Bens Creek Share Discussion Threads

[seagreen] 11/2/2024 09:16

Mad witterings of an obsessed man

"It is very simply that BEN was never going to be a proper miner. It was an exercise in extracting something like $75m from PIs in cheap shares and salaries while they could. They knew full well that none of their “expected̶1; figures would ever be achieved to 30%."

You refer to an outdated agreement have you checked recently?

"The integrity/NS offtake agreement is for two trains a month and that is what they have provided. Any more trains means somebody else gets less. Zero sum game. Even I could see that."

You might receive a "go to jail card" if you carry on posting unproven alegations

"Overall, this RNS seems to be preparing the way for horrible news for PIs where Avani walk with everything and AW continues to have his snout in the trough. But we will see."

[purchaseatthetop] 11/2/2024 07:08

Let’s have a look at that 9/2/24 RNS with some detail:

“The announcement incorrectly described the $13 million of loan notes issued to Avani and announced on 26 June 2023 and 7 July 2023 as convertible. The loan notes are not convertible.”

And “It is also anticipated that as part of agreeing the new working capital facility
that there will be amendments made to certain terms of the $6.5 million loan facility put in place in July 2023 between Avani and the Company”

Sort of jumping the gun there. The $6.5m I think will become a CLN or a preference loan.

“Company's cash flows since the start of the year have been further negatively affected by a combination of factors. These include West Virginia experiencing severe weather conditions at the start of the year and a short period of unexpected interruption to production at the Ben's Creek mine due to an issue with waste disposal and refuse cells at the mine”

Who would have thought there would be severe weather in winter in West Virginia? Happens every year. Excuse.

“the shipment of coal from the Ben's Creek mine is reliant on Norfolk Southern Railroad providing a reliable train service to transport the coal that is produced. Unfortunately, as highlighted in the Company's announcement of 8 January 2024, a number of trains that were scheduled to collect contracted coal sales have been delayed, resulting in a substantial backlog of coal delivery since the start of the year.”

The integrity/NS offtake agreement is for two trains a month and that is what they have provided. Any more trains means somebody else gets less. Zero sum game. Even I could see that.

“Pending execution of any working capital facility agreement, Avani has advanced $1.25 million to support the Company's operating requirements.”

They are on fumes with zero cash. We forecast that fact. The balance sheet at 30/9/23 showed huge trade payables and advance payments from customers. They were hurting then and accessing short term cash by not paying suppliers. Clearly time ran out.

“The Company is also in advanced discussions to enter into a 12 month offtake agreement with Avani which it is anticipated would be a non-exclusive offtake arrangement for the delivery of a total of circa 400,000 short tons of coal commencing in the next couple of months. Discussions on the proposed offtake agreement are advanced in nature and the commercial terms of the proposed offtake agreement are acceptable to the Company.”

Any “advance discussions” mean nothing. Where are the more than three trains a month to clear the 400k tons coming from? Avani have no relationship with NS and only NS can use the rail hub per the agreement. How discounted a price would Avani pay? Export coal to India is far lower price than domestic USA coal sales. Any terms would be acceptable to the company as only Avani would provide cash.

“Adam Wilson has informed the Board of his intention to stand down from the board of Bens Creek and his position as CEO of the Company once a replacement CEO has been appointed.”

Remember Raju Haldarkar who RNSd as stepping down as CFO and from the board but it was only months later when I highlighted that he was still a board member that they actually did it. Moreover Adam is employed by Bens Creek Operstions LLC not be Bens Creek Group plc. His contract is with them. Will he continue to get his salary and bonuses? Also, will this enable him to sell his shares as no longer and insider?

Overall, this RNS seems to be preparing the way for horrible news for PIs where Avani walk with everything and AW continues to have his snout in the trough. But we will see.

[papillon] 10/2/2024 19:40

O/T

free stock charts from uk.advfn.com


5 year SBTX log chart showing relevant EMA's, Dudishes as per your request.
This chart turned bearish at the back end of 2021. It looked like the chart might turn bullish during H2, but it turned out to be a dead cat bounce before the SBTX share price resumed it's longer term decline, though it was a close run thing! I presume good news must have been issued, but not quite good enough! Obviously I know next to nothing about SBTX, apart from this chart. It looks like the SBTX share price has further to fall after some bad news was, apparently, issued recently. The sp, maybe, falling to 5p in the short term?

[purchaseatthetop] 10/2/2024 15:01

Good god! Another poster simply not understanding anything. Papillon that is embarrassing.

