costakiAre you aware that BMN holds 80% of BMN Namibia Pty Ltd...

costaki
Are you aware that BMN holds 80% of BMN Namibia Pty Ltd with the remaining 20% being held by messrs Clive Jones and Nathan McMahon, 10% ea. Who will, as I understand it, be obliged to pro-rata fund prospect development post BFS. I've posted before my reservations as to the effective quarantining of dilution that this affords these individuals as capital is raised on market. I spoke with both of them at the last AGM and their position was that their holdings makes BMN a more attractive target as any suitor could rapidly move to 20% by buying their stake.
IMHO they, CJ & NMcM, have to be sellers, they have no hope of funding their pro-rata development costs. My fear is they severely dilute holders of the listed entity, BMN, out to fund drilling and BFS.
400 Mill by last accounts, if memory serves me correctly, was mine development cost. Capt Johns "its personal" arguments aside thats a tall order at 20% ie 40Mill a head for messrs Jones & McMahon.
Who knows maybe Nathan McMahon is ploughing some of his OPES 40cents in the dollar back into BMN's which is helping to float the boat these past few sessions...... Small joke.. I've no idea when he's set to get his hands on his portion of the settlement but it'll be short of the 40 mill he's due to stump up for this puppys Namibian project.