Duyuru • Apr 24
Bens Creek Group plc Receives a Notice from MBU Capital Group Limited On April 23, 2024, Bens Creek Group plc announced that it has received correspondence on 20 April 2024 from MBU Capital Group Limited ("MBU") requesting the Company to convene a general meeting of the Company's shareholders under section 303 of the Companies Act 2006. The Company intends to comply with its obligations under the Act and a circular convening the GM will be posted to the Company's shareholders in due course, and in any event no later than 13 May 2024. MBU's correspondence states that the general meeting is to be convened to allow the Company's shareholders to discuss the operational and strategic challenges facing the Company at present. The Company's board continues to believe that the Chapter 11 cases commenced in the United States of America Bankruptcy Court for the Southern District of West Virginia in relation to its wholly-owned US subsidiaries, Ben's Creek Operations WV LLC, Ben's Creek Carbon LLC, and Ben's Creek Land WV LLC, are in the best interests of the Group. New Risk • Mar 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.16m (US$8.83m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$17m free cash flow). Share price has been highly volatile over the past 3 months (48% average weekly change). Market cap is less than US$10m (€8.16m market cap, or US$8.83m). Reported Earnings • Jan 02
First half 2024 earnings released: US$0.036 loss per share (vs US$0.031 loss in 1H 2023) First half 2024 results: US$0.036 loss per share. Revenue: US$23.5m (down 5.1% from 1H 2023). Net loss: US$13.1m (loss narrowed 1.3% from 1H 2023). Duyuru • Oct 28
Bens Creek Group Plc, Annual General Meeting, Oct 27, 2023 Bens Creek Group Plc, Annual General Meeting, Oct 27, 2023. Agenda: To consider and receive the Annual Report and Accounts; to consider Re-Appointment of Mark Cooper as a Director; to consider Re-Appointment of Rajesh Johar as a Director; to consider Re-appointment of PKF Littlejohn LLP as Auditors; to consider Allotment of share capital; and to transact such other business matters. New Risk • Oct 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$23m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$23m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Shareholders have been diluted in the past year (6.7% increase in shares outstanding). Market cap is less than US$100m (€69.2m market cap, or US$73.1m). Duyuru • Jul 27
Bens Creek Group plc Appoints Rajesh Johar as Non-Executive Director Bens Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine in North America supplying the steel industry, announced that Rajesh Johar has joined the board of Bens Creek as a Non-Executive Director.Rajesh is a co-founder and current shareholder of Avani. He leads acquisitions and business development at Avani. Prior to founding Avani, Rajesh was the head of the commodities trade & agriculture team at Standard Chartered Bank's transaction banking division in Singapore. At Standard Chartered, Rajesh gained experience in the trading and financing of commodity businesses. Rajesh was also a vice president in the structured finance division at Credit Suisse in India. He has also had roles at Tata Steel Limitedand Cargill Inc. Rajesh is a trained engineer, having graduated from the Indian Institute of Technology, Kharagpur with a degree in mining engineering. He also has apost-graduate diploma in business management from the Indian Institute of Management, Bangaluru. Duyuru • May 06
Bens Creek Group plc Provides Highwall Miner Update Bens Creek Group plc confirmed that, further to the Company's announcement of 23 March 2023, a second highwall miner ("HWM") has arrived, been assembled and has commenced operating. HWM unit no 77 started arriving disassembled at the Company's site approximately 8 weeks ago. Initially there were issues with the infrastructure arriving in a timely manner and even once finally assembled, HWM 77's software and associated electronics were unable meet a satisfactory condition to begin operations. Despite strenuous efforts by Mega Highwall Mining LLC ("Mega HWM"), the Company's highwall mining contractor, it proved impossible to complete the necessary work as certain electrical components proved to be unobtainable. As such, following consultation between Mega HWM and Bens Creek, it was agreed that a replacement highwall miner was the only alternative. Mega HWM quickly identified another available highwall miner, unit 81, which they moved to the Company's site on 1 May 2023. The machine was assembled and tested by 4 May 2023 and will be fully operational today. Board Change • Mar 31
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. CEO & Director Adam Wilson is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Duyuru • Nov 07
Bens Creek Group plc Announces Mining Update Bens Creek Group plc announced that preliminary production from the new permit area has been encouraging following commencement of mining on this area at the end of October 2022. The Company was able to produce 2,500 tons of run of mine coal in a single day with a higher clean coal recovery of 62%. Furthermore, the Company can confirm that initial analysis suggests that the coal seam being mined under the new permit is approximately 50 inches which is greater than the coal seam on the Company's original permitted site, which had a coal seam thickness of 38 inches. To accommodate the additional capacity of future production on the new permit area and to attain the optimum recovery levels, Ben's Creek has started to reduce cost and manpower by accelerating the process plant facility upgrades. This will be achieved by the Company modifying the truck dump belt infrastructure and through the integration of an additional dryer into the existing processing plant, which is expected to provide elevated coal recovery and raw throughput capacity of the processing plant facility. As of 7 November 2022, the Company has introduced a second shift on its first highwall miner which will allow the Company to double daily production. The Company can also confirm that the creation of the required benches to support the second highwall miner are progressing quickly. As such the Company will soon be requesting the second highwall miner. The Company has previously stated, in the mine plan agreement with Mega Highwall Mining LLC, that it will then be ready for further production by the end of December 2022. Once the second highwall miner is fully mobilised and operational, the Company intends to introduce a two-shift production schedule on this highwall miner as well. The Company is still reviewing its options with regards to its own highwall miner and it has recently received offers in excess of the purchase price which are currently under consideration. Duyuru • Oct 26