It is nothing to do with the decline in net coal price. Proper coal miners like Warrior Met Coal are raking in the profits and spewing out cash to shareholders at present prices


It is very simply that BEN was never going to be a proper miner. It was an exercise in extracting something like $75m from PIs in cheap shares and salaries while they could. They knew full well that none of their “expected” figures would ever be achieved to 30%.

[papillon] 10/2/2024 14:55

If one looks back at the early posts on this thread at the time of the BEN IPO it can be seen that the IPO Mkt Cap was £48m. This thread was then populated almost entirely by very, very, bullish posters. The Met Coal price was $314 and on a rising trend. Bullish posters were predicting that the company could soon be earning more than it's Mkt Cap based on the bullish production figures being issued by the company prior to IPO and in interviews (undoubtedly paid for) with Zak Mir and Proactive.
The combination of uber bullish posters, optimistic company production forecasts on social media, a high and rising Met Coal price, plus an apparently very attractive IPO valuation attracted PI's in droves and set the BEN share price started on it's rapid rise aided and abetted by the rise in the Met Coal price, which peaked at $440. During this time PI over optimism led the BEN share price to 10 bag. However reality dawned. The BEN share price was very overbought. The Met Coal price started it's rapid decline and the company's production forecasts were shown to be very over optimistic. The BEN chart turned Strongly Bearish after being Strongly Bullish for about 6 months following the IPO. Then the share price crashed as large trader Storey offloaded.
BEN was doomed. It's vastly over optimistic production forecasts plus the Met Coal price returning to a more realistic level meant the writing was on the wall for BEN. This was and still is reflected in the Strongly Bearish BEN chart. I don't like making predictions, but I believe BEN is doomed and current shareholders will lose everything.

[papillon] 10/2/2024 14:20

S&P500 record high. Bulls turning into bears. Crash coming Stateside?

[jaknife] 10/2/2024 13:46

Seagreen,

I shake my head with despair that you can’t see what is plainly in front of your eyes.

Adam/etc have come out of this making a fortune whilst painting an optimistic picture of Ben’s future. It turns out that Adam’s optimism was “misplacedR21;. Retail shareholders will lose a fortune. What Tom forecast has come true.

If you can’t work it all out and still think that Adam is the hero and Tom is the villain then so be it. Some people never learn.

JakNife

[amaretto1] 10/2/2024 10:57

Your behaviour on the ENET thread Is what you are talking about on here BEN has NO chance ENET have every chance to succeed Especially when the latter is priced to go bust And the former is not !!Funny old market

[amaretto1] 10/2/2024 10:53

Dilusional To say the least Can you remember ATC before it ? Atlantic Coal Adam is a .....

[bbmsionlypostafter mk2] 10/2/2024 09:37

Still they remain resolutely stupid.

[seagreen] 10/2/2024 07:45

Tks sweet pea I love you two!

[dudishes] 10/2/2024 01:32

Tks papilon,

Hopefully, Charlie is long both!

[papillon] 09/2/2024 21:48

free stock charts from uk.advfn.com


Here's my long term 5 year CWR log chart, Dudishes.
As can be seen from the relative position of the EMA's to each other this chart has been Strongly Bearish for over 2 years and has stayed that way despite the odd dead cat bounce.
As can be seen from the share price & relative positions of the EMA's the CWR chart was Strongly Bullish from the start of 2019 until early 2021

I'll post the SBTX chart tomorrow.

[purchaseatthetop] 09/2/2024 19:13

Jaknife. Actually it was a pile of poo before it listed. The whole MBU loans set up was to enable insiders to get 25m shares at 10p plus another 25m for the city advisers that avoided rule 7.

These were sold for maybe £40m. So before it even started they had robbed everybody.

[jaknife] 09/2/2024 19:05

seagreen,

I'm afraid that you still don't understand BEN. You actually do need the company to slap you round the face and go bust before you finally work out what a stinking pile of poo it is, and has been ever since it was listed.

Wait a little bit longer and you will get your wish.

JakNife

[seagreen] 09/2/2024 19:00

P

I called ENET right when it was 15p big deal

time to move on

Dud laddy

I never claim to call every trade right for goodness sake there is a big diference in having a small scalp and making or losing a case of wine. I have not had a meaningful position since late 2022 how coud you with a falling met coal price etc

[purchaseatthetop] 09/2/2024 18:44

Let’s remember my first post on BEN snd seagreens first counter answer…..

purchaseatthetop7 Mar '22 - 14:41 - 2365 of 11082 Edit
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I know that Zak is a well respected analyst (maybe not!) but this is what my research revealed this weekend. I sat down to try to see what BEN was and if it was worth investing. You will not like my findings but here they are anyway:

MBU Capital Group Ltd was incorporated on 15/5/20 with one Director: Mohammed Iqbal. Mr Iqbal has an "interesting" Companies House history with struck off companies, liquidations, and some law cases. All civil and part of slightly edgy behaviour I am sure.

