Bens Creek Share Discussion Threads

[stocky50] 20/10/2022 14:04

“The ring fenced and other spv debts have third party guarantees from MBU” - but they don’t - it says that in the report

[purchaseatthetop] 20/10/2022 13:45

Stocky. Nothing is what it seems. The ring fenced and other spv debts have third party guarantees from MBU. This was disclosed in an administrators report. So, smoke and mirrors. The £28.7m long term loan that is supposedly ringfenced expired in July 22 and will also be guaranteed.

Note 22 of the 31/3/22 accounts says the £28.7m loan is secured with a fixed charge on investment properties. That is correct. But also the debenture for the £28.7m if you read it includes a floating charge.

[stocky50] 20/10/2022 13:42

MBU consolidated debt is £46m? £36m seems to be ringfenced in SPVs against the SPV assets - with no cross collateral to MBU Group.

So MBU only has 10m of debt at the group level ?

Page 23

[purchaseatthetop] 20/10/2022 13:30

Seagreen. We know you sold none because you posted as such. You had a few a 10p, more at 30p and added much higher to an average of more than 50p. Man up and accept it. I have already copied your posts here before. Sad. Sad.

[papillon] 20/10/2022 13:30

"BEN is a producer (NB PAP not an explorer)."
I do know that seagreen! What in heavens name makes you think I don't?
Like you, seagreen, I hold some shares in MILA (a gold explorer). I also hold shares in another gold explorer, EST. Why? Because I believe that gold will eventually start to climb up above the 2020 high. With the benefit of hindsight I bought into both companies too early because I thought (mistakenly as it happens) that the gold price would be higher than it currently is. The grades so far reported by both companies are very good, however and my current paper losses in both are relatively small. I don't bet (gamble) more than I can afford to lose.

[seagreen] 20/10/2022 13:26

Patt my dear old chum what do you not understand about I am in for free and lived off the additional profits in 2022.

Why do you not like a man you have not met unless you have met him or worked for him or he has rightly caught you out for lying?

Do tell us all then we might understand

I think he is magic!

Due to the delays I have a second opportunity to do it all again marvelous chap.

Whatever you think of Adam the share price is trading under the NAV of a recently repared and renovated meturlurgical coal mine.

Infact I bought a smidge today with real money not from one of those fairweather friends at Spreadex. If you have ever spoken to Metal Mat in the back office if your margin is in trouble he understandably will clear your positions out and then come after you for the loss.

If you do not understand that the underlying business is not effected by share price volatility especially as we have suficient cash then go and discuss it with someone you trust.

I have no interest in buying any Etehrnity shares as I have not researched it.

Glad you said "You see" and not "Trust me". LOL

PS I hope you know more about technology than modern mining methods.

Take care I hope ENET doubles whilst BEN quadruples.

[purchaseatthetop] 20/10/2022 12:58

Seagreen. That post is just funny. You see no point in understanding the financial decision making impetus of the owner of 60% plus of BEN shares? That surely is the most important thing in any investors list of priorities.

I do not hate Adam Wilson. I do not like him but no hate. You should hate him as he has caused you all to lose a lot of money with no chance in my view of any recovery.

Ethernity will be fine. You see, I do my research.

[ohojim] 20/10/2022 12:38

Not quite as sad as seagreen. I have it on good authority that he was last seen cutting up his ever so tasteful curtains to make clothes for tree climbing. Hope he hasn't had an accident!

[tburns] 20/10/2022 12:32

This looks like sub 20p at this rate next week. Very sad indeed!

[papillon] 20/10/2022 11:37

Excellent research on MBU, purchaseatthetop.

[purchaseatthetop] 20/10/2022 11:37

Exactly papillon. Let’s keep this discussion sensible and grown up.

Strange that we have not heard from Seagreen today. Odd that. He was very vocal before MBU finally filed accounts yesterday.

Hi Seagreen! Penstock is happy spreading happy words on LSE board. Prozac for stressed investors.

[papillon] 20/10/2022 11:33

The children have arrived. They should be seen and not heard! Hence I have filtered both buy2sell1 & millennial investor.

[millennialinvestor] 20/10/2022 10:42

bum2suck1 has a disturbing penchant of sucking bum

[buy2sell1] 20/10/2022 10:07

that share price chart actually looks like MILLSTONE INVESTOR

because he's just another SKINT nob'ead

[millennialinvestor] 20/10/2022 09:30

the classic nob pattern on the yearly chart. avoid.

[purchaseatthetop] 20/10/2022 06:34

Seagreen. Apologies please. I stated that MBU had over £80m of debt and no assets except for BEN shares. You derided it as lies.

Yesterdays accounts show debts were over £100m and no assets except BEN shares.
Going concern note to the accounts say that the Group is not bust because it’s shares in BEN are treated as a liquid asset that can be sold as and when needed to maintain solvency after 19/10/22. So they are telling you what will happen.

PATT was spot on. Wish I had Seagreen as my accountant*




*giggles.

[papillon] 19/10/2022 23:02

Stop fiddling with your scrotum, ohojiim, especially in the presence of company. It's not the done thing.
So Met coal is currently US$275 per ton. Do you expect it to stay that high?

[ohojim] 19/10/2022 21:39

Regarding the chart, it appears that the right portion of the scrotum is likely to complete soon and we will be back to 10p. Is it worth 10p? That would be about Thirty seven and a half million quids worth of mine.

But....1 highwall miner plus washing machine = 40,000 clean tons a month at $275 each ton = $11,000,000, so actually yes, well worth a punt on the face of it....Discuss.

[ohojim] 19/10/2022 21:01

Next time someone extols the virtues of having a "Financial Gymnast" at the helm of their favourite mine, combined with such esteemed backers as MBU, a hint of trepidation should be recommended, especially as he has "previous".

[purchaseatthetop] 19/10/2022 20:55

Are those “my favourite things”……debentures on BEN shares?
FFS…Seagreen…crawl under a stone. Right now.

[ohojim] 19/10/2022 20:39

Great research Patt!

Thank goodness for "Brown paper packages tied up with strings"

..When the dog bites
When the bee stings
When I'm feeling sad
I simply remember my favorite things
And then I don't feel so bad

[purchaseatthetop] 19/10/2022 20:30

Interesting that page 38 of the accounts has an additional £30.56m loss on discontinued operations from MBU Capital Ltd.

So we are now over £100m in losses only covered with the BEN shares (secured on these debts). Which are worth, well, half of naff all right now.