Bens Creek Share Discussion Threads

[purchaseatthetop] 24/10/2022 21:18

Many shareholders do not like reading very negative views of their shares. Obvious as it challenges their heuristics. But that does not mean that they should not be given the chance to read negative views. They are welcome to filter me.

[papillon] 24/10/2022 21:02

I'm not saying, purchaseatthetop, that shareholders should filter you, or they should ignore your warnings because as you state your warnings have been proved correct going by the share price. My point was that many shareholders don't like reading very negative views on the shares they hold so they choose to use the filter. I'm not one of those shareholders.
Charts are FACTS. They record historical data. Don't be so touchy! It's only when you use that factual historical data to predict the future does it become opinion.
I wouldn't buy BEN, based on the past and my guess on the future. Others of course, such as seagreen, have a diametrically opposed view to me.

[purchaseatthetop] 24/10/2022 20:30

Papillon. And your point? I think there are far more holders or more relevantly ex-holders who really appreciate my warnings. There is still huge danger here. But post some charts if it makes you feel better! Everything I forecast when the share was 105p has come true. Does that make me insane?

Any holder who filters me is insane because they only get proper data and analysis from me. They get Sunday Roast, Zak Mir and Telegram ramping from the company. I have repeatedly said that proper RNSs would make me irrelevant. But no proper RNSs appear. Go figure.

[papillon] 24/10/2022 20:23

purchaseatthetop, PI's are not the company. Whereas the company may read and act on your posts, I suspect that many BEN shareholders who read this bb now have you on filter and those who don't, such as seagreen, doubt your sanity and vehemently disagree with you!

[purchaseatthetop] 24/10/2022 14:34

Papillon. I would agree with you but clearly the company reads every word I post as they have released four RNSs now literally a couple of days after I raised issues on here and made them news.

[papillon] 24/10/2022 14:32

A word of advice, seagreen. If you don't like what purchaseatthetop posts just FILTER him.

PS I don't believe that PI's take too much notice of what purchaseatthetop posts, because if they did the ENET share price wouldn't be as low as it currently is.
The reason why the BEN share price is so low relative to what it was back in May is not due to purchaseatthetop's continual deramping, but because the company has failed to deliver on it's promises.

[mindminer] 24/10/2022 14:06

Another nice bull trap Friday. Continuing the downtrend today. Choo choo!!!!!

[purchaseatthetop] 24/10/2022 13:50

Multiple logins? That is the last resort of the failed ramper. Refusal to see that anybody could think their share is a piece of sh*t and saying there is a one person multiple ID campaign against it.

As always, as I post only from RNSs and Companies House, please point out my lies and hatred? I quote their own data and present it in a different way. Nothing wrong with that.

Run along kiddo. Life is tough sometimes.

[seagreen] 24/10/2022 13:33

poster 7556,,,
Set up May 22
29 negative posts all on BEN
All talking to Patt
Suspicious moi

Funny old world....thread has been negative since Lord Haw Haw Patt appeared March 22 with his multiple log ins and basher crew.

No pump here sunshine just pointing out when Pattnobrainer of ADVFN frequently lies as he continues to run his hate campaign since March 2022.

Thread is a complete waste of space and impossible to have a logical discussion as the jealousy, lies and hatred on this thread are utter garbage and completely unprofessional.

But that was your plan all along.

Infact any thread you post on is ruined by you and becomes a complete waste of space now as you lie, you guess and have no accounting knowledge.

Get over it amd move on we know if anyone disagrees with you, you just yell and scream.

No wonder you switched from accountancy to ambulance driving.

Happy to wait and see the outcome.

Toddle pip

[mindminer] 23/10/2022 22:35

This always sounded to good to be true from the get go. I got in anyway because momentum was behind it. Clearly being pumped. Garbage podcasts by completely unprofessional outfit. All the signs were there. I think there will be one last pump before everything falls apart. It's as clear as day.

[amaretto1] 23/10/2022 10:43

Look at MILA thread !!!

[purchaseatthetop] 23/10/2022 09:45

Hamidahamida. That video is classic Adam. Funny. The real question I am asking myself is what song lyrics Seagreen will copy and paste to try to remove these posts from the screen? I copy and paste BEN RNSs while he copy and pasted song lyrics. Go figure.

