#BCN – We don’t want David.

#BCN – We don’t want David.

Thankfully its now fully in the open, Bacanora and Rem are not on each other Christmas card lists.

Or I should say Colin and David. My understanding is that Colin’s relationship with Kiran is pretty good.

But lets go back awhile, when BCN first listed on AIM, many will know I was a firm supporter of them, I admire the company greatly and really do prize their professionalism. As always I spent time researching, trying to talk to the BOD, the Nomad, advisers, asking questions about the admission document etc.

After a few email contacts it became very evident that some of the comments being made by David were not consistent with those coming from the BCN corner and that a rift and frustration with David could be seen back then. I certainly won’t say who I spoke to nor who said what, due to strict confidentiality in correspondence but I came to disbelieve David and have never invested in a David company since. I also believe he mislead the market and continues to do so over AFRIAG but that’s another blog….

Since then, thanks to the likes of Doc, David has been seen to have lied on various occasions, particularly when it suits him to ramp his companies or boost his ego.

So back to the latest move, David trying to force himself on BCN, there is a name for people who try to force themselves on others but…..Anyway the question is, is this a good thing?

Well if we look at the share prices of the two companies we can see that they are both down, pretty similar amounts and similar in general to the market. So there certainly hasn’t been any kind of “Dave” effect in that region, nor a poor effect from BCN.

Has Dave managed to attract any big hitters or investors into the project…..No

If Dave is on the board will he be able to do much…..No he wont be able to vote on any REM related happenings due to clear conflict of interest.

So why would BCN want him on board ? A question I find it difficult to answer, David is good at attracting smallish investment into companies (i.e less than 10m), but has not got a good track record when things get serious. Will the large players pay more attention to the “worlds largest lithium deposit”? No quite the reverse they will look at David’s role in companies dating from Lonhro to now, his success and failure, his censorship by the nomads (and his firing of the ones that do this) and they will run a mile.

BCN asked REM to be an investor in the project, BCN to maintain working control and REM to provide the funding. The contracts were drawn up to reflect this, BCN remains in total control. All was happy until David became greedy and wanted to up his stake. He didn’t want to pay BCN a fair share and instead went down the route of buying BCN stock. This deprived BCN of money it needed to progress the projects. BCN’s response was to seek money from the same source as David on AIM. Since this time David has sat on the side, complaining about how slow BCN are, spending large sums of money on his own surveys and reports. Duplicating the efforts of BCN.

BCN’s response to all this has been simple. We will concentrate on the projects were we have the most control and REM have no control…. Essentially David has been such a pain in the arse that its screwed up REM’s share of the projects. No surprise there then. He’s signed contracts that have restricted REMs control, pissed of his partner and now is looking for a way to get what he wants.

The problem is that this isn’t going to get David what he wants, its’ all about his ego. All it will do is make Colin more determined to only advance the BCN projects. The largest lithium project in the world is not going to be all mined straight away, it will be extracted piece by piece over many years, so why would BCN not start with the areas they will get the most profit from…..

Quite a few investors have complained at the lack of news coming out of BCN, however BCN is really just entering the high diligence state of the project, this is the point where it’s important that they don’t just produce crap (pay attention David), but they produce top quality, unassailable reports to attract both funding and partners. Many many explorers fail at this stage and it really differentiates the bad companies from the more professional ones.

BCN does not need more exposure, it doesn’t need better PR, it doesn’t need a board member with the utter contempt of smaller private investors. It needs time, less distractions and a bit more money to progress a world class resource in the way it needs progressing. If they get this the SP will respond in time or when the market recovers.

If David is voted onto the board, you will get leaks, pumps and dumps, a lot more dilution and a company that will become a leper to the “real” world outside AIM and the cowboy “funders” will be the only partners.

#votenotodave. Let’s keep what little decency there is on AIM.