a monkey about short term volatility. However, you are taking an outragous risk to repeatedly make claims about the financial affairs of Mr Iqubal. Unless you know the total picture it may be prudent not to come to such conclusions.

I would also politely sugest that it may be prudent not to be so outspoken as I note Mr Iqubal had the funds to recently invest in the last placing.

But I think we all know your views by now so I guess there is no retraction forthcoming.

Have a spiffing day.

[seagreen] 16/10/2022 12:41

Mornin Patt

Post 7433 and thank you for the homework.

It is a wonderfully sunny day anyway so top of the mornin.

It is my humble oppinion that neither of us our Engineers by background let alone Coal mining Engineers best qualified to opine on the correct use of HWM's.

Neither are we qualified mining geologists to assess with any accuracy or validity BEN's vast terraine's suitability for HWM's and any relatively easy abandoned mine's that may be particularly suitable for HWM's.

I also note that your document concerning the application of Highwall Mining Systems appears to be a research paper presented at an International Symposium from 2013 prepared by Kyushu University, Fukuoka. Sorry had to have a giggle about Fukuoaka as it seemed appropriate 8-).

I will of course read it later, but I do not know how it was received or whether current thinking has moved on in 2022 as technology has improved and to what extent modern focused HWM's use has been deemed to produce cost and safety effective solutions. Although I do point out that the number currently in the USA has trippled since 2005.

On pure logical grounds and the fact the 3 tranche's of land have recently been surveyed not jorc resourced yet, but arguablly with a key inititial focus to highlight and report back tracts of land suitable for HWM's, it would make common sense to conclude that there was strong positive evidence contained with in the survey for the use of HWM's.

To what extent there was any report on areas more or less suitable, we have no idea.

Why I can not accept your thesis is that love him or hate him Adam and the management team would not ignore advice to the contrary from qualified persons.

Indeed they have made an informed decession with costings to increase the use of HWM's from 1 to 3 machines. We are not informed whether there are any suitable UGM's suitable for reoppening or expanding or potential new sights.

So for now I can only conclude that a team of experienced coal mining executives know what they are talking about and baring in mind their ESG focus they have deemed they can build a profitable business and fast track cash flow, which may be used to pay out a dividend and/or there may be a case for further investment in the infra structure over time.

Only time will tell if this thinking is utterly brilliant and outside the box or a mad hair brained scheme that will not make the profits hoped for by what you deem to be conventional mining. I have not researched whether there are other mines adopting this technology and/or there is an element of smash and grab whilst coal prices remain competitive, but it is what it is and that is what BEN are doing.

As there have been numerous business related delays out of their control, in common with many US mining projects, I am prepared to give BEN the benifit of the doubt and time to see if this revised approach works. I also approve of the recent more cautious and conservative tone of the PR so they do not over promise before events are signed and sealed.

That does not mean you will turn out to be right or wrong or to what extent, perhaps this is the most (or only) cost effective way to deliver the best results?



Have a good evening

[purchaseatthetop] 16/10/2022 09:18

Just a reminder. Mohammed Iqbal and MBU Capital Group Ltd are technically bankrupt with debts of in excess of £80m. MBU Capital Group Ltd has failed to file accounts to prevent investors seeing the true scale of the financial cataclysm he faces. Mohammed Iqbal has secured and defaulted debentures on all his companies and has squeezed every penny he could to launch BEN but every penny was borrowed. Rapidly rising interest rates mean all these debts are escalating fast and any sales will be at fire sale values. He already tried to secure MBU shareholding in BEN against his debts but that was highlighted and reversed.

My view is that he has no choice but to sell his shares as fast as he can. He transferred ownership of the £80m debt from himself to MBU Capital Group Ltd in May 2021 and the only asset that remains in the group are the shares in BEN.

[seagreen] 15/10/2022 20:10

Indeed my sort of Ascot results but I did spend 7 hours doing research....

Not that I would want to disrespect the tragic coal mine explosion in Turkey and loss of life, it may be a nod to why people may be are increasingly using HWM's, although no mining is safe RIP.

[purchaseatthetop] 15/10/2022 10:50

On Companies House you can see that the 790,000 shares to the US employee have been issued on 14/10/22. Shares in issue now 375.19m.
These 790,000 shares are in my view clearly been exercised to sell at the end of lock-in. Maybe mid next week.
It may be good or bad news.
It may be good if the employee knows that the second working HWM is coming, that more trains are signed up etc etc.
It may be bad news if the employee is simply cashing in right now whatever the price.
We will find out soon.

Update. And top morning to you Seagreen. Hope you have a great day.

[seagreen] 15/10/2022 10:50

Top of the mornin Pat, if the outlook is as bad as you think no one will want to convert and if it as good as I think everyone will want to convert.Quite a conundrum so we will all just have to wait and see. Obviously if they convert the NAV will go up by the reduction in debt lest we forget.What party appoints a second PM on the bounce who is known to have had an affair. It means they are lying barstewards. FFS Good racing today anyway keep crunching those leaves.

