BMN - Bannerman Energy
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Sean K
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Geoff Stanley resigns from Chairman and is replaced by a fund manager, and now Peter Batten resigns on the spot with no explanation.
Clive Jones and Nathan McMahon lose gazillions in the Opes Prime disaster.
Some nice stability displayed by the board running into DFS and mining.
But, who will be in charge?
Stock justifiably punished.
Clive Jones and Nathan McMahon lose gazillions in the Opes Prime disaster.
Some nice stability displayed by the board running into DFS and mining.
But, who will be in charge?
Stock justifiably punished.
Sean K
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I have a terrible feeling that he is leaving a sinking ship.
Perhaps the Savanna thing has legs?
Who was responsible for getting hold of the tennament?
Nathan McMahon....
The infamous Cazaly midnight pegger of a RIO fe plot in WA.
Could there be anymore negative sentiment hanging over this stock?
surely someonem haas some news from their emails to batten?
i was going to use the sinking ship analogy too untill i downgraded it to a sinking dinghy and my computer crashed.
their announcement says savanna havnt stated their claim, so we dont know what or if they have something of merit.
i was going to use the sinking ship analogy too untill i downgraded it to a sinking dinghy and my computer crashed.
their announcement says savanna havnt stated their claim, so we dont know what or if they have something of merit.
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I got a response when I asked why PB has left
They want someone who can guide the company through the "development stages -- both corporately and operationally". They want someone who has brought a deposit through to production and has had experience with global financial markets as theyre being approached by some "very serious opportunities".
Hopefully my interpretation of an email wont get me into any trouble with mods.
They want someone who can guide the company through the "development stages -- both corporately and operationally". They want someone who has brought a deposit through to production and has had experience with global financial markets as theyre being approached by some "very serious opportunities".
Hopefully my interpretation of an email wont get me into any trouble with mods.
thats cr-p..
its such the obvious response. but u do not change over leaders and create further disruption when things are so bad.
u do it in s structured way too, ie have a replacement.
hogwash.
prawn_86
Mod: Call me Dendrobranchiata
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Bob,
why not post the email in its entirity?
Editing out your name and personal details of course.
why not post the email in its entirity?
Editing out your name and personal details of course.
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Its not cr-p. Thats corporate speak for we didnt think PB was good enough to lead us any further so we booted him.
If you come up with anything useful and more concrete than "thats cr-p" then feel free to reply.
If on the other hand you think I'm making it up go talk to BMN themselves.
edit: do agree with you on the timing though. Anyone could have picked better timing to swap leaders.
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From: "Ann Gibbs" <ann@bannermanresources.com>
Date: August 26, 2008 11:31:58 AM GMT+10:00
To: <bollingerbob>
Subject: RE: Reasons for departure of pb
Reply-To: <ann@bannermanresources.com>
The Board wants to strengthen the experience of the managing team. It wasn't
about Peter's contribution, it was their belief that they need someone at
the helm who can guide the Company through the development stages -- both
corporately and operationally. Someone who has experience bringing a deposit
through to production and who has experience with the global financial
sector. The Company is being approached by some very serious opportunities,
and they need someone who can evaluate these opportunities and who can lead
the shareholders to understand and economically measure the stages that the
Company will be going through as it heads towards production.
Ann Gibbs
Investor Relations
TSX: BAN
ASX: BMN
NSX: BMN
Bannerman Resources
T: 416-388-7247
C: 416-627-8872
E: ann@bannermanresources.com
www.bannermanresources.com
-------------
To: <ann@bannermanresources.com>
Subject: Reasons for departure of pb
Ann, very disappointed to see this mornings events that come with no reason
for the departure of pb. What was the reason for his departure?
Did he resign or was he forced out? In either circumstance, or any other
that i havent mentioned, what was the reason behind pbs departure?
Regards,
<bollingerbob>
Date: August 26, 2008 11:31:58 AM GMT+10:00
To: <bollingerbob>
Subject: RE: Reasons for departure of pb
Reply-To: <ann@bannermanresources.com>
The Board wants to strengthen the experience of the managing team. It wasn't
about Peter's contribution, it was their belief that they need someone at
the helm who can guide the Company through the development stages -- both
corporately and operationally. Someone who has experience bringing a deposit
through to production and who has experience with the global financial
sector. The Company is being approached by some very serious opportunities,
and they need someone who can evaluate these opportunities and who can lead
the shareholders to understand and economically measure the stages that the
Company will be going through as it heads towards production.
Ann Gibbs
Investor Relations
TSX: BAN
ASX: BMN
NSX: BMN
Bannerman Resources
T: 416-388-7247
C: 416-627-8872
E: ann@bannermanresources.com
www.bannermanresources.com
-------------
To: <ann@bannermanresources.com>
Subject: Reasons for departure of pb
Ann, very disappointed to see this mornings events that come with no reason
for the departure of pb. What was the reason for his departure?
Did he resign or was he forced out? In either circumstance, or any other
that i havent mentioned, what was the reason behind pbs departure?
Regards,
<bollingerbob>
it seems an excuse to me.
i was expecting the make change because company is changing...story.
sadly i have no facts to report as facts on the ground for this company are not really there. todays statement held little.
its sad for the fact that he seemed to take the effort to respond to peoples queries and keep them updated.
i was expecting the make change because company is changing...story.
sadly i have no facts to report as facts on the ground for this company are not really there. todays statement held little.
its sad for the fact that he seemed to take the effort to respond to peoples queries and keep them updated.
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Well....OMFG!
I felt a bit sick to be honest when i read that announcement.
I mean, at first i thought {Wow, they must have read my post yesterday asking for some reassurance}....but could they or BP possibly have picked a worse time to announce this!!! I mean OMFG!!!!!
