Bens Creek Share Discussion Threads

[bennyboy1975] 23/12/2022 07:45

Wonder if patt has ever found anything positive. No never where shareholders do see some things negative which is natural, he has a personal issue here hence why he’s here 18 hours a day, needs to let it go but can’t, his life has been took over by bens lol

[purchaseatthetop] 23/12/2022 07:44

Danmart. BEN sold equipment for working capital purposes and then uses it to buy track from the majority shareholder! That is the last way cash should be exiting the company. This is a massive, huge, enormous red flag that it is falling apart.

[danmart2] 23/12/2022 07:39

If anything the track is the more valuable asset, it’s hardly prime inner city development land.

[purchaseatthetop] 23/12/2022 07:37

I refer all of you to my post of 6/5/22 3964 when I predicted this!!!

purchaseatthetop6 May '22 - 19:55 - 3964 of 8225 Edit
0 2 1
Tricky! I always wonder why little details are put into RNS's.....

Todays RNS says:
"The Company has purchased, from MBU, the membership interests in Ben's Creek Rail Land LLC, an entity which holds the leasehold interests of the land beneath the rail track operated by the Company, which is owned by Ben's Creek Rail Holdings LLC, a wholly owned subsidiary of MBU, comprising of a 3.2 mile rail spur. Bens Creek have paid a nominal cash consideration for the purchase of Ben's Creek Rail Land LLC. Further details of the rail spur and the land is contained in paragraph 3.4 of Part I of the Admission Document."

Para 3.4 of Part 1 of the Admission Document says:

"Furthermore, BC Operations has entered into a rail lease agreement with BC Rail Holding (a wholly owned subsidiary of MBU and not part of the Group) for the lease of 25,580 tract feet of rail for the purposes of BC Operations flood loading coal into rail cars at the Group’s preparation plant and transporting it using the track. The term of this lease is month to month commencing on 1 March 2021 and continues until terminated by either party on six months notice."

So...they have bought the leasehold interest in the land via BC Rail Land LLC but not the track which is owned by BC Rail Holding.

Brilliant. MBU Capital Group Ltd has a ransom strip to rip whatever money they want out of BEN for using the track.

FFS!

[bennyboy1975] 23/12/2022 07:29

When I say all I mean patts multiple accounts lol

[bennyboy1975] 23/12/2022 07:28

You will all disappear soon when the big news drops

[danmart2] 23/12/2022 07:28

Indeed, this seems unnecessary.

One may conclude the company is setting itself up to be taken over.

[purchaseatthetop] 23/12/2022 07:27

Ridiculous deal. Paying MBU $650k now for a $55k annual rental that is not escalating. Twelve years rental paid now. For the track having already paid for the land.

11.14 of the admission document gives MBU the right to stop BEN using the sidings. I guess they will have to pay to cancel that next. And so on.

[ahhh luke warm] 23/12/2022 07:25

Daylight brown, ahem, white envelopes now rinsing the pennies away. Next instalment of look where your money s going now due soon . . . Tut tut

[bennyboy1975] 23/12/2022 07:23

Very interesting and met coal up twice in a week I’m certainly thinking getting geared up for a full takeover

[danmart2] 23/12/2022 07:20

Interesting RNS

[purchaseatthetop] 23/12/2022 07:19

6/5/22 RNS was the purchase by BEN of the land under the track from Bens Creek Rail Land LLC for an undisclosed sum.

Todays RNS now pays MBU for the actual track. That BEN spent all the money repairing.

Looks like insiders skimming money to me!

[bennyboy1975] 23/12/2022 07:07

Looks like they are getting ready for a takeover BOOM

[purchaseatthetop] 23/12/2022 05:32

Ohojim. You must stop that weather nonsense. Much like with EUA and their operations at the Kola Peninsular, there are very unique microclimates in Mingo County that mean that all, and I mean all, bad weather simply moved far away and leave Mingo County bathed in sweet dappled sunlight.

That is why everybody looks forward to the surfing and pineapple growing winter season in Mingo County and miners know that it is much easier to mine in winter than those terrible, dark and cold summer months. Thank goodness winter is here. I am sure improved conditions will mean the gross margin will soar, yes soar, like an eagle, far above the 5% levels of the six months to 30/9/22.

[truant2tb1] 22/12/2022 23:45

Good grief I'm on the same side of the trade as PATT!My biggest worry here is having borrow recalled, this is a definite zero as PATT says quite rightly

[ohojim] 22/12/2022 22:32

...and whatever you do, don't look at the weather forecast. It's all lies. Weather can't move. Tis a static thing in West Virginia. There will be no once in a generation storm here thank you very much.

Oh nooo! A bomb cyclone? This can't be happening.

[ahhh luke warm] 22/12/2022 20:09

Them going bust is not the point Purch, you know that. You get the point.


Orchestrated deception has been and continues to be in play here through every channel.

[ahhh luke warm] 22/12/2022 18:47

There is certainly fraudulence appertaining if they are cooking the books Purch.

You’re going off limited data, when there’s much more they are compelled to provide.


Seems you have no appetite but surely deception is prevalent here.

[ahhh luke warm] 22/12/2022 18:12

Do you believe it's a fraudulent operation?Books cooked - with plant, machinery, parts, labour, staff that are inflated or do or don't exist? You appear to like digging into this stuff but I believe there's a trail of transactions that will paint a much bleaker picture for shareholders. You're not confirming deception with intent - surely that's not much of a distraction to turn some actual heat up on this farce and expose it with the evidence and the facts required and what the company is obliged to provide. A share in the company won't break the bank But it might break theirs :)

[purchaseatthetop] 22/12/2022 17:32

Ahhhhlukewarm. Why would I want shares in BEN to find out if I am right. I know I am right and have been right all along. BEN is running out of cash. The accounts to 30/9/22 show exactly why. It is not difficult.

They lose $1m a month on overhead and finance costs. They had $7.4m at 30/9/22 and they had net current payables $2.8m. They make almost no money at gross margin sales level as shown by the recent accounts.

Then asset sales appear. All aligns.

[ahhh luke warm] 22/12/2022 17:22

hTtps://rdplaw.co.uk/help-im-a-minority-shareholder/

[ahhh luke warm] 22/12/2022 17:20

Purchase, why not request the company data in full?No need for assumptions. The drill down data of transactions to ascertain what balances.Right no. 1: obtaining company financial documentsAny shareholder has a statutory right to be provided with a copy of certain financial and related documents for the company. These are the company's annual accounts, any strategic report for the previous financial year, the latest directors' report and the auditor's report on the accounts. The company cannot charge for providing the documents.It is sometimes believed – especially by dominant director-shareholders – that minority shareholders are entitled to see only documents which have been filed at Companies' House, such as abbreviated and unaudited accounts. But this is wrong, and if a minority shareholder is ever told, "Just download what you want to see from Companies House", they can reject the suggestion accordingly.A company is legally obliged to prepare full accounts for shareholders, and it is those accounts that minority shareholders are entitled to see. The company has an entirely separate obligation to file accounts at Companies House. If it has permission to file abbreviated accounts at Companies House then all well and good, but that does not mean it can get away with those for shareholders.

[purchaseatthetop] 22/12/2022 16:41

As at 30/9/22 trade receivables were $1m. Trade payables were $3.8m. Cash was $7.4m. Cash losses are about $1m a month at present output levels.

Therefore cash at 31/12/22 would be 7.4-3.8+1.0-3=1.6

Therefore my thoughts are that they are down to $1.6m now and will have run out of cash certainty in Jan/Feb 23. Hence the sales of fixed assets. Therefore a fire sale.