[purchaseatthetop] 15/10/2022 06:08

Seagreen. I must say that reasonable discussion is very pleasant. Long May it continue.
On the idea of £1 a share…

Present number of shares 374m
Add shares coming
Insiders 25m
$6m CLN at 28p 24m
$6m CLN at 40p 15m
Real number of shares 438m
£1 a share gives market cap of £438m
Mining values usually six times profit
So BEN needs £73m profit per annum to justify that valuation

The days of speculative bubble when it reached %£1 a share are long gone. I hope you are very very patient! Good luck.

[seagreen] 15/10/2022 00:45

That is the third attempt I have held out an olive branch, I look forward to seeing BEN's stock price return to a pound. Until then toddle pip

[seagreen] 15/10/2022 00:43

Perhaps you are both Liz Truss's illegitimate twin sons lol

[seagreen] 15/10/2022 00:40

Saw them at the Brit Awards now you mention it.

[purchaseatthetop] 14/10/2022 17:54

Exactly seven seconds. There is no Cure.

[ohojim] 14/10/2022 17:49

I would like to be a fly on the wall when you meet in the pub. See how long it takes before you crash through the walls and into the street
Kicking and a-gouging in the mud and the blood and the beer.

[seagreen] 14/10/2022 17:33

Patt if you promise not to mention BEN we could have a right laugh over a beer.

Never seen King Crimson or Spirit

Do you mean Stepen Wolf?
Steps are a dodgy dance/band outfit

Lucky enough to have seen
Floyd at Rainbow/Knebworth/Earls Court
Roger Walters
David Gilmour
Who at Edmonton Sundown
Led Zep at Earls Court/Knebworth
Gennesis with Gabriel perform lamb lies down on Broadway
Neil Young at Hammersmith
and Bob Dylan at Hammersmith and Knebworth mit Eric Clapton.
Tom Petty
Thin Lizzy
Chuck Berry
Bad Company
The Firm (Chicago)
Robert Plant solo (Chicago)
Jackson v for Victory tour (only white person in audience in chicago)
ELP
Yes
Wishbone Ash
Boomtown Rats
The Tourists/Eurithmics
Roxy Music
Bowie
The Doves
The Pink Faries
Procul Harem
Van der Graff Generator
Nils Lofgren
Bruce Springsteen

(Better skip over Jefferson Airplane and The Greatful Dead 8-)

Those that spring to mind

I think the top was Led Zeplin Physical Graffiti tour at Earls Court but Floyd and the Boss are up there imho.

No wonder I struggled to get my ACA exams...

Take care do not panic BEN will get there in the end...
Mind one of his more dodgy songs imho

Ben, the two of us need look no more
We both found what we were looking for
With a friend to call my own
I'll never be alone
And you my friend will see
You've got a friend in me
(You've got a friend in me)
Ben, you're always running here and there
(Here and there)
You feel you're not wanted anywhere
(Anywhere)
If you ever look behind
And don't like what you find
There's something you should know
You've got a place to go
(You've got a place to go)
I used to say "I" and "me"
Now it's "us", now it's "we"
I used to say "I" and "me"
Now it's "us", now it's "we"
Ben, most people would turn you away
(Turn you away)
I don't listen to a word they say
(A word they say)
They don't see you as I do
I wish they would try to
I'm sure they'd think again
If they had a friend like Ben
(A friend)
Like Ben
(Like Ben)
Like Ben

[hazelst] 14/10/2022 15:00

Naughty little convict!

[purchaseatthetop] 14/10/2022 14:55

I saw King Krimson at Umbria Jazz a year or so ago. Absolutely marvellous and only Euro 27 as compared to £150 a ticket in London. They are amongst my favourites along with the likes of Spirit, Frank Zappa, Neil Young, Bob Dylan and obviously Steps.

[seagreen] 14/10/2022 14:09

I could do this job lol

“This snapback seems like the product of protective hedges being unloaded in the options market, which generated enough upside momentum to trigger a broader wave of short-covering,̶1; said Marios Hadjikriacos, senior investment analyst at XM.

edited
Closeau you spoke to soon 8-)

[seagreen] 14/10/2022 12:24

"You're braver than you believe, stronger than you seem, and smarter than you think."

Just relax say I ....

[seagreen] 14/10/2022 11:36

Actually I have also been revisiting listning on the Q to the excellent Robin Trower's Bridge of Sighs and Robert Fripps excellent King Crimson's in the Court of the Crimson King.

They seem srangely appropriate......maybe the whole market and every commodity is oversold as the "honest American mega IBK's" dance to the Fed's tune in the media whilst reversing their puts and who knows maybe going long a few..

The great thing is even global IBK's have to close their shorts or take profits on their put options to make money....

Anyway life has a habit of sorting itself out.....

So no point stressing and listning to people who do not know any more than anyone else

Loooking forward to receiving my DVD of Thomas the Tank Engine.
V excited.

What larks

toot toot

[purchaseatthetop] 14/10/2022 11:17

Poor the Seagreen One. When he goes cold turkey at the end of this nightmare I hope he is back to his old self*




*actually no. Keep on administering the Class A’s county line crew. Good work!