It has me wondering..A) Did someone know this was comming hence the fall of the sp or B) would this fall in the sp be PB selling his shares in BMN??
He hold 7.5Mil shares + his wife+ superannuation bulls#!t...whats that going to do for the share price if he tries to offload that!
I am encouraged to hear that Savanna haven't lodged a claim yet, though was hopeing that if they missed their due date on that then it would be thrown out?
And I can kinda believe that perhaps pb isn't the best person for taking this to the next level.
But Bannerman will have to pick a bloody good CEO with some good credentials to impress me and the market i'm sure.
Really disappointed with todays ann...and becoming very broke because of it
Thank GOD i don't use margin loans.
I felt a bit sick to be honest when i read that announcement.
I mean, at first i thought {Wow, they must have read my post yesterday asking for some reassurance}....but could they or BP possibly have picked a worse time to announce this!!! I mean OMFG!!!!!
It has me wondering..A) Did someone know this was comming hence the fall of the sp or B) would this fall in the sp be PB selling his shares in BMN??
He hold 7.5Mil shares + his wife+ superannuation bulls#!t...whats that going to do for the share price if he tries to offload that!
I am encouraged to hear that Savanna haven't lodged a claim yet, though was hopeing that if they missed their due date on that then it would be thrown out?
And I can kinda believe that perhaps pb isn't the best person for taking this to the next level.
But Bannerman will have to pick a bloody good CEO with some good credentials to impress me and the market i'm sure.
Really disappointed with todays ann...and becoming very broke because of it
Thank GOD i don't use margin loans.
Well....OMFG!
I felt a bit sick to be honest when i read that announcement.
I mean, at first i thought {Wow, they must have read my post yesterday asking for some reassurance}....but could they or BP possibly have picked a worse time to announce this!!! I mean OMFG!!!!!
It has me wondering..A) Did someone know this was comming hence the fall of the sp or B) would this fall in the sp be PB selling his shares in BMN??
He hold 7.5Mil shares + his wife+ superannuation bulls#!t...whats that going to do for the share price if he tries to offload that!
I am encouraged to hear that Savanna haven't lodged a claim yet, though was hopeing that if they missed their due date on that then it would be thrown out?
And I can kinda believe that perhaps pb isn't the best person for taking this to the next level.
But Bannerman will have to pick a bloody good CEO with some good credentials to impress me and the market i'm sure.
Really disappointed with todays ann...and becoming very broke because of it
Thank GOD i don't use margin loans.
Hi Go Nuke,
This SP collapse does not make sense - unless either there is something really wrong which we don't know or the market has over reacted - I think the latter is the case ..(although 'think' & 'hope' are sometimes interchangable
With a low SP and doubts over Savanna makes getting finance is harder but hopefully the PDN example should give bankers some confidence that it is a viable business - just hope they don't dilute the SP to finance development!! In the remote chance Savanna case succeeds what would be the outcome - common sense would dictate that a soln be found (rather than saying to BMN to clear out - as this would scare off any investment if it occurred)PETEAI
Sean K
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The correspondance I saw from the company (similar to above) says that PB wasn't the right man to take the project forward so he was asked to move on.Hi Go Nuke,
This does not make sense - either there is something really wrong which we don't know or the market has over reacted - I think the latter is the case ..(although 'think' & 'hope' are sometimes interchangable
PETEAI
I'm not sure if many people are convinced this is the case.
Maybe conflict of interests in there...
Whatever the case, lets hope they don't employ a fund manager to oversee the mine development.
In regard to dilution, there will be. I think general consensus is that capex will be half debt and equity, so $200m ish dilution. At the current price they'll have to issue 280m ish more shares..
Seems to have steadied a bit today, but it's just one day.
Will be interesting to look back on yesterday and see if anyone can say it was an incredible buying opportunity. Or, not...
thanks kennas
i think i'll still take a punt on the thing in a week if i have any cash and its well below a buck. like its a 4 to 1 punt, ie 4$ share for 1$, and at a pure guess i'd give savanna les than 1/4 odds of winning/a sucessful outcome for them.
i hope too no money leachers are put on top of this comp. to run it.
engineers/mining engineer are the best to do both jobs-manage development of the mine plus fundraising. its not rocket science.
now paladin has set the model, u copy plus enhance thru their mistakes and chnages in technology(ie onsite suphuric acid plant, electronic separation of ores etc).
i think i'll still take a punt on the thing in a week if i have any cash and its well below a buck. like its a 4 to 1 punt, ie 4$ share for 1$, and at a pure guess i'd give savanna les than 1/4 odds of winning/a sucessful outcome for them.
i hope too no money leachers are put on top of this comp. to run it.
engineers/mining engineer are the best to do both jobs-manage development of the mine plus fundraising. its not rocket science.
now paladin has set the model, u copy plus enhance thru their mistakes and chnages in technology(ie onsite suphuric acid plant, electronic separation of ores etc).
The correspondance I saw from the company (similar to above) says that PB wasn't the right man to take the project forward so he was asked to move on.
I'm not sure if many people are convinced this is the case.
Maybe conflict of interests in there...
Whatever the case, lets hope they don't employ a fund manager to oversee the mine development.
In regard to dilution, there will be. I think general consensus is that capex will be half debt and equity, so $200m ish dilution. At the current price they'll have to issue 280m ish more shares..
Seems to have steadied a bit today, but it's just one day.
Will be interesting to look back on yesterday and see if anyone can say it was an incredible buying opportunity. Or, not...
Issuing 280m shares seems very unfair at the current SP especially to those like Go Nuke - A better way IMHO is to offer options in proportion to shareholding - thereby rewarding those who have lost having shares now if they buy into the options & the dilution does not occur until the SP reaches a certain value - by which time sentiment in the company is much higher & can handle the dilution Any Opinions on this way of raising capital ?