I thought I read the VA report and last financial reports again.
Some interesting points I forgot about.
1) I remember they mention deferred payment which was only partial payed as the shipment was delayed, is this the difference of $13M USD in sales revenue and cash receipt from customer as indicated in the financial report? What happened to that money?
2) The inventories is listed at $30M USD in the financial report so I think the CEO meant 1.5Kt of nickel in concentrate and not 15Kt, but that is still a lot of money. The VA report indicates that the directors didn't even mention it but the VA report does, WTF? and what happened to that money?
3) They were seeking $45M USD from Norilsk for contract breaches and the VA report stated "We understand that the Norilsk dispute has since been settled and the commercial terms of which are confidential", how much did they get as this was never mentioned before the VA so it must have occurred during it.
3) From the VA report, BCEE actually own 69M shares, they must have bought more in the lead up to the VA as I don't see any substantial holding announcement after their initial 52.5M shares (and that increase is definitely more than 1%) so they might be worth contacting, there are others individual listed but most are the substantial holder/secured creditors listed under HSBC and NATIONAL NOMINEES LIMITED.
But this is the killer.....
MBN Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
