Australian (ASX) Stock Market Forum

BMN - Bannerman Energy

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eddyeagle said:
Bannerman up approx 30% in 2 sessions! Very glad I didnt set a stop loss on this one! Sometimes it pays to have a little faith!
BMN to list on the Namibian Stock Exchange from 2nd April...
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Well, good luck to you eddy, but the hold and have faith concept can come unstuck at times. There are too numerous examples of companies with solid fundamentals that end up been in the dog house, for ever, or at worse go into administration, for whatever reason. Having said that, obviously I've been pretty bullish on this too, but many a black swan has landed in the pool of faith.

Personally, I think the Namibian SX listing is a PR exercise to keep the Namibians happy which has little fundamental value to the company. I suppose if they keep on the side of the government there, they're less likely to have some two bit mineral stone exploration company try and steal their lease from under them!

I was doubtful of yesterdays rise being a turn around. One day does not confirm of such. However, the follow through today, with sellers disappearing, looks to be a pretty good sign the trend has changed. Pending any more unsuspected bear news.

Good luck to you on your no stop loss plan.
 
Of course, the Namibian listing was to blame for the rise over the last 2 days of course. :rolleyes:

Bannerman shares leap on news of Namibian listing
27/03/2008 By: Helen Schuller

Australian uranium development company Bannerman Resources Limited (BMN) is set to list on the Namibian Stock Exchange (“NSX”), where its flagship Goanikontes uranium project is located. Shares in Bannerman jumped almost 12% on the news.

Subject to all regulatory approvals, Bannerman’s ordinary shares are slated to list on Wednesday, 2 April 2008.

The stock symbol for Bannerman’s ordinary shares on the NSX was expected to be “BMN”.

The company said it would continue to be domiciled in Australia and retain its primary listings on the Australian Stock Exchange (“ASX”) and its secondary listing on the Toronto Stock Exchange (“TSX”).

Bannerman said it would be listed on the “Mining” sector of the Development Capital Board of the NSX.

“Bannerman has made the application to list its ordinary shares on the NSX to affirm its commitment to Namibia, its people and economy, and to enable Namibian investors the opportunity to participate in the company’s projects in Namibia, Botswana and Australia,” the company said.

Bannerman said the sponsoring broker for the listing of the securities on the NSX was IJG Securities (Pty) Limited, based in Windhoek and that there would not be a capital raising associated with the NSX listing.
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So, what would I know? :eek:

This is obviously the first that the market has heard of this. LOL
 
Was that the article from The Age Kennas. It is amazing how little research the journos actually do. There are some good reasons why the sp has increased over the last few days but I doubt news of the Namibian listing contributed much. BMN was in hindsight pretty good buying at $1.60, the Canadian capital raising imo was never in doubt despite down rampers trying to show otherwise, and the company finally after three and a half months released some more drilling results, which if nothing else is helping to strengthen the jorc figures. Agree two days reversal may not be the end of the pain, but we may be through the worst of it now. Could be exciting days ahead when they start drilling the bright pink areas on the Ombuga site. So long as the labs don't take three and a half months to process the assays, otherwise we are looking to middle July for any news.
 
Reefer said:
Was that the article from The Age Kennas. It is amazing how little research the journos actually do. There are some good reasons why the sp has increased over the last few days but I doubt news of the Namibian listing contributed much. BMN was in hindsight pretty good buying at $1.60, the Canadian capital raising imo was never in doubt despite down rampers trying to show otherwise, and the company finally after three and a half months released some more drilling results, which if nothing else is helping to strengthen the jorc figures. Agree two days reversal may not be the end of the pain, but we may be through the worst of it now. Could be exciting days ahead when they start drilling the bright pink areas on the Ombuga site. So long as the labs don't take three and a half months to process the assays, otherwise we are looking to middle July for any news.
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Yes, sorry, should have referenced it. I found that article on Share Cafe. I think. :eek: I think we're all still hostage to the credit squeeze, and general lack of appetite for risk. I think there's a lot of cash sitting in banks at the moment. Hopefully there's some sort of bottom forming over the coming weeks/months and the money starts flowing back into the markets. Hopefully the next upgrade doesn't disappoint. Looking at the cross sections of AA, I think some people will be disappointed. Lots of waste at depth, while forecasters were making pretty generous assumptions of the total dimensions and therefore tonnage. Just give us 100m lbs BMN and I think that'll be enough. Then punters can start getting interested in the other anomalies...
 
BMN into trading halt due to director Nathan McMahon and other shareholders notifying the company that part or all of their holdings in BMN were held by OPES Broking. This is having massive ramifications through the markets at the moment involving many companies whos major shareholders and directors used OPES Broking.
 
