BMN - Bannerman Energy

[Sean K]

Odds are on positive news considering the price action of previous days, but just odds on.

A 'material company update' inferrs something other that drilling results, (otherwise they would have said drilling results), and wouldn't be funding, as that has just been completed, so I assume it's either Savanna, or takeover.

For long term holders I hope Savanna positive resolution, but not takeover as that would be opportunistic at this time in the cycle and true value may not be found.

If it's Savanna positive resolution, the stock will explode.
If it's Savanna negative resolution, the stock will implode.

Good luck!

 

[mu5hu]

Hey kennas,

To keep my hopes up, what target price do u mean by explode? or u just using the word as a description for damn good day
hahaha

Cheers

 

[Sean K]

Hey kennas,

To keep my hopes up, what target price do u mean by explode? or u just using the word as a description for damn good day
hahaha

Cheers

LOL Mu, yes, just a very good day I think. It would be just a guess to put a number on it.

Of course, that's if it is the positive resolution of the Savanna litigation. I think this has really put a negative shaddow over the stock, especially knowing the history of McMahon and Palmer.

Worst case could be that the EPL was actually awarded unfairly and then the whole project is up in the air.

This is just speculation of course. The halt could be something out of left field.

 

[Sean K]

Well, they've settled the deal and Savanna must be happy to getting this money out of them and the free shares.

Might be worth a pretty penny one day.

The monkey is off their backs.


Details of settlement agreement

Under the terms of the settlement agreement, in consideration for the termination of the proceedings, Savanna is entitled to receive up to A$3.5 million cash and 9,500,000 fully paid ordinary shares in Bannerman.

 

[Sean K]

Details of settlement agreement

Under the terms of the settlement agreement, in consideration for the termination of the proceedings, Savanna is entitled to receive up to A$3.5 million cash and 9,500,000 fully paid ordinary shares in Bannerman.

Obviously the terms of this agreemenet have not met some expectations.

I see it as long term big picture good however, and reckon it might recover.

This was potentially a company destroying event, and they can brush their hands of it.

Probably still puts management into question and the process for the EPL in question also.

That's a lot of money to dish up when you are confident that the proceedings had no foundation.

 

[Sean K]

Hahaha, McMahon has his head removed, most probably for the EPL shananegins and who do they put in? A big brother from Resource Capital who are chipping in the money to keep them going. His qualifications in building a uranium mine? His company is giving them $20m, that's it.

Good timing with the ann.....

lol

Perth, Australia – 17 December 2008 – Bannerman Resources Ltd (ASX: BMN, TSX: BAN)

("Bannerman" or the "Company") an Australian-based uranium mine development and exploration company with uranium assets in Namibia, is pleased to announce the appointment of Mr James McClements as a non-executive director of the Company.

Mr McClements is a co-founder of Resource Capital Funds, which he has led since inception, and is responsible for the implementation of the Fund's investment strategy.

Bannerman also advises that Mr Nathan McMahon, a non-executive director has tendered his resignation from the Board.



Perhaps this is all good for BMN. Even though McMahon pegged the site, he's proved a liability with the Opes fiasco and now this Savanna extortion, which looks to be based on his dodgy activities.

No worries, one of his hic mates will have him on another board in moments.

 

[Sean K]

Recovering ok.

Making it's way through this resistance zone.

Taken a stab at calling the bottom area now temporary support for the break up.

 

[Go Nuke]

Yeah at least it wasn't a T/O. But now it could be more appealing seen as Savannah is out of the way.

I'm filthy over Savannah though!! How F&^%$#@ is that!!
Typical of companies ...just throw some money and shares at them to make it all go away!
DISGUSTING!

So is this going to dilute our holding to give these bastards the shares??
Is there anything I can do as a shareholder to tell Savannah to get stuffed with the second alottment of shares?

Hey maybe I'll put in some dodgy land rights claim or something and Bannerman will give me 9+ Mil shares!