[hamidahamida] 23/10/2022 09:28

Atlantic coal Adam Wilson Ramping away with straight face old Atlantic story https://youtu.be/vzxntB9efaUAdam Wilson is now copy pasting the same old story but this time it's BEN

[hamidahamida] 23/10/2022 09:17

CEO has a dodgy past just Google it. Just a few weeks before his last company went bust he did an interview and was ramping it like no tomorrowHe has screwed over investors in that venture big time. If you just listen to his podcasts since listing he has been ramping and then changing the goal post. If I remember correctly last year he said in one of the podcasts all was paid for and ipo money will help start the mine and start producing mega cash on monthly base and would be looking to pay dividend equal to 10p ipo price this year well all that turned out to be a pipe dream. The reality is he has only delivered dilution with multiple deeply discounted placings and death spiral financing and mounting debts.Red flags are everywhere

[purchaseatthetop] 23/10/2022 08:31

Not quite so sure about BEN being "relatively safe" Seagreen:

29/10/21 RNS:"MHW and BCO have agreed a fixed price per ton of coal produced for the duration of the 12 month contract period. The contract price negotiated is in line with the Company's working capital projections, despite the uptick in demand for contract mining services and high wall mining equipment in the United States. The contract allows MHW to mobilise its equipment and manpower to commence production in December 2021."

This contract runs out in six weeks. If there had been an extension or renewal then that would have been RNSd by now. Who is going to mine after 30/11/22?

Talking about RNSs, or lack of them, take a look at note 37 page 89 of the Accounts to 31/3/22 and it lists "events after reporting date".
The last one, and most recent says:
"Drawdown of $6,138,000 for an equipment financing facility to aid the purchase of further earth moving equipment as the Group moves from a contractor model to an equipment owner"

The 18/8/22 RNS for the most recent placing stated "Separately the Company has recently completed the outright purchase of its initial fleet of mining and earth moving equipment at a cost of $5.4m, funded from the Company's existing cash resources. However, it is envisaged that part of the equipment acquired will be financed to provide the Company with additional working capital for its ongoing operations."

So, actually not "part of the equipment acquired" but more than its value has been financed. Not consistent. That financing deal should have been RNSd as it is far greater than previously RNSd. The details were only slipped in at the very end of the accounts so they are formally in public domain.

On the balance sheet, this means that there is debt of the two $6m placings that are now around $14.5m with interest, the £7.3m MBU loan, and add this $6.1m financing. That is $30m of debt to add to the equity raised of $9m at the initial admission and the $6m on 18/8/22. So, now BEN has got through $45m of debt and equity. With an average cost of capital on the debt of 11% (estimated but certainly close) that is $3.3m interest per annum alone.

If you look at the Admission Document page 126 it says "Under the economic analysis prepared by MM&A, capital expenditures total $24.0 million over the project’s life. However, approximately $16.5 million of capital reduction may be possible under a scenario where a contract mining company supplies labor, capital and supplies in exchange for a mining contract whereby compensation is on a per-ROM ton basis. Therefore, the initial capital estimate under this scenario would be approximately $7.5 million as opposed to the $24.0 million estimate included in the CPR financial model"

BEN have tried the contract mining method with Megahighwall, and are now moving to the owner operator model. But instead of spending $24m as specified by the experts, they have already spent $45m and are nowhere near the 35k tons per month that they would have been with underground mining.

Seagreen. At what point will you start to look at the actual balance sheet and start to question just what is going on with the profit and loss? Being an ACA you know that a profit and loss is simply the movements between two balance sheets. They bookend everything.

Therefore, in summary, further debt has been raised. Clearly Megahighwall are not staying as otherwise you would know by now, BEN are buying the equipment needed to try to continue mining, they will be taking out financing deals in a really tough credit market with rising interest rates. Nobody else will lend them a penny as the two placing IIs who lent $12m are underwater.

[purchaseatthetop] 21/10/2022 19:08

Stocky. Good luck. Every board should have bulls and bears for balance. As long as they use published RNS and other sources such as Companies House and treat each other with respect. Obviously that does not apply to the likes of allotment who has a potty mouth.

Hope my analysis enables you to challenge it and make your investing decision stronger. Just remember with BEN. At the moment there will be no mining happening from towards the end of November as Megahighwall demobilise. That is an existential short term threat that I have been highlighting for a while. RNS needed to eliminate it. So why no RNS?

[stocky50] 21/10/2022 18:04

And …. Btw … like the discussion board.

[stocky50] 21/10/2022 18:03

Spent a lot time today researching this. Am always on the look out for the ‘next’ deal. Posted many months ago - because it got my attention - but now - this is interesting.

[purchaseatthetop] 21/10/2022 17:08

No sell off because there was no news to sell into. That’s obvious. Please point out any fabrication that I have spouted please? Unless you are saying their own RNSs and filings to Companies House are fabrications.

Time lines are non existent. Second HWMer was to be in July 22. No news on repairs of bought HWMer. No news on new contract mining services extension with Megahighwall. No news on recruitment. Where are the “positive developments”

Yours in anticipation. PATT. By the way, you do remember that it was me who said why the share price was too high at 100p and that it would fall to 40p and why? Even I was wrong. It fell to 25p.

[ianio5691] 21/10/2022 17:03

So the much lauded 'sell off' did not materialise.How many were convinced to sell on the back of this relentless fabrication spouted by our resident disingenuous troll?Time lines appear to be slipping again, but with so many positive developments on the horizon, hopefully the share price can now start to recover to a more justifiable level