Fools Like Us
27 Feb 2015
Re: Re:Re: Not Good News-Tuckman The trouble is - they could sit on the assets for as long as they want & you have even less power than on AIM ( hard to believe, considering AIM) at 6p......a hard choice for you holders & best of luck from NRRP holders.
Tuckman1
27 Feb 2015
Re: Re:Re: Not Good News-Tuckman Lets put it this way, I will not be selling and I know an awful lot of other Million plus shareholders that will not sell but taking off AIM could be the best way to raise the cash like they have said. It may look bad at first glance if you do not like potentially going private but more detail is required at this time.Is this project worth a lot. I think so, but yes more time needed to read up and understand
Montheton
27 Feb 2015
Re:Re: Not Good News-Tuckman How do you see it playing out if I was to hold on to the shares.Aim regulations have not done a lot for me and have been very hands off . A private company can issue shares whenever it likes -just like in Aim i suppose.Bottom line do you think we would be worse off holding or selling and do we have an option?
Montheton
27 Feb 2015
Re: Not Good News I was discussing shares with a friend who went ahead and bought his shares at 40p. I did not recommend them and did try and warn him warning about investing money that you can only afford to lose.nevertheless i feel like s@@t for him and myself .That friendship has well and truly been blown. I am also out of pocket major league.I note that certain minority shareholders are to be protected. I wonder who that is then? Mr Dowler and Mr James I would speculate- How are they feeling the pain?There is nothing good about this affair!!!Would a shareholders group be able to extract more for the shareholders? Or is it a waste of effort?
Tuckman1
27 Feb 2015
Re: Not Good News Helicopter Man, give it a full read, you do not have to sell. Obviously not brilliant but taking it off AIM? Good idea for the future fund and no dilution?
Helicopter Man
27 Feb 2015
Not Good News Ave 14p and getting 6p with a few million held I feel r...d.Not a good day
Lawrence of Saudi Arabia
02 Feb 2015
Re: AGM notes The Global Market has slowed and there is much easier iron to be dug up, than BAO's stash.With folk with-holding money, Dr. Mohan Kaul walking and another significant change in the model, I see the perfect storm.Ben is only there for himself and he has more than proved his capability of keeping this project luke warm.
Tuckman1
31 Jan 2015
Re: AGM notes IMO LOSA there is someone steering the ship. Which is why they, with the EPC`s providers help are going to run down the REBAR route. It makes a perfect business case.Up to 85% through Chinese banks, what is not too like?AMED will give the security for the rest of this project as they have already invested 13m and are not going to see it go to waste.New initial coverage report from Canaccord should be out soon just after EPC provider is announced. I wonder if they will beat the previous 39p target valuation?As a trader yes keep your powder dry but IMO as a long term investor the risk has been greatly reduced and 4p seems like a great entry point. But yes that's my opinion. Very biased!!!September has potentially been ear marked for full completion so lets see how it plays out!!
Lawrence of Saudi Arabia
30 Jan 2015
Re: AGM notes There seems no one at helm. The company changes course more often than I change socks (daily).Pig iron and infra-structure was never going to work BB passim. REBAR is interesting though and may have a more local market!As far as JV/Take-Over that's obviously the future. BB Passim.The new Brokers will give, hopefully a better idea of BAO Financial position and how long the team have to find a Buyer.LoSA Still not going to pick any shares up as the water is far too cloudy!
