Bens Creek Share Discussion Threads

[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.

[purchaseatthetop] 30/10/2022 20:07

Post 7694. Fully agree I was copying and pasting old repetitive lies. All by Adam!

[seagreen] 30/10/2022 20:05

Good to see those CFC fanatics getting a dam good hiding by the Seagulls

[seagreen] 30/10/2022 20:00

Post 7694

Same old repetitive lies cut and paste

yawn


How desperate and sad

[seagreen] 30/10/2022 19:54

Excellent link from Pap

Love the ESG section 51 minutes pointing out that steel will be produced for decades using met coal despite nutters sugesting that hydrogen technology will replace met coal.

I seem to remember that was one of the many resident nutcase's false scare stories.

papillon
28 Oct '22 - 16:27 - 2873 of 2879
0 0 1

[purchaseatthetop] 30/10/2022 19:14

Just in case anybody thinks Adam has any recognition of stating the truth....lets have a few of his promises to the investors listed here:

29/10/21 RNS: "We are delighted to have secured our first highwall miner to meet our expected production target. The agreement with MHW enables us to commission a second highwall miner to enable the Company to further expand its metallurgical coal production output."

Expected production target was 40k tons a month. Nowhere near. Ever.

15/12/21 RNS: "We are delighted to put in place this unsecured convertible loan facility with a reputable institutional lender, which provides Bens Creek with the ability to access additional financial resources to take advantage of potential acquisition opportunities, that are relevant to the existing Bens Creek mine."

No acquisitions made. Just a $50k per annum lease of a nearby coal resource that has not been core drilled.

17/1/22 RNS: "The early delivery of metallurgical coal to Integrity accelerates by more than one month the generation of revenue by the Company and starts the fulfilment of the requirement under the offtake agreement announced on 21 October 2021 which provides for the delivery of 22,000 clean tons per month."

Requirement of 22k clean tons a month? Average of 13k tons per month produced so far and much less delivered.

18/1/22 RNS: "I am delighted we are buying this highwall miner, rather than renting it, as we have been able to negotiate attractive commercial terms. The potential to double our production capability in such a short period of time since the commencement of initial coal production will provide increased operational capacity as we seek to increase levels of production from the Bens Creek mine and in turn gives us the ability to boost revenue generation."

Still unprepared. Still sitting there. No doubling of production just more costs.

18/2/22 RNS: "We are very pleased to put in place a further, unsecured convertible loan facility with such a reputable institutional partner. This funding will provide us with the financial strength to make focussed added value acquisitions."

No new added value acquisitions. All spent on losses and Adams salary.

25/2/22 RNS: "Completion of purchase of second highwall miner

Following the announcement made on 18 January 2022, for a contract to purchase a Superior highwall miner and related highwall mining equipment, the Company is pleased to announce this purchase has now been completed following the final purchase price payment being made and the Board of Bens Creek expect that this machine will be deployed ahead of the initial scheduled timetable of the second quarter of 2022."

Nowhere near any deployment. Just $3m wasted.

14/3/22 RNS: "We are pleased with our delivery programme so far. We anticipate moving smoothly into delivery of clean coal and are on course to deliver fully on our commitments to Integrity"

Still miles of their commitments to Integrity.

6/6/22 RNS: "The Company is targeting to reach full production using both highwall miners by the end of the summer 2022."

Right now...only one HWMer and still half target.

27/6/22 RNS: "The Company expects to receive, during July 2022, a permit for the area that is to be mined by MHW using the second highwall miner.

Accordingly, the purchase by the Company of its own Superior highwall miner and related mining equipment, as announced on 25 February 2022, will in due course, once renovations have been completed, enable the Company to have a backup highwall miner to ensure production is not affected by either any planned or unforeseen downtime which results from any of the machines operated by MHW being inoperable."

New permit only received in September and the second HWMer not repaired.

25/7/22 RNS: "This investment and the efforts of the team on the ground in West Virginia, has enabled us to be in a position to meet our production targets and at a run rate of c. 40,000 clean tonnes per month."

Output still remains at only 18k tons a month with double shifts.

22/9/22 RNS: "The granting of the permit is for an initial five year period and will now allow Bens Creek to deploy a second highwall miner that is to be operated by the Company's highwall mining contractor. This will enable the Company to steadily increase its production of metallurgical coal from current levels as it seeks to achieve its monthly production targets, as previously announced."

Do you believe this? I am not so sure. I mean....what about all the other RNS promises? Funny.

[purchaseatthetop] 30/10/2022 18:17

Stocky. You need to look deeper. The accounts only show £10m of apparent debt but tens of millions have been taken off balance sheet as they are being liquidated.

Except that ownership of these debts were transferred to MBU Capital Ltd and then on 21/5/21 Mohammed Iqbal transferred ownership of MBU Capital Ltd from himself to MBU Capital Group Ltd. The debt holders of these tens of millions of debt will come after Mohammed as you cannot simply transfer ownership of the debt to avoid liability.


Click on the confirmation statement of 21/5/21. MBU Capital Ltd was the apex company of over £80m of default debt and remains so despite this transfer.

This is all about Mr Iqbal debts. Ignore anything else.

The accounts show current assets of £43m. But really they are worth nothing as the property had planning refused. However the liabilities are real. It is a rotten balance sheet only supported by BEN shares. Check going concern note 2.3.

[seagreen] 30/10/2022 11:13

Patt

You cannot fool all the people all the time

You never fool any of the people any of the time.

Stick to the truth and relax and enjoy an excellent Sunday Roast

Pass the horseradish

[stocky50] 30/10/2022 11:05

Patt - We have been through MBU accounts - They are far from bankrupt ? Your statements were factually incorrect ! In their account I demonstrated they have less than 10m of debt. And no where in their accounts does it say they are going to sell BC shares - pls clarify.

The Permit timing is not in Adam’s hands. Agree it was premature of him to give dates - but this was his expectation. Can’t blame him for the delay.

Agree the interims will be interesting - but I am not ‘banking’; on these. As I keep saying - this is a Startup company that is ramping up. If you look at the accounts of ANY start up company - they will not be good reading. Given the way you access a company - you would never invest in anything on a forward looking basis and so would miss out on all “growth” company’s.

I did ask previously - would like to see if there are other company’s that have generated millions in revenue in less than 12 months - after being shut for so long.

Met coal pricing has stabilised / is on the rise. This can only be a good thing.