Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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The captain went to jail.
But on the Titanic the captain thought that the honourable thing to do was go down with the ship, rather than sell it quickly, grab a performance bonus and get another job on the carpathia (and all while the steerage passengers are abandoned to their fate without so much as an apology).
Trinityman though true the "just off a boat ... was a joking reference to one of the many insults i get here.The main thrust of the post was to seek to explain something about Polygons use of CFD's which, despite your assertion, seems not to have been clearly set out by anybody here.
Yellow Polygons activities might have helped to drive the SP up to a fraction above the offer price so the benefit to you is to get out at a touch higher than waiting, no more than that.
15 lives it was almost exclusively steerage passengers who succumbed on the Titanic, there were lifeboats for all in the upper classes- sadly life's a bit like that!!
Trinityman Poor old Casapinos was employed on the boat and only earning a crust. He was supplying the wind for the sails so it was full speed ahead and mouth wide open.
Morning! Just felt I should say I sold half this morning. For me having bought back in to my lucky number I felt uncomfortable and with half I feel I will be stronger and worry less. I’m still hoping more than anything I can remain part of this project and will do all I can to remain so but with a more balanced portfolio - although Sirius is still my largest holding!
Casapinos - 'Hi folks I'm just off a boat(!!!!!)' - You just can't help yourself can you? Always telling us how much better your life is than ours. You are the annoying holidaymaker everyone tries to avoid.
Your collective term for posters of this board is 'you lot'.
One of the few tiny positives of being taken over is we won't have to endure you attempting to talk down to us. CFDs - don't try and educate us you pompous idiot - anyone can read up and understand what these are in five minutes if they wish to do so.
God I hope it was a bloody big boat !! Imagine being one of the other passengers Being stuck on it !
Casapinos
Have you disembarked your boat to come and join us on the Titanic?
We're all shuffling deck chairs around at the moment.
Casapinos - but do you think that will help the rest of us ?
Beleaguered investors in Sirius Minerals, the fallen darling of the stock market, were once again urged by the firm to back a £405million rescue bid from Anglo American on Friday.
Sirius, which is building a giant fertiliser mine in the North York Moors, has been on the ropes since last September when a planned $500million bond sale collapsed.
Earlier last week, Jupiter Asset Management – one of Sirius’s largest shareholders – called on the firm to find an improvement on Anglo’s rescue offer, equal to 5.5p per share. In the summer of 2018, Sirius shares were trading at nearly 40p.
But Sirius chairman Russell Scrimshaw insisted on Friday that supporting the Anglo deal would be the best option for investors and for the project.
https://total-market-solutions.com/2020/02/10/news-review-2/
Hi folks I'm just off a boat(!!!!!) having gone round in circles for a few weeks , just like most of you here- well mine was, to be more accurate, an ellipse but I am back almost where I started from so the effect is the same .I've skimmed the posts here since I left and see that there is a deal of confusion over Polygons intentions,so i'd like to offer some clarification.
Cautionary note - I have less than my usual access to documentation and a slow internet connection so this is all based on experience and stuff I have in my laptop rather than the details of the current position.
Polygon are sitting on large profits from their activity in SXX, I believe they now have no shorts extant and have sold all their CB's at a fat profit(someone can probably confirm).
They have accumulated a significant position in CFD's equivalent to a little over 10% of the equity. A CFD is " a contract to pay the counterparty the DIFFERENCE between the current price and the price at some future date for an asset , in this case SXX shares.
Key facts , Polygon will have paid a fraction of the price of a share each for the CFD ie typically they may have paid <1%. So they could have arranged control of (about 600-700 mill) shares for maybe £0.5 million!Maybe a little more but chicken feed in their terms.
They have therefore the potential for a very substantial profit on a tiny outlay if any other bidder comes along.
OR, see this from the Slaughter and May takeover doc I have quoted before.
Appx 3 para 1.8, assuming AAL have swept up more than 75% but less than 90% of the stock
"minority shareholders have two balancing rights of lesser practical importance. First they can apply to the court for an order that the offeror MAY NOT acquire their shares(thus Polygon remain a minority holder of what they see( like you lot) as a long-term profitable mine) or MUST ALTER THE TERMS ON OFFER.(my italics)
So polygon have possibly two ways of making a fat profit on next to no outlay.
Lies
"The meeting came after some individual shareholders voiced hopes that blocking the deal could lead to alternatives being considered, such as a £519m loan offer or giving Sirius investors Anglo stock.
