Hello BNL shareholders. The share price of this company has fallen recently, including the director Ross Warner selling around 3.6M shares for around $100,000 at around 2.76 cents each. I thought I would do some research today about the director shares. Ross Warner now holds around 35,376,661 shares. Trent Spry around 25,000,000 shares and another director 1,000,000 shares. In addition, the five directors between them hold around 91,000,000 performance rights/shares divided in 5 tranches, where 71 million were issued on 07/7/22 for Warner, Spry & Rinaldi . The performance share milestones are:
1. two (2) independently certified helium discoveries & 20-day VWAP of $0.10 or more
2. Independently certified helium reserves & (i) P90 greater than 10 Bcf; or (ii) P50 greater than 20 Bcf; or (iii) P10 greater than 30 Bcf, within 18 months after issue of the Performance Right
3. drilled five (5) separate prospects within two (2) years after issue of the Performance Right
4. Final Investment Decision (FID) in relation to the development of a facility for the development of a helium project within 2 years after issue of the Performance Right
5. selling helium within 30 months after issue of the Performance Right
Reading the most recent presentation and comparing to performance milestones, it states:
1. Two discoveries at Voyager & Galactica/Pegasus. However there being no VWAP of 10 cents for 20 days falls short of the 1st performance milestone.
2. The P90 5.5Bcf, P50 14Bcf & P10 24Bcf (on page 2, below) fall short of the 2nd performance milestone.
3. It seems Voyager, Enterprise, Galactica/Pegasus & Sammons (Argo??) have been drilled. Has the 3rd performance milestone been satisfied? Or are Galactica and Pegasus separate prospects?
Does anybody know or understand better than me. Thank you
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blue star helium limited
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