We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Pictsloup
How much did they pay you to write such illogical and inconsistent waffle?
The Sunday Sport (times) are not really after your story, just their take on your story. Easy money really they just let you gas on about your problems and they end the line with..............sucker.
This is one of the reasons the share price hit 40p.
Chris Fraser, managing director and chief executive of Sirius Minerals, said:
“Today we are pleased to announce that, as a result of that work, we are launching a comprehensive markets-led solution for our funding requirements which will enable Sirius Minerals to complete the development of its mine and unlock what we believe to be the world’s largest known high-grade polyhalite deposit.
“The funding package will bring together equity, convertible bonds, high yield debt, and a $2.5bn revolving credit facility in a multi-stage, flexible structure that balances the availability of capital with the needs of the project.
“Today’s announcement provides a clear pathway to a fully financed project in the months ahead, while enabling us to progress construction at full speed.
Some more from Fraser.
Sirius has already been pre-approved for IPA backing. 'The IPA is the last piece of the jigsaw puