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| Share Name | Share Symbol | Market | Stock Type |
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| Bullion Res | BLO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| Top Posts |
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Posted at 08/3/2005 13:30 by stevea171 Macca. Agree completely. This happens on other threads eg ROS with the MM's messenger boy posting to influence investors to sell at key times when they have no stock/want more stock. With the institutions they can just pick up the phone, but with us they have to be more devious! |
Posted at 07/3/2005 23:28 by stevea171 Date: March 08, 2005 The Sad Saga Of Bullion Resources Ends And A Bright Future Opens As Nautical Petroleum. It has taken a while, but the long suffering shareholders in Bullion Resources can look their bank managers in the face once again. Credit has to be given to Malcolm Burne of Golden Prospect who was determined not to take a loss on his holding and he was supported by Colin Bird of Lion Mining and Jubilee Platinum. Without wanting to dwell too much on the past, Bullion Resources' shares performed badly after the IPO in 2002. An independent report by Lion Mining the following year concluded tht the South African assets of the company were not economically viable and the South African mining regulators criticised the Competent Person's Report on which the listing was based. In due course four of the directors resigned and their shares were acquired by Golden Prospect. Litigation again the Competent Person is still under advice and the Nomad - our old friends at Grant Thornton - was replaced. In October 2004 Bullion Resources sold its assets, such as they were, and underwent a restructuring to become a cash shell. As part of the restructuring the company raised £625,000 through a non-brokered placing and the directors evaluated a number of deals to make the best use of its listing and funds. The decision in the end was to carry out a reverse takeover of a company called Nautical Holdings by issuing shares to a value of £20.93 million. The name is going to be changed to Nautical Petroleum and the shares started trading again today, once the deal had been announced. Bullion Resources shares had been suspended at 6.25p after a quick advance in the share price a few weeks ago and they started trading again today at 10.5p, a rise of 68 per cent. Note to Phil the Spin and the nomads and brokers involved with his companies, the suspension of Bullion Resources was requested after the shares had risen by 30 per cent, not thirteen fold as in the case of White Nile. Nautical Holdings is a subsidiary of Masefield Energy Holdings which was created last year to hold the non-trading , asset based business interests of the Masefield Group. The Group also has an energy trading company, Masefield AG, which is involved in global trading of crude oil and refined products in major oil trading hubs and its clientele includes most of the participants in the global crude oil, gas and refined products markets. As a result of this business it has been able to identify and secure assets and interests which benefit from synergies with energy trading, while offering intrinsic viability and competitive advantage through application of oil process technology. This is an important point as Masefield Energy has identified and acquired heavy oil reserves in the North Sea as a prime supply source for the downstream processed fuel business. The two licences are contiguous and are situated on the East Shetland Platform in the vicinity of the well-documented Bressay and 9/3 heavy oil discoveries. Key to this whole operation was the acquisition by Masefield Energy of specialised heavy crude oil production processing equipment designed and supplied by Halliburton for the Extended Well Test programme undertaken successfully on the Mariner oil field by Texaco in 1997. Nautical Holdings has a 75 per cent interests in the licences and full ownership of the specialised oil production process equipment. The aim of the company is to lead a new phase in the development of known heavy oil reserves in the North Sea by applying advanced oil recovery technology, according to Ian Williams who will take over as chairman of Nautical Petroleum following the change of name. Mr Williams spent over 27 yrs with Royal Dutch/Shell Group before joining Masefield and ended up as Head of Strategy and Consultancy (Downstream) at Shell International Petroleum Company in London. He knows a bit about oil as does the proposed CEO, Stephen Jenkins who has 20 years technical and management experience in exploration and production world-wide with a range of oil and gas companies behind him.. The future of the business is therefore in experienced hands and Minesite can now hand over to Oilbarrel.com to follow it. The past can now be forgotten, but it was a salutary experience for London's junior mining sector. Hopefully the AIM regulators will take on board the fact that mining companies are not the same as widget manufacturers , food processors or transport companies. Advisers have to have more than a working knowledge of mining and be able to assess reports from Independent Consultants with competence. Only then will investors be confident that another Bullion Resources cannot slip through the gate. |
Posted at 07/3/2005 10:42 by wole The new shares will form 90% of the issued shares. The new holders are locked in for 12 months therefore there can't be much liquidity in the stock for a while. That said they may issue shares to institutional investors to improve liqidity.At 3p the new company will be valued at roughly £23m. At 10p the mkt cap will be something like £78m. If they stick to the proposals and start drilling and producing 25000 barrel per day the share price would probably be above the £1 mark. |
Posted at 15/2/2005 20:41 by macca28 even better is that they have not waited,this time,they have actually let there investors know something is about to happen one way or the other, |
Posted at 26/1/2005 22:35 by topvest FT article - good news for current shells?Cash shells face tighter Aim rules By David Blackwell Published: January 26 2005 02:00 | Last updated: January 26 2005 02:00 Aim is set to tighten its rules on cash shells, which have become an increasingly popular route to market. The London Stock Exchange will next week publish for consultation proposals intended to keep the more speculative shells from joining the junior market. If the plans win the approval of the nomads (nominated advisers) and other Aim participants, they could take effect from March. They will apply to cash shells that have already joined the market but which have not yet done a deal. The main plank of the rule change is a proposal to give cash shells just 12 months to do a deal. If no deal were to be completed in that period, the shares would be suspended - although the shells would be allowed a further six months to find a deal before being delisted. The rule changes will also suggest that cash shells must raise a minimum of £3m through the flotation, and must also submit a much more detailed business plan than has hitherto been required. "Cash shells have a valid role on Aim," the LSE said yesterday. "But the success of Aim is dependent on maintaining its reputation." There are about 30 cash shells among the 1,000-plus companies listed on Aim. They can offer much promise, but they require health warnings. The most commonly cited case is Knutsford, a vehicle for Archie Norman, Julian Richer, Nigel Wray and Nicholas Leslau, who were planning to bid for a large retailer six years ago. Excited investors quickly drove the stock from 1p to 270p - but no such deal materialised. Instead it eventually bought an investor relations firm and now trades under the name WILink.com. Interest in cash shells has picked up again following the success of David Page, the former chief executive of PizzaExpress, who started Clapham House Group as a cash shell in order to build another restaurant chain. He was quickly followed by Urban Dining, which raised an initial £2.75m through a placing with six institutions including Henderson Global, Framlington, Isis and Unicorn. All six took part in the secondary fund raising five months later, when Urban acquired Tootsies, a chain of 23 burger bars. In September, Augean floated as a cash shell, with institutional backing for a plan to take advantage of consolidation moves in the hazardous waste and water supply industries. It initially raised just £2m at 125p, quickly returning to market two months later to raise a further £100m at 180p for the acquisition of two hazardous waste companies. The company, which has yet to report any results, now has a market capitalisation of £165m. |
Posted at 28/8/2003 09:16 by charlesparker Note, 46.25m fully paid ords, 12.5m ords placed @40p June 2002 raising £5m.Holding by Mellet/Berg ending Dec'02 15.65m (see accounts) 80% of their holding agreed for company use = c12.5m Scope to give bonus issue to investors? |
Posted at 22/8/2003 10:58 by charlesparker Simon,I have a small holding from 20p+ so interested to see how this pans out. The recent news is mixed. Unqualified contingent liabilities (see note 17 in accounts), otherwise cash pile now is probably around £2m. Given Bullion Resources is effectively starting again, and minders like Malcolm Burne are going to want investment returns, the following post balance sheet comment should be noted: "Full and final settlement agreements have now been completed with Messrs Mellett and Van Den Berg with respect to both their involvement as directors and employees of the Company. As part of the settlement each of them agreed to enable the Company to make use of 80% of their shareholdings in the Company in its sole discretion for the purposes of use in future acquisitions by the Company, as part of incentive packages for new employees and directors and for transfer to investors" Charles |
Posted at 03/5/2003 00:08 by charlesparker Hi Energyi,I agree, looks a mess. I have a small holding from 20p+ so i'm one of the unhappy investors! What's the latest news ? I see the article in BUSINESS REPORT " includes "....Moritz said Bullion's liquidity was still strong and the firm had more than R20 million to spend" IF they are holding local currency then cash still equates to £2.75m, still a tidy sum. Regards, Charles |
Posted at 13/4/2003 16:02 by charlesparker [11/4/2003] BLO touch price 11-13.5p, Mkt Cap £5mHi Energyi Thought I would spare a few moments to make a contribution given I am currently reviewing the investments held by GOL. As a huge supporter of Malcolm Burne, I am not convinced he has been scammed as you suggest. Looks more like a case of concerted de-ramping and clearly REI are disillusioned holders! I agree there must be some unhappy investors. For reference, IPO at 40p, the announcement on the 10th June 2002 records Golden Prospect with a holding 2,312,500 shares. On the 15th August 2002, GOL increased their holding to 2,950,000 (=6.43%). I assume their holding remains good at 11/04/2003 unless an announcement is due shortly, although the relatively low level of trades over the last few weeks suggests not. Your comment on CASH is worth expanding on. Extract from RNS update report 30/10/02: "On Admission the Company raised £4.3 million (net of expenses). To date the Company has expended approximately £1.2 million on the acquisition of the mining areas, the purchase of nine mills, capital expenditure on its properties and for general working capital. All this expenditure is within budget" Until the company release results it's worth considering if the cash balances are mostly Rand as this may provide a bonus FX gain. For a company with 46m ords, mkt cap £5m, cash (ZAR / GBP) in the bank, Drylands mine in production @ 30,000oz/yr (albeit 6+ months behind schedule), makes it worth a speculative look and one to watch IMHO. I would be interested to see the fundamentals updated in the header section. Regards, Charles Other: I see AVM retain a majority interest in tungsten activity and with prices on the increase perhaps it's time to resurrect the original AVM thread! |
Posted at 05/2/2003 13:13 by energyi IPO was 40p: Unhappy Investors?= = = CONTROVERSY: ... From MiningWeb: More trouble for Bullion Resources / By: David McKay Posted: 2002/12/03 Tue 07:00 | © Mineweb 1997-2002 JOHANNESBURG -- Bullion Resources [LSE:BLO], the UK-listed gold producer operating in South Africa, has stood behind its resource statements saying the author of its competent persons' report (CPR), Deon Vermaakt, would defend his findings if a formal complaint was lodged. Bullion Resources' share price has fallen 18 percent since Mineweb published its report on 20 November. Bullion Resources, listed on London's Alternative Investment Market (AIM), is currently trading at 17.5 pence per share. There is a high possibility Vermaakt will be called to account as the Geological Society of South Africa (GSSA) confirmed today that it had issued a formal complaint to the South African Council for Natural Scientists (SACNAS). SACNAS is a professional organisation of which Vermaakt is a registered member. GSSA vice president, Dawie van Wyk, said in a memo to Mineweb on 21 November that the CPR in Bullion Resources' prospectus could be misleading and that the resources were overstated. "After a number of professional geologists all with experience in gold mineralisation in the Bullion Resources resource areas and who have reported and worked in the area, studied the CPR, they all concurred that the report could be misleading and the gold resources were overstated and they recommended to the Council of the GSSA that a complaint be lodged against Dr Vermaakt with SACNAS. This has been approved by the GSSA council and a formal complaint will be lodged with SACNAS," Van Wyk said. Van Wyk added in statement today that the complaint was lodged via e-mail and followed by a registered letter signed by the President of the GSSA. "SACNAS, however, requires that the complaint is in the form of an affidavit and the GSSA is in the process of doing this," Van Wyk said. Van Wyk was also anxious to clarify two points. Firstly, the onus was on SACNAS to take action as neither the GSSA nor SAMREC, South Africa's resources reporting committee, had jurisdiction over Vermaakt. "Dr Vermaakt signed the CPR as a Registered Professional Scientist, which is a statutory scientifics body and is thus obliged to conform to their code of practise, ethics and disciplinary procedures. Any person or organisation has the right to lodge a complaint against a person who has signed a report Pr.Sci. Nat.," Van Wyk said. Secondly, he pointed out that Mineweb had erroneously made statements on behalf of the GSSA in its first report (20 November). At the time, GSSA had not issued a complaint: "The Mineweb article was not sanctioned by the GSSA and I request that Mineweb please retract any previous statements on behalf of the GSSA," he said. Vermaakt said in a statement issued by Bullion Resources to the London Stock Exchange yesterday that he had not been notified by the Geological Society, SAMREC or SACNAS that any complaint had been lodged. "Furthermore, he reconfirms the contents of his report and intends to defend its contents should such alleged complaint be formally brought to his attention," Bullion Resources said in its statement. It added that it was unaware of the basis of a complaint and could therefore not comment upon it. The company added that gold had been produced from two of its resources, Drylands and Machavie, contrary to a Mineweb report which stated the prospects had been in a number of hands without ever being developed. Van den Bergh, managing director of Bullion Resources, said earlier that the company's entrepreneurial approach would make its resources economic. The depreciation of the rand and improved gold market would be other contriburing factors, he said. Bullion Resources has bought plant at heavily discounted prices such that cash flow pressure on the projects would be lessened :LINK: = = = = = = = = = LINKS: BLO's Website: |
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