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BMN - Bannerman Energy

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There's a bit of capitulation like selling going on in the market right now.

See just about any commod stock chart the past few days.

BMN no exception, even with the 'Savanna marbel head' litigation overhang.

Technically, I think failing $1.40 ish was a major SELL and run to the hills signal, and wait to see what happens next.

What has happened is a bounce of some significance, on volume, representing some panick selling and buying from others...

I haven't sold anything since buying more at $2.00 ish, and am taking the risk that the Savanna thing is a no go.

I have disregarded my general trading/investment plan by selling on significant support breakdowns, and I am sure this will come back to haught me. It's giving me nightmares already.

Like it did during the teck wreck.

Just another reason to write down my investment plan for every stock and stick to it, no matter what the 'fundamentals' say.

Feeling like a goose....

But, on to something positive, there may be a great opportunity to add to the position if it breaks up and the Savanna thing is squashed....
 

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shag said:
but whos going to take over a company when they may not be able to mine their site?
wouldnt that scare off all predators untill its settled?

the market is playing out very much just like it did last year to me
Click to expand...

I would assume that we will have an idea on the proceedings very shortly. Someone who spoke to petter batten posted that savanahs affidavits were meant to be in at the start of july (provided that information is accurate which I can't say either way). It is now 6 weeks past that point. Possibly they are holding out for bmn to make them an offer to go away, (who knows as the proceedings aren't against bmn, but the outcome will obviously have a major impact on them if succesful) but the time it is taking I am hoping may mean they are on a fishing expedition.

On another front, In the short term cameco states "“We will provide an update in our second quarter news release which will be issued on Thursday, August 14 with a conference call to follow at 11:00 a.m. Eastern time.”

Would assume that if there are further complications/delays this mine may never get into production as the commencement date has already been pushed back years. Would have to have a major impact on the short/long term spot price as this was factored in to produce 8-10 percent of the worlds U by 2011.

Interesting times ahead.
 
thanks for the chart.
with the cigar lake water factory upping its water production, paladin must be looking good being a producer and the rest.
i bought in a few bmn at a dollar anyway in the hope this court case and market flop is just an ideal buying opportunity.
you would hope the namibian government recognise that this could tarnish their thriving mining industry.
 
The current price is, like the market, not rational. My view is that even if the worse were to happen (God forbid) BMN still have other very significant interests, i.e. Swakop and Botswana.

The anomalies near Langer Heinrich look particularly interesting. They will probably be higher grade than AA. That was only drilled first because BMN wanted to utilse the historical drill holes so as to minimse the cost.

I note that the $21m capital raising went ahead successfully - even after legal action was initially lodged by the marble co.

Were these investors foolhardy or insightful?

DYOR
 
kennas said:
Technically, I think failing $1.40 ish was a major SELL and run to the hills signal, and wait to see what happens next.

What has happened is a bounce of some significance, on volume, representing some panick selling and buying from others...

I haven't sold anything since buying more at $2.00 ish, and am taking the risk that the Savanna thing is a no go.

I have disregarded my general trading/investment plan by selling on significant support breakdowns, and I am sure this will come back to haught me. It's giving me nightmares already.

Like it did during the teck wreck.

Just another reason to write down my investment plan for every stock and stick to it, no matter what the 'fundamentals' say.

Feeling like a goose....

But, on to something positive, there may be a great opportunity to add to the position if it breaks up and the Savanna thing is squashed....
Click to expand...
Well, I'm out taking a capital loss and waiting for a reentry signal. I made quite a bit on this a couple of years ago, but the recent average cost of $2.00 was a very bad trade. My policy of selling on breakdowns was forgotton. Lesson learnt again. Money in the bank earning interest, or for re-entry.

With it falling how it has after that JORC upgrade, even with Savanna, I have to think the worst.
 
u do have to wonder dont you, like the selling came on strong and never ceased, totally ignoring the resource announcement.
my philosophy when they go like this is they arn't worth selling, forget them for a few years and hope they do a summit gold and u wake up to a 100k u didnt realise u had.
i've asked fat profits what they think of them....
 
the b-stards seem to want to give out an enourmous payrise and hand out loads more options....if i read it right. yeah right, a payrise and handouts when the ship is sinking...
 
