Evening Breezy, I've been watching and reading with interest what's going on with BHR over the last month or so with nothing but distain for the board. It is disgraceful what they have done. I think we are done for irrespective of what deal goes through on the 17th.
Just the 30% down today! another cracking day in the good ship BHR. She's full of holes and sinking fast.
Waddid, I fear you are absolutely spot on. We might as well suffer the hit now and move on rather than face an even longer protracted death. I have said before that RK never had any intention of running a mine, he would have liked someone to come along and snap this up but the market has gone against him. The BoD have been unbelievably short sighted on this one and with some foresight and professionalism could have avoided this situation. All the best idg69
Apologies, I meant to say the washplant upgrade would be complete March/April 2016 and not 2015!
"Once the US$14.5 million fundraising has been successfully completed and the new DFI debt facility secured, we will be well positioned to rapidly develop Minas Moatize into a profitable, Tier 1 cash cost coking coal producer." This is just a big lie. BHR have never and are incapable of doing anything 'rapidly'. RK said in his radio interview the washplant would take 12 months to upgrade and would be complete March/April 2015 after which they would need 6 months to ramp up to full production. That is 2 years away before any revenue - that is not rapid! They are desperate and so far out of their depth it is untrue. My £31k is worth £600 today and if the resolutions get passed, my £600 will be worth around the £60-£100 mark. RK and his men are a disgrace and should be shot at dawn for what they have and are doing to this business.!
Just listened to RK talking about the share dilutin and general BHR state of play. I sounds a worried man. If all goes to plan they won't ship any coal until Q3 2016. That means revenue won't kick in until Q4 2016 - that's 2 years from now and 3 years later than they planned. This is dead in the water. There is no way they can continue for 2 years without revenue coming in and the finances in the state they are now.
On the AIM market I don't think anything is illegal. It's like the wild west one hundred years ago. It should never have been opened up to ISA investors without first having the rules and regulations in place that the FTSE 250 have.
I'm astounded reading the LSE board the number of people that simply don't understand the ramifications and volume of the dilution that is heading our way.
Ditto! Just the £30k out of pocket on BHR and £17k on CPP - Here's hoping for a better 2015. Can't get much worse than 2014. All the best, idg69
Me neither Nunquam - I used to be but lost it all on the AIM market. I wouldn't buy anymore at this point anyway. You might as well wait until the dust settles and see where they are at in the spring of next year. At which point they will still be 12 months of shipping any coal.