BREAKING: Ben’s Creek is a life raft being readied by MBU ahead of administration? Tell us about Freeland...

As my old pal Doc Holliday says “rinse and repeat, rinse and repeat” MBU run by Iqbal Mohammed and Adam Wilson bought the worthless assets of Ben’s Creek (BEN) for buttons from a bank that had foreclosed on the prior owner. MBU packaged them up, floated it, pumped the stock, dumped its shares at bonkers prices ad vended in more pointless assets leaving the cash burning company drowning in debt and unpaid bills. The word on the street is that with contractors unpaid, a highwall miner being taken off site, activity on the ground has almost ceased. There should be an RNS…

Ben’s Creek just how rapidly is it spaffing cash? Yet more borrowed and not much left!

On February 9 Ben’s Creek (BEN) warned that as a result of lower coal prices it has been forced to takedown an additional $5 million facility from 29.9% shareholder Avani. That would have taken total borrowings to a mouth watering $36 million with c$8million of trade payables on top. But it gets worse as that $5 million has clearly already been pissed away.

Bens Creek (#BEN) – drawdown of $8.75m of $10m “working capital facility”

Ben’s Creek: unless Trump wins it has to go bust and even the Donald probably cannot save it

I am sure that drowning in debt/liabilities cash guzzling Ben’s Creek (BEN) will go bust whatever happens but if Donald Trump wins in November, as I think probable, it might just have a chance. Ben’s has not updated folks here in the UK on what creepy Joe Biden plans for coal but it is grim.

If Ben’s Creek owes you $1 it is in trouble, if it owes you $14 million you are in trouble

Having said that it would lend Ben’s Creek (BEN) an additional $5 million last month, 29.9% shareholder Avani has today raised that to $7.5 million or possibly $10 million. The first five has already been spent on “working capital” or, in plain English, funding ongoing losses. And there is more bad news.
The new facility will be repayable on July 1 2025 but can be called in at any time if Ben’s fails to ship coal in any two consecutive months. The interest rate is an eye watering 13% although I certain circumstances that can rise to 16%.

Bens Creek (#BEN) – “amended loan instrument and security agreement” with largest shareholder for further financing

Ben’s Creek new CEO you could not make this up? Oh…it did!

Given that it is drowning in debt and unpaid bills, hemorrhaging cash and sitting on an asset which has sent all previous owners bust, Ben’s Creek (BEN) is not in a good place and I had pondered who would commit career hara-kiri by taking over from Adam Wilson of Daniel Stewart infamy as CEO. The answer… you could not make it up.

Vindicated again: Ben’s Creek ‘fesses to cash crisis and CEO Adam Wilson is being resigned

On Michael Walters day it would be rude not to start a tale of another disaster of the sort in which he specialized in any other way than by saying “Oh dear, Oh dear.” As I have warned for a while, most recently HERE, trading at Ben’s Creek (BEN) is dire and the company faces a cash crisis. And so today we have a ‘fess up RNS and, as a bonus, CEO and founder Adam Wilson will “be resigned” as soon as someone can be found to commit CV hara kiri and take over. More ouzo for the sheriff!

Bens Creek (#BEN) – dire “trading update” & CEO Adam Wilson “to stand down”, @tomwinnifrith told y’all!

Bens Creek (#BEN) – “Quarterly production update”, no financial specifics (natch!)

Bens Creek (#BEN) – non-executive Chairman Robin Fryer exercise of 300,000 options at 5p each

Bens Creek (#BEN) – ‘no-one watching’ period interims announcement, further loss (natch!)

Bens Creek (#BEN) – “H1 Production Update”, no financials update (natch!)

Ben’s Creek so where is the frigging report and accounts you shysters?

On 13 September the cash guzzling, drowning in debt, red flag laden POS that is Ben’s Creek (BEN) said that its audited results would be published on 27 September. On 27 September, at 4.36 PM Ben’s said that the numbers would be out on 29 September as it just had to finalise a few audit matters.

Ben’s Creek – silence is violence: where are your frigging results?

On 13 September 2023 Ben’s Creek (BEN), the overvalued POS run by disgraced Adam Wilson & Peter Shea of Atlantic Carbon and Daniel Stewart infamy announced that “Bens Creek expects to announce its full year results for the year to 31 March 2023 on Wednesday, 27 September 2023.”

Bens Creek (#BEN) – a withdrawn from service highwall miner expected to recommence operating on 21st August

Ben’s Creek – a non exhaustive list of 27 red flags, market cap £41m insane, target price still 0p

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.

Ben’s Creek now it has to borrow at credit card rates: more red flags vicar?

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.

Up the Bens Creek without a paddle

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.

Bens Creek (#BEN) – related-party MBU sells 29.9% shareholding at 18p per share to commodities trading and investments company Avani Resources