<slightly old news, copy of my post from topstocks.com.au.
This is my first post here, but I've been posting on topstocks for a while now so go over there if you want to check out my history.>

----------------------------------------------

See the below for reasons behind the recent price drop. The price has apparently moved due to badly timed institutional movements not because of fundamental change in lawsuit or opperations. There is NO fundamental change to the business or the state of the Savanna suit according to BMN reps.

Additionally, more results are expected to be announced soon.

See my Q&A below.

Disclosure: I hold and will continue to accumulate at these prices.

------------

From: "Ann Gibbs" <ann@bannermanresources.com>
Date: August 14, 2008 9:45:32 PM GMT+10:00
To: <bollingerbobs email address>
Subject: RE: Status of court proceedings
Reply-To: <ann@bannermanresources.com>


Dear <bollingerbobs name>,

Thank you for taking the time to write. There is no change in the business
-- corporate or operations -- at Bannerman Resources.

We discovered that the share price drop is the result of an institutional
shareholder who apparently had a "basket of holdings" that they gave to
their broker to liquidate at best efforts. Unfortunately, this happened not
only on a weak market day, but also without us knowing so that we could help
him to find a buyer.

With regard to Savanna, we are waiting for them to file a responding
affidavit after which, Bannerman can approach the Namibian High Court to
seek a hearing date. There really is nothing more to state until Savanna
files their affidavit. As the situation develops, we will of course, inform
the public.

I have attached the last Activity Report which includes the current status
of the situation.

Exploration activity continues on some of the hotter targets in the license
at full steam, and we are hoping to report some results within the next few
weeks. Again thank you for your consideration and interest in Bannerman
Resources.

Yours truly,

Ann Gibbs
Investor Relations
TSX: BAN
ASX: BMN
Bannerman Resources
T: 416-388-7247
E: ann@bannermanresources.com
www.bannermanresources.com


-----Original Message-----
From:<bollingerbobs email address>
Sent: August 14, 2008 3:38 AM
To: ann@bannermanresources.com.au
Subject: Status of court proceedings

Ann,

As a concerned shareholder, given the recent developments to the bannerman
share price, I would like an update on the current proceedings in the high
court around the savanna claims.

Has there been any change in the perceived strength of their claim?

What is the current status of the proceedings?

Have their been any changes to the claim made by savanna?

Will bannerman release an announcement at least placating holders to inform
them of no material changes to the status of the suit?

<bollingerbobs name>
 
shag said:
the b-stards seem to want to give out an enourmous payrise and hand out loads more options....if i read it right. yeah right, a payrise and handouts when the ship is sinking...
Click to expand...

No payrise/etc approvals will be coming from me.

I will however be voting for the capital raising theyve done @ $2/share.
 
thanks for that.
surely banerman could have found some way to inform us all
it makes some sense as it doesnt take much to push bannerman down being relatively illiquid. tho a long time to sell it down. going south from 2.10ish to 90c in two months...

like the worst part of this saga is the void of information

i search for it, but none....
 
A doji today may indicate a bottom perhaps?

Maybe im just trying to hang onto some hope here but the RSI is looking pretty oversold.
If we have some sort of recovery in the metals prices BMN should start heading up again.

I continue to not learn lessons of the past and attempted a T3 trade buying in last week at around $1.
Rather than take a loss i think Im just going to have to buy those shares now and look to get out around $1.39.
 

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Re: major support break!!

treefrog said:
the 140 support level has held since Oct 06
today's thump through to 121 is significant with next pause level at $1
Fib target based on 08 see-saw is 89c
Click to expand...

hopped on board today at 89/90 - first stage of intended three stage entry. next stage at +/- 5% from here
 
Looks like the volumes have wound down from the big sell off. Hopefully the big institutions have no more to offload and we will start to see a rally from here.
 