Tuckman1
30 Jan 2015
AGM notes AGMHi all just a few snippets from the AGM yesterday. All went very well IMO with good attendance 34 shareholders were present. The AGM only lasted 10 minutes with lots of Q&A afterwards.Main points of focus and questions were on the potential future focus on the compnay having had the latest news on the Chinese EPC providers.After strong questioning reading between the lines new best guesstimate target figures were obtained in ref to a 1/2m tpa Pig Iron production ($480m) but main focus was an approx $650m target for a REBAR production facility. The drive behind going into Rebar direction has come directly from the EPC providers with which also can come with help with finance. A final announcement of the EPC provider followed up with actual figures will be due in the next couple of weeks after the Chinese New Year. With obviously these being very large state providers with that can also potentially come up to 85% of the funding for the EPC which obviously speaks for itself. Baobab would have a very small figure to raise to develop the scenario. The IFC would also have to come to the table with their reduced share but this is no doubt an issue further down the line however they have agreed to pay their way this year which should help short term cash flow. The ELF is available but it will not be used at such a low SP and with the obvious help from the majortity share holder AMED then finance should not be a problem to get them through to DFS completion. Pig Iron has IMO been pushed to the side and quite rightly so as the figures for REBAR would no doubt make it a much better proposal going forward. With a $650 CAPEX the company are targeting an OPEX of $450/t and that is without any credit for the Vanadium and potential Titanium. Tests are on going with the new Shenwu method and results again are expected in the next couple of months. The 450t bulk sample will be arriving in China next week and will then no doubt take in my estimations a few months before any results become available. With a local Market available for REBAR again it makes sense to go to this stage as there is no local market for Pig Iron. Selling for around $900/t obviously this will make the figures when they are issued very attractive. Latest media indicates China is dropping 80mtpa of Steel out by 2017 which again would make potentially one of these Chinese Steelmakers very interested in setting up shop but even though there is going to be a Chinese EPC provider it still does not take any interest in the next stage away from the Koreans, Japanese or Indians etc. I even mentioned about getting 2nd hand gear from all those Chinese mills being shut down. For someone to relocate it would be a perfect location and they would not have to buy any equipment. However the potential 85% funding would not come unless it was new but still IMO another avenue exists for the site on a sell off to a Chinese Steel Major (10 of the 20 top Steelmakers in the world are Chinese)The new brokers were present but they were very quiet and tight lipped when I questioned them directly. They will be releasing a full initial coverage note as soon as the EPC provider is fully signed up so we shall expect all the juicy bits and no doubt other broker estimates hopefully before the company travels to Indaba for hopefully plenty of further meeting but this time armed with better figures.Once a potential package has been put together then a build time of 24-30 months has been established, the company would get its ongoing cash from the CAPEX cashflow. Rough estimates of September were banded around for full DFS/BFS and project funding completion but no doubt a lot could happen between now and then.The board are obviously aware of `price sensitive` information at the moment with so many items in the air awaiting final completion but yes IMO both Ben and Frank will be seriously considering buying shares from the market in due course. Jeremy no doubt has enough with 9million.IM
Tuckman1
30 Jan 2015
Re: AGM Will make AGM post later tonight when I get home.
Montheton
30 Jan 2015
AGM I live a long way from London so would appreciate it if anybody , who was at the meeting could update me
Tuckman1
29 Jan 2015
Re: RNS Will get a full answer today at the AGM, as well as many more answers!!!
Frankseluk6
29 Jan 2015
Re: RNS IFC committed???? maybe wished they weren't. Certainly not committed enough to contribute any further. They say they will next year but why say anything else at the moment.Company wasting money/time trying to re-invent the wheel also!!!!!JMO
Tuckman1
29 Jan 2015
RNS Interesting release before the AGM, looks like more time is needed so they have put on a bullet proof jacket to protect themselves today.The Company is nearing the conclusion of the selection process of a Chinese partner to conclude the Feasibility Study, to perform pilot scale test work and to provide an EPC contract proposal with industry standard process performance guarantees. Baobab has been in detailed discussions with leading steel industry specialists Sinosteel Equipment & Engineering ('Sinosteel') and The China Metallurgical Group Corporation ('MCC'). The Company expects to announce the outcome of this process in due course.With the latest news coming out of China and the relocation of many steel works IMO it would make a sensible decision to move straight to Steel production.Lets see what they say at the AGM, looks like it is going to be a tough day for them.