Hi, does that mean that when normal trading resumes the share price will drop for sure? What kind of announcement would prevent that? (Stupid question? Sorry, I'm a newbie... just starting... :p:)

Thanks
 
ChomChom said:
Hi, does that mean that when normal trading resumes the share price will drop for sure? What kind of announcement would prevent that? (Stupid question? Sorry, I'm a newbie... just starting... :p:)

Thanks
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No it doesn't mean the share will drop for sure. An announcement stating they have found a buyer for the shares will most likely see the share price bounce to the previous close before the dumping began. Nervous wait on this one though. Hope you didn't find your black swan kennas, lol.
 
the barry said:
No it doesn't mean the share will drop for sure. An announcement stating they have found a buyer for the shares will most likely see the share price bounce to the previous close before the dumping began. Nervous wait on this one though. Hope you didn't find your black swan kennas, lol.
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Possibly Barry but those in the know ( wish I was one of them) seriously dumped stock prior to the halt being called. Is anyone going to fork up much more than current price to take those shares on ?
 
mickqld said:
Possibly Barry but those in the know ( wish I was one of them) seriously dumped stock prior to the halt being called. Is anyone going to fork up much more than current price to take those shares on ?
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To many variables to make a call. Wait till the facts are clear before making assumptions, sadly many other companies in the same boat.
 
the barry said:
To many variables to make a call. Wait till the facts are clear before making assumptions, sadly many other companies in the same boat.
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Going to be very volatile when BMN and others start trading again. Lot of day traders will be hovering waiting to make a quick buck from this sort of situation. Would like to jump in on both BMN and GBG on an early sell off when they start trading again.
 
What other companies are caught up in this? Can anyone one find out? Would be interested to know. Thanks. emark.
 
ChomChom said:
I'ts in the article
http://www.wabusinessnews.com.au/en-story/1/61860/Opes-crash-hits-seven-WA-miners

GBG Gindalbie
BLK Blackham Resources Ltd
CQT Conquest Mining Ltd
BMN Bannerman Resources Ltd
CYL Catalyst Metals Ltd Red Fork Energy Ltd
HDG Hodges Resources Ltd all
ORD Ord River Resources Ltd

Let's see who will make an annoucement first and what the effect will be
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Add ADY Admiralty resources to the list, down 7.3% today and broke support of 20c (Closed at 19c)
Director Phillip Thomas has advised the Company that entities associated with him have a margin lending arrangement with Opes Prime with a facility balance of $2.85 million , with a current gearing ratio of 55%. It is now expected that this margin loan will need to be repaid or refinanced as a result of Opes Prime Group Limited being placed into receivership.
 
As is always the way with these sorts of matters.....QUOTE from Business Spectator
"The two lenders – ANZ and Merrill Lynch – look to be entirely covered. Whether there will be anything left for the unsecured creditors, represented now by John Lindholm of Ferrier Hodgson, is another matter entirely."

The little guys get shafted while the big boys cover their collective a**es.
 
Mick

mickqld said:
The little guys get shafted while the big boys cover their collective a**es.
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In this case it would appear that while the big boys are Merril and ANZ while the little boys are those previously known as Sophisticated Investors. Goes to show it is all relative!!
 
From http://business.brisbanetimes.com.au/opes-prime-debacle-leaves-directors-in-dark/20080331-22r8.html


The Namibian uranium explorer Bannerman revealed the director Nathan McMahon - the Cazaly Resources managing director famous for fighting Rio Tinto over the Shovelanna iron ore tenement in Western Australia - was among a group of its shareholders who had margin loans with Opes.

Mr McMahon owns nearly 20 million shares and 6 million Bannerman options and was buying shares on the market as recently as last month. "I don't think anybody understands what's going on at the moment," he said.
 
ChomChom said:
From http://business.brisbanetimes.com.au/opes-prime-debacle-leaves-directors-in-dark/20080331-22r8.html


The Namibian uranium explorer Bannerman revealed the director Nathan McMahon - the Cazaly Resources managing director famous for fighting Rio Tinto over the Shovelanna iron ore tenement in Western Australia - was among a group of its shareholders who had margin loans with Opes.

Mr McMahon owns nearly 20 million shares and 6 million Bannerman options and was buying shares on the market as recently as last month. "I don't think anybody understands what's going on at the moment," he said.
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I haven't been able to work out the implications to him just yet either.

However, it doesn't change any of the fundamentals of BMN much I feel.

If he has to liquidate completely, then it may be a good opportunity for other long term investors. Or, nothing will happen? :confused:
 
ChomChom said:
From http://business.brisbanetimes.com.au/opes-prime-debacle-leaves-directors-in-dark/20080331-22r8.html


The Namibian uranium explorer Bannerman revealed the director Nathan McMahon - the Cazaly Resources managing director famous for fighting Rio Tinto over the Shovelanna iron ore tenement in Western Australia - was among a group of its shareholders who had margin loans with Opes.

Mr McMahon owns nearly 20 million shares and 6 million Bannerman options and was buying shares on the market as recently as last month. "I don't think anybody understands what's going on at the moment," he said.
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It's pretty simple, Mr McMahon. Any shares you held with Opes Prime are now being liquidated so that ANZ get their money back. They are not your shares and you will likely not see any money from them.

Here's hoping for your sake that all your BMN holdings (and other holdings, for that matter) weren't with Opes Prime.
 
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