Mr Iqbal is without any doubt very bright. He saw an opportunity.

In January 2021 MBU Capital bought Bens Creek Carbon Mine:



This was an old worked mine that had gone bankrupt and was owned by the repossessing bank. Included mining licence and the unused old and rusting wash plant and equipment. No idea of the price but maybe $3m for the lot. Nobody wanted such a loss maker. But Mr Iqbal is very very bright.

Mr Iqbal created Bens Creek (BEN) and there were 350,000,000 shares of which he kept 280,000,000. The other 70,000,000 were on AIM on 19/10/21.

Clever Mr Iqbal got BEN to buy the old rusting mining equipment off MBU Capital for $10m thereby repaying his funds he paid the USA bank for the whole thing and also leaving a profit:

RNS 25/2/22:"Bens Creek has now completed all the necessary remedial works required on its preparation and wash plant. This work is in line with the Company's stated intentions to repair and upgrade its coal preparation and wash plant, originally acquired at a fair value of US$10 million."


RNS 21/10/21 "Our primary objective remains to move the first underground mine into production by the end of Q4 2021 and following our listing on AIM, we are deploying certain of the net proceeds of our placing in pursuit of this work programme and to ensure the necessary steps are taken towards meeting this primary objective for the benefit of all shareholders."

Why would the RNS specify "underground production"? Why those words. Especially as BEN have bought/leased Highwall Miners that can only be used on Open Pit mines? I look at the small details and this jumps out. All the PIs have looked at the Highwall Miners and have started thinking 40,000 tonnes per month. Possible with the Highwall Miners but these mines are small narrow wet old school West Virginia mines, not open field cuts. These cannot be used underground.

RNS 17/1/22 "The initial agreed volume with Integrity is to deliver the equivalent of 8,840 clean tons of Hi Vol B coal. Payment for this initial delivery is expected to be made over the course of the next ten days". S

So...8,840 tonnes to be delivered and paid for.

RNS 31/1/22 ""We are delighted to have received part payment for our first coal sales in accordance with the anticipated quality of our product and within the timelines previously announced."

So..part payment. So not all the 8,840 tonnes was delivered. Of course not because they cannot mine with the Highwall Miners.

I am afraid to say that I think this share is a well organised and legal fleecing of PI's. Just my view.

Modeller posted a day or two ago that the management team has forgotten more than I have ever known about mining. Lets hope so.

You see this has happened before. Adam Wilson, the BEN CEO was CEO of Atlantic Coal on AIM (ATC in 2015). They were equally bullish about the future:



Of course it was dissolved 29/10/20 after losing all the PI money:



Be very very careful. Please.

Final point. MBU Capital Group has registered a fixed and floating charge for money borrowed from Blustar Global Capital on 2/2/2022. You can see it on Companies House. For those who do not know this is a massive red flag. If the payments go into default then the shares in BEN owned by MBU Capital Group can be sold by Blustar and you would never know. Been done before.

Good luck and this is just my opinion.
seagreen7 Mar '22 - 15:29 - 2366 of 11082
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ADVFN specialises in magically people appearing who have just undertaken their own research incase they might like to invest...............

They ignore the level of due dillligence required by two sets of approved Nomads in a reverse take over as required by AIM regulation
...............

They ignore the fact that the NOMADS of the company having the asset reversed into carry out a full suitability check into the history and Directors of that company..........

They ignore the fact that the new set of NOMADS have to carry out a full due diligence exercise on the proposed new board and all their Directors and former associations with companies and associates as well as a second due dilligence of the company being reversed into..............................

They ignore the fact that the new NOMADS have to request an independent CPR on the proposed asset and can not rely on the initial CPR presented by the new board..............

They ignore the fact that AIM regulation loath RTO's and all NOMADS double and tripple check everything and seek advice from AIM Regulation where possible as it is their NOMAD licence at risk......

They ignore recent fund raisings..............

But hey WTFDIK.............

[purchaseatthetop] 09/2/2024 18:35

If I remember correctly Seagreen said that if he was wrong about BEN and I was right, he would put up his hands snd acknowledge it.

Come on Seagreen. Say “yes PATT. I agree. You called it correct from the first time you posted here.”

Of you go. And don’t play the “he got lucky idea”. I posted exactly why this was a pump and every reason I posted was 100% spot on. Now is time for humblepie. Open wide.

[dudishes] 09/2/2024 17:48

Concert party margined shorting morons. Cannot beat that.

We loved your long at 12p!