rock and a hard place, page-3

Don't be fooled by the time - I am overseas. I had more or less written my BMN shares off and out of interest it occurred to me just to cast an eye over the last couple of announcements to check in on the status of the numbers. As I expected, the tank is almost empty. Not sure they have been on proper care and maintenance as money was still being spent on positioning for fast track development. A euphemism perhaps for exhausting all remaining funds before the proverbial hits the fan. The June quarterly refers to completion of technical designs and project optimisation studies. Not quite what I call care an maintenance.

They also seem to have been talking to interested parties since 2006 - a well worn line at this stage. Talk is cheap and these guys have done plenty of it. Trotting out the same old lines quarter after quarter. The silence on this forum is deafening.

Clive must be kicking himself to think we are down here at 6c - I always felt it was the slightly unusual capital structure that made BMN an unattractive partner / takeover target. But it would seem he couldn't see his way clear to resolving that aspect for the betterment of all shareholders (including himself). Right to the bitter end - which appears to be here. That they turned down a takeover offer of 60c odd makes mngmnt look pretty silly about now.

Not sure Beevor has earned his keep either - for someone as ostensibly well experienced / connected / versed in finance I have not seen a great deal of financial wizardry here as yet and he's had plenty of time to work the magic - perhaps it was hoping for too much, I guess that really what we are after is a financial miracle. A $10m loan note - re-negotiated to a face value of $8m that now stands as little more than a path to receivership doesn't really impress.

With a market cap of $20m odd - wouldn't surprise me to either a low ball takeover offer, an MBO or a take private if they could manage to raise the right amount of capital. I doubt they could pull off a CR to raise much let alone the $8m required off the bat to extinguish the loan note. Whatever comes next - as matters stand - BMN is squarely on life support and on the edge of the abyss. No prizes there for Len and co. unless they manage to snap it up on the cheap and keep it going until the much anticipated recovery in U prices. Possibly the final insult.