From the 2007 Annual report

the issued capital included

25 July 2008 options at $0.1067 1,150,000
18 Aug 2008 options at $0.40 5,800,000

" During the financial period and up to the date of this report the Company issued a totol of; i) 7,500,000 (post share split) options exercisable at 40 cents on or before 18 August 2008 to Mr Clayton"

His name is Clayton,,,,,,, Alastair Clayton (Chairman)

And the mug shareholders name is Ben,,,,,,,, as in Dover.
 
grizzly1 said:
From the 2007 Annual report

the issued capital included

25 July 2008 options at $0.1067 1,150,000
18 Aug 2008 options at $0.40 5,800,000

" During the financial period and up to the date of this report the Company issued a totol of; i) 7,500,000 (post share split) options exercisable at 40 cents on or before 18 August 2008 to Mr Clayton"

His name is Clayton,,,,,,, Alastair Clayton (Chairman)

And the mug shareholders name is Ben,,,,,,,, as in Dover.
Click to expand...

This is from page 26 for the Bannerman annual report
section 12 Remuneration Report

There was a young Nubian prince
Whos c.ck could make elephants wince
Whilst socking the sperm
To a large Pachyderm
He slipped and has not been seen since

Nubian,,,,,, Namibian,,,,,, what's a line on a map anyway it's all one big Savanna,(h),,,,, the jokes are getting worse but I fear all on us holders though in truth.
 
grizzly1 said:
From the 2007 Annual report

the issued capital included

25 July 2008 options at $0.1067 1,150,000
18 Aug 2008 options at $0.40 5,800,000

" During the financial period and up to the date of this report the Company issued a totol of; i) 7,500,000 (post share split) options exercisable at 40 cents on or before 18 August 2008 to Mr Clayton"

His name is Clayton,,,,,,, Alastair Clayton (Chairman)

And the mug shareholders name is Ben,,,,,,,, as in Dover.
Click to expand...
He's no longer Chairman, and he's now residing in the UK. Wonder what type of input he has to the running of the company now as a Non Exec Director? Perhaps he's unloading some of his half price shares for some reason?

Still confused by his replacement as Chairman. A Fund Manager who lives in NY? WTF?

SP looking grim, like a lot of others I guess.

I've got no idea when a general bottom in the market will be found. Lots of talk in the US that there's more to come in the credit crisis, which will have a flow on effect. I thought the companies with great projects that seemed undervalued would be protected somewhat. Poor analysis.
 
ok i got this from am question to an analysist....

Yes, I was talking to Extract yesterday. You often find out more about companies by talking to their competition! Basically, there is still some margin-call selling going on at Bannerman unfortunately. The stock still hasn’t recovered from initially being caught up in Opes Prime. Project going well but share price weak due to desperate sellers still exiting.


i half suspected it due to its decline pattern, like last years margin callos, one after the next. self perpetuating.
 
Thanks Kennas
I guess I'm just expecting Clayton to come out that he's funded some oppies by cashing in some of the previously exercised gratuity,,,,, sorry executive remuneration,,,,, he gets 7.5 mill oppies at 40c and was around how long?? I looked at the accounts and to my eyes BMN spent more on executive remuneration than drilling, see my Ben Dover comment above,,,,,,, and NM etal in Opes prime,,,,,,, general current market,,,,,,, Uranium (amongst other commodities) on a downer,,,,,, buy on the rumour sell on the news re AA,,,,,, savanna,,,,,, starts to look like a perfect storm,,,,,, hey it could be worse,,,,, maybe it will be,,,,, whaddya say???
Some good news,,,,,,,, pay and pray.. like getting the Savanna monkey off their back,,, my feeling is that once something concrete is announced it will be viewed as a negative as it will engender a sense of sovereign risk,,, therefore will that be a time to buy, Some of the perfect storm conditions above must have abated by then but whether its a buy depends on how much they will have to tap the market, and whether the litigation will cast a long lasting shadow over the SP.....
Tapping the market depends on
How much cash do they have????
How long will it last at current burn rate???
(more importantly) How much will they need to meet the 2010 2011 production target.
 
Gee once again a good turnover of shares for Bannerman, but failing to really gain any traction.
Even on a day like today:(

I would really like to see a statement released from management to give us shareholders some idea of wtf is going on.

Are we any closer to the Savanna thing blowing over yet??
Drilling??
Further analysis results from AA??
Something.....anything.....

Watching the share price fall from $4+ to todays price requires some reassurance from Bannerman that our hard earned dollars are well placed with this company:eek:
 
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