Bitterly disgusted over the whole thing!

 

[Moneybags]

Well despite my disaproval of this payout I can see it was the best way to move forward for the company.

Buyer interest should return now as a huge risk has been lifted, not to mention possible TO from larger players down the track. BMN undervalued compared to other companies such as EXT which IMO should indicate which way SP is headed.

I have added another parcel to my holding today following the ann.

MB

 

[Sean K]

This may be on the radar for a major now with Savanna dusted.

If the nuclear option is going to be pursued further in light of GW as many expect and BRIC continue their development then POU may recover and get back to attactive levels for these developers. I think Obama has more nuke energy on the energy plan also. BMN are claiming there's going to be 10m lb shortfall just this year. Not sure what's ramping up except for LH and Cigar Lake is still flooded I think.

Nice big rounded bottom working into a decent cup. If it clears this resistance not much holding it back till the $1.30 ish mark perhaps.

 

[Moneybags]

There was large sell orders ( capper ) on 80.5 most of yesterday........178k taken out in closing auction, positive signs going forward IMO.

1.30 has acted as significant support twice in the past and I suspect that is where we are headed.

MB

 

[shag]

it does sound like a large payout just to get a monkey off of yr back. u'd think a couple of mill over there would buy a lot of 'favours'.
it really sounds like bannerman are not capable of developing a good mine, like i realise its best fiscally to pay them out, albeit a large payout!, but it smells of roots of incompetence to me re the past. they created/allowed a problem to occur, and did not deal with it untill the last minute.

 

[shag]

damn u kennas, your charts must have got out to the taxi drivers and its run away from order....
one thing to dwell is how strong was their case, savanna, and its correlation to its very low lows. numerous people must have known the full facts.....

 

[Sean K]

LOL shag!

Is looking really good to break through at the moment, but shouldn't call these things intraday. There may be some people on this run early too who might start to consider profit taking.

I'm generally bullish on this again with the Savanna thing out of the way, and NM falling on his sword. Just need further gains on POU and the market to stabilise and investors will start to part with their cash again.

Still risk with the market falling over again and going into the abyss, so no buy and hope on anything for me...

 

[Sean K]

Looks to have broken through. Had a tremendous run and you'd naturally expect some consolidation soon. Some old minor resistance at $1.00, but obviously $1.30 ish is the big hurdle, as mentioned. Not must really between here at that level imo, pending market reimplosions. XAO is coiling sideways and if it breaks down could be a nasty fall.

 

[shag]

a slight consolidation today kennas......
i'm back in for even mopre.
hopefully soon it will bypass ext, tho i do like ext hi grades, but like u said, its rangebound, done squat over two yrs or more.
u've chosen the mecca of the worl for new year mate. i'm a bit enviouis, tho bondi beach aint bad either. god its tought living near the sand and chicks.
the market obviously likes the holiday period.
hope we all make a motherload this comming yr too.

 

[Sean K]

Looks to have broken through. Had a tremendous run and you'd naturally expect some consolidation soon. Some old minor resistance at $1.00,

a slight consolidation today kennas......
i'm back in for even mopre.

Consolidatng as expected Shag, and hopefully the previous resistance turns support. If it does, is a very good signal...

 

[panikhide]

Consolidatng as expected Shag, and hopefully the previous resistance turns support. If it does, is a very good signal...

Chartwise, we may have found that support. Today's trading reveals a hammer on the BMN chart, which is a good sign that we may have seen the end of a declining price trend.

 

[Shtav1]

I got a position on this one also. True abou tthe support line now. Hopefully with this recent economic downturn it can hold it. Some money to be made if it does head up to the 130c resistnace mark. I got on at 89c so am out of it now but will take the 130c happily.
Guess the big news will be the resource estimate.

 

[Shtav1]

Sure its been tending down, but not as much as many others. Anyone got a charting programme who can tell where that support line is exactly? Seems to be around 70c ish.