The previous owners of the assets within Ben’s Creek (BEN) went bust. This is a low grade producer in a cyclical industry and so I fully expect the pattern to repeat itself. The shares are down again today to 11.75p. My target price here is 0p. This company has always been drowning in red flags, I offer you a non-exhaustive list, perhaps readers can add others.
Luckily for MBU (mining advisor Mr. Adam Wilson of Daniel Stewart infamy) it has been dumping its shares in Ben’s Creek (BEN), CEO Mr. Adam Wilson of Atlantic Carbon/Coal infamy as fast as it can. Because today there is news of two more events in what is becoming an increasingly less slow motion car crash.
The FCA always tells us, when not lecturing us on climate change or the need of the financial services industry to employ more lesbians of colour, that past performance is no guide to the future. But the thing is that it very often is an excellent guide to the future. And that is one of the reasons why I have always regarded Bens Creek (BEN) as an accident waiting to happen.
Another day and its another red flag from loss making and debt laden Ben’s Creek (BEN). The vicar has now got an enormous collection of Ben’s red flags but would he like another? In response to the shares spiking to 19.5p yesterday Ben’s has put out a statement saying that there was no reason for the share price rise except….
There are some folks out there who think that Ben’s Creek (BEN) was established to mine coal in America, albeit from an asset which was last economic back in the 1940s and had sent its two previous owners bust. If you are one such believer I have a bridge to sell you.
At 6 PM last night, nobody is watching O’ Clock, Ben’s Creek - CEO infamous Adam Wilson of Atlantic Carbon/Coal and Daniel Stewart disgrace - (BEN) announced that its largest shareholder MBU (main advisor the same Adam Wilson) had dumped 22,222,222 shares (5.92% of the equity) at just 18p. As with all share dumping by Wilson entities this is not what it seems and it stinks.
Even Stevie Wonder can now see that the optics here are dreadful. It is as you would expect with Adam Wilson of Daniel Stewart, Atlantic Carbon and Atlantic Coal infamy. It stinks. Today there is another shocking announcement.