But according to ShareSoc, Fraser and Russell dashed these hopes during the 'frank' talks. ShareSoc said: 'The board has not closed down discussions on alternative solutions and will continue to review all viable alternatives to the Anglo bid until the 11th hour. But they were at pains to stress that there is absolutely no reason for optimism.'
ShareSoc was also told the amount of cash the company is burning through – which it has tried to minimise as much as possible – leaves the directors with no choice but to recommend the Anglo bid."
Isn't what they've meant by "shaft-sinking"?
Do we have two new 45M deep lakes in Woodsmith and 3km cave filled with water after Ciara?
Or pumps can handle it without any problem?
Bucky you are clouding the issue.......
Polygon’s CFD’s are long and one assumes margin based. This will present a large exposure if SXX falls into administration, far greater than the equity value they purchased the CFD’s at.
The question is why go long? Given the risks of a no vote.
This may sound like a naive question, but can’t any backers of the bond (or government pledging support) simply take out insurance on the debt in the event it went tyts up?
Shareholders certainly couldnt cough up enough to cover the investment needed, but we could probably cover the insurance premiums on it for a backer.
Looking into this, a question I have is that given they are the holders of CFD’s I assume they are holding based on a margin basis and and their risk is not limited/capped to the original investment of circa £21m.
If they vote no with the support of others and the SP collapses surely they are exposed more than the average PI?
Based on an investment risk assessment the severity of losses is significant high.
Which makes you think they are supporting AAL? However I struggle with this as it does not align with their strategy.
Any thoughts please ?
Polygon are likely after a ‘lift ‘ in their package to agree AA takeover...an alternative ‘value added ‘strategy . See their site.
Or something else? More complex for an other..time will tell.
I only wish I thought my Vote wasn't needed Trinity ? I would do the same ! ( i don't have enough to matter ? but collectively?)
I wish someone could explain what Polygon were up to ? I'm don't know if we should so a positive in them or be worried by them ?
ffc
ffc - Your stance doesn't annoy at all. I respect your stance and hope it works.
You have been a decent poster for long enough now, but you may need to start spending less time on here over the next few weeks, come April there may well be no sxx board to comment on.
I agree the fundamentals are still there, but there are no other takers, no bidding war, no 'white knight' investor. I still can't believe one of the other major miners haven't taken a serious interest as yet, there is still time, but the sands are running out fast.
When I sell I won't be walking away until this is a 'done' deal, I'll be sat on the fence watching (maybe even praying) for developments.
ATVB
BTW
I'm still on crutches after a mishap but very hopeful that I'll be at the vote as it's in London and only a couple of hours by train .
ffc
Trinity
I have to approach this in the only way that keeps me IN I'm afraid ,I hope that my approach is taken with a pinch of salt and merely my honest way forward rather than some kind of recommendation ?
I certainly don't believe sharesoc can save my "dreams" here but They have already repaid my subscription thus far.
I am still very much am planning a no vote and the only thing that will stop me is at the behest of my wife or if something tells me that a last ditch attempt at an alternative is futile .
Like I've said so many times before I still believe the fundamentals can save us !
Now I admit that may annoy but I'm not here to tow the line !
Regards
ffc
ffc - very good, I forgot to include Jonsey and his £5 predictions. I genuinely hope he's recovering mentally after being in denial about the unfolding events for so long.
I know Myo is doing his bit over on Sharesoc, I'm just trying to tempt him out of his radio silence, he'll still be totally across this board - been on here much longer than my mere 6.5 years, so I doubt he'll just drift away.
I've always got along fine with the fella, we only touched swords once back in July when I posted this:
'Posters can share knowledge about the salinity of the water in Lockwood beck or the name of the vessel that carried the tbm to teeside etc, but NONE of this matters if we don't get the next tranche of bonds sold in September.'
I think it touched a nerve as he said he was 'disappointed' that someone was focusing on the finance when there was so much good work going on regarding the build. With hindsight etc.....
I think you need to manage your expectations over the coming weeks though, the good people at Sharesoc are just giving us a dignified burial really. I'd love to see a rabbit pulled out of the hat just as much you, but in all honesty I just can't see it happening at this late stage.
I think Fraser's silence is most likely down to the takeover conditions set by Anglo - He won't be allowed to comment until well after the deal goes through. It appears that he has been reduced to a mere puppet CEO at this stage.
In other words, someone's got their hand up his a... and his mouth is sewn together right now.
I'll reluctantly sell my remaining tranche of shares as close to the voting date as I dare, keep one share and then vote 'no' by proxy.
ATVB