Bens Creek Group plc Announces Commencement of Mining on New Permit Area Bens Creek Group Plc announced that following the recent permit approval announced on 22 September 2022, the Company can confirm that the creation of the required bench to support and position the highwall miner is now complete and the highwall miner has been moved into position on the new permitted area. The Company can also confirm the commencement of mining on the new permitted area. Additionally, the Group has arranged for the delivery and positioning of its second highwall miner from Mega Highwall mining following the exercise of the Group's option as announced on 27 June 2022, and with whom the company is continuing its annual revolving contract. The Group has also commenced the preparation of the bench to support the position of the second highwall miner which will also be utilised within the newly permitted area. Duyuru • Sep 28
Raju Haldankar Ceased to Be an Executive Director of Bens Creek with Immediate Effect The Company also announces that, further to the announcements released by the Company on 6 May 2022 and 12 July 2022, Raju Haldankar has ceased to be an executive director of Bens Creek with immediate effect following conclusion of the Annual General Meeting. This also follows the completion of the orderly transition of his prior responsibilities as Chief Financial Officer to Murat Erden (the current Chief Financial Officer). Murat Erden continues to be a member of Bens Creek's senior management team and, in addition to his role as Chief Financial Officer, is responsible for the development and implementation of the Company's ESG and sustainability strategy. Duyuru • Sep 02
Bens Creek Group Plc, Annual General Meeting, Sep 27, 2022 Bens Creek Group Plc, Annual General Meeting, Sep 27, 2022, at 11:00 Coordinated Universal Time. Location: 53 Davies Street London United Kingdom Duyuru • Jul 12
Bens Creek Group plc Appoints Murat Erden as Chief Financial Officer Bens Creek Group plc announce that Murat Erden has, with effect from 12 July 2022, been appointed as the Company's Chief Financial Officer and joined the senior management team of Bens Creek. Murat will also be responsible for the development and implementation of the Company's ESG and Sustainability strategy. Murat is a highly accomplished CFO and Non-Executive Director with total industry experience of over 25 years and an extensive background in private equity, banking, technology and resources. Murat serves as an Independent Non-Executive Director and Chairman of ARCH EM Partners and has held this role since 2018, holding the Financial Conduct Authority (FCA) Senior Management Function role (SMF9) in the UK. ARCH EM Partners is authorised and regulated by the FCA and specialises in emerging markets advising on investment strategies focused on Resources, Logistics and Renewable Energy in global markets for rapid transition to low carbon, climate resilient and sustainable economies. Murat served as Group CFO of NYSE-listed Turkcell ("TKC"), a leading communication and information technologies company, which had operations in nine countries with over 69 million subscribers. TKC achieved a market capitalisation of over $10 billion during his tenure of 15 years until 2016. During his time at TKC, he served as a member of the Audit and Risk Committee and the Executive Committee. He accomplished the transformation and digitalisation of the group finance function whilst orchestrating multiple multi-billion dollar debt and capital markets facilities by ensuring TKC achieved investment grade ratings from three global rating agencies. Murat received his BA degree in Economics from Bogazici University. He graduated from San Diego State University with an MBA degree in Finance. Murat is an alumnus of the London Business School and the Wharton Executive Program. Murat is specialised in Responsible Investment with qualifications in Environmental & Social Sustainability Management of the European Investment Bank and in Sustainable Finance from Cambridge University. In addition, further to the Company's announcement of 6 May 2022, Raju Haldankar has ceased his responsibilities as Chief Financial Officer. Raju will continue to provide services to the Company and will continue as a director of the Company to provide a smooth transition of responsibilities to Murat Erden as the new Chief Financial Officer. Following the appointment of Murat Erden as Chief Financial Officer the board of Bens Creek remains unchanged and comprises Adam Wilson (Chief Executive Officer), Raju Haldankar (Executive Director), Robin Fryer (Non-Executive Chairman) and David Harris (Non-Executive Director). Duyuru • May 27
Bens Creek Group plc Announces Commencement of Underground Mining Bens Creek Group plc confirmed that the company has commenced underground mining for the production of High Vol A (HVA) coal. The current price was $468 per metric tonne. Duyuru • Dec 16
Bens Creek Group Plc announced that it expects to receive $6 million in funding from Acam GP Limited Bens Creek Group Plc announced a private placement of unsecured convertible loan note agreement for gross proceeds of $6,000,000 on December 14, 2021. The transaction includes participation from new investor, Acam GP Limited. The notes have a term of two years and carry interest at a rate of 15% per annum which is payable monthly in arrears commencing on January 31, 2022. The notes shall be issued by the company in multiples of $500,000. The Notes shall be convertible into new ordinary shares of the company at a price of £0.28 ($0.37076) per share. The company may offer to redeem any notes not converted at 125% of par in cash. To the extent the convertible loan notes are not repaid, redeemed or converted on December 31, 2022, 50% of the balance of the notes shall be redeemed at the principal amounts plus accrued interest in cash and the remainder shall be redeemed on December 31, 2023. The company will receive funds within five business days following the date of the signing of the convertible loan note agreement. Duyuru • Dec 02
Bens Creek Group Plc Provides Update on Initial Production Bens Creek Group plc announced the recovery of first metallurgical coal deposits from its Bens Creek site in West Virginia, USA. This milestone in the Group's production plan follows the delivery, assembly and start-up of the highwall miner. The single highwall miner and related highwall mining equipment was supplied to the Group by Mega Highwall Mining LLC pursuant to the contract mining services agreement that has been entered into between MHW and the Group, details of which were announced by Bens Creek on 29 October 2021. 