Mustang Energy Share Discussion Threads

[begorrah88] 20/12/2021 08:12

Disappointing that no update appeared.

[megaman2] 14/12/2021 11:21

hxxps://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/changes-to-uk-spac-rules-open-door-for-more-listings-66199184

The change in spac rules means they don't need to delist . So could must be relisting ? Without having to wait ? Why else update the market ?

[begorrah88] 13/12/2021 13:52

Interesting?!Cheers I did think the mention of a replacement investment was an odd line if it was late September.

[dingdong62] 13/12/2021 13:47

From: Dean Gallegos
Date: Sunday, 12 December 2021 at 23:46
To: ---------
Subject: RE: share holder

-----

Last week the FCA changed the rules relating to SPACs, there are some transition arrangements that have been put in place and we have been trying to get clarification from the FCA how we fit into those arrangements. As soon as we know the position we will update shareholders.

We have not been idle in seeking a replacement investment to the one we announced in April.

regards

Dean L Gallegos
+ 61 416 220 007


Managing Director

[begorrah88] 13/12/2021 13:33

Thanks for putting up dingdongThe changes to SPAC's were announced in late Sept so presumably that reply you had was from around that time but the one saying they aim to give an update must be recent as there hasn't been one since the half-year report.

[megaman2] 13/12/2021 13:20

Im not that hopeful here but I doubt they could move forward or say anything about a replacement until the current deal is unwound at year end so I'm not expecting anything until Jan on any life lines.

[dingdong62] 13/12/2021 13:03

AND THIS ONE......

Apologies for getting back to you a it late. We are looking to put out an update this week on the status although we did say in our half yearly report that we had taken the position that the transaction would be unwound.

regards


Dean L Gallegos
+ 61 416 220 007


Managing Director

[begorrah88] 06/12/2021 16:06

Got to wonder if there is anything going on at all here or if the BOD are just looking at the countdown clock waiting for this to be over.The 'active discussions' appear to have achieved absolutely nothing.

[scrabbleguy] 17/11/2021 18:31

And also anyone aware what happened to Richard Corsie MBE?? 12% he held by suspension I believe.. now disappeared off Twitter?!

[scrabbleguy] 17/11/2021 18:28

Still not clearer as to what the outcome will be here.. anyone care to give their opinions?
And does anyone know the actual date we have to relist as fairly sure it was 12 months from initial suspension??

[megaman2] 27/10/2021 15:36

My best guess is Garnett wanted to keep the company private that's all I can come up with .if that's the case it looks like they may have achieved their objective . But just guess work.

[dontay] 27/10/2021 15:33

The noteholders have the discretion to convert to vrfb-h which they may find very tempting OR BMN shares ... and also worth remembering the counter claim that's in play.If Garnet lose, they will become responsible for reimbursing BMN for any dilution.This could yet be settled out of court in a timely manner.

[megaman2] 27/10/2021 15:12

Yes also must have to pay a cancellation fee to bmn if they don't relist by year end....I think it's £200 k but I can't remember to be honest ....could be curtains

Scrub that the cancellation fee is 5% of the capital raise in must shares at 20 p. $375000??..don't know where I got £200 k from although it does equate to a bit more than that in shares . Quite what bmn will do with shares in must ....
It was probably more thrown in to justify the backstop to bmn shareholders...

[2bags78] 27/10/2021 14:38

That's just for the Noteholders though is it not?

[dontay] 27/10/2021 14:33

They get BMN shares to the tune of 7.5. million ... and imo there is every chance their next major move will be BMN related ... (BMN are very interested in getting off AIM and listing on the main exchange) BMN incidentally, will now have control of Enerox's future! Everything still very much in play in this space Imo.

[begorrah88] 27/10/2021 14:15

I was hoping for a bit more than that after 6 months. Seems no progress at all is being made.Window is closing to relist as another project would have to be announced, reverse out of the current mess, issue a prospectus & allow time for that to be approved etcDid we get walked straight into an ambush?

[megaman2] 27/10/2021 13:26

They have linked these two sentences together .bmn a counterparty would like a main market listing and some cash...there in the vfrb value chain and bushvekd energy are supposedly in the renewable energy projects development...

[megaman2] 27/10/2021 13:26

I admit it's a long shot....

[jonny_wright] 27/10/2021 13:00

Ahh not great - won't be pretty if that's the case, unless a rabbit is pulled out the bag

[2bags78] 27/10/2021 12:35

Yes, they mentioned this back on 30/09 RNS too so hopefully they have a Plan B.

[2bags78] 27/10/2021 12:33

Scroll down to Note 4 - high court date expected late Jan 2022, directors anticipate it as likely that the investment be unwound. Also exploring further investments. Last two paragraphs in Note 4.

[aimbagger] 27/10/2021 12:32

Relisting will only come in the short term via another investment by the looks of it. Hopefully they have another one they're carrying out dd on.

[jonny_wright] 27/10/2021 12:23

Nothing to report then regarding re listing

[dontay] 27/10/2021 12:11

Todays Interims: Soon after making the investment Garnet voiced its objections to the Company's investment in VRFB-H. In mid-July 2021 a claim form was issued in the High Court of Justice: Business and Property Courts of England and Wales (Chancery Division) by Garnet against VRFB-H and EHL seeking declarations against VRFB-H concerning alleged breaches by VRFB-H of provisions of the joint venture agreement in relation to EHL, arising from the indirect investment into EHL through VRFB-H by the Company. VRFB-H believes Garnet's claims to have no merit and is robustly defending its position. In addition, VRFB-H issued a counterclaim against Garnet and is seeking declarations against Garnet for material breaches of the joint venture agreement in respect to Garnet's conduct. The matter has been listed for trial on an expedited basis on a date to be fixed for late January 2022. It is unknown when a decision would be handed down.Whilst the Company is not a party to the above proceeding's they have precluded the Company from issuing a prospectus, which is a precursor for the Company's shares to be reinstated to trading. If the Company's shares are not reinstated to trading by the 31 December 2021 the investment in VRFB-H will, pursuant to the agreements executed with VRFB-H and the CLN holders and described in the Company's 27 April 2021 release, be sold to Bushveld Minerals Limited and the CLNs will be redeemed. Bushveld Energy Limited, a 74% owned subsidiary of Bushveld Minerals Limited, currently owns a 50.5% interest in VRFB-H. Acacia Resources Limited, which has a 24.03% interest in the Company, owns the remaining 27.4% interest of VRFB-H.In preparing these accounts and given the anticipated timetable of the High Court proceedings in relation to the trial, the Directors anticipate it as likely that the investment will be unwound and as such has not recognised either the investment in VRFB-H or the CLNs in these accounts.The Company has been in active discussions with the counterparties to the transaction announced on 27 April 2021 and continues to progress the previously articulated strategy of exploring further investments in the energy storage value chain and renewable energy projects development space and how these might facilitate a relisting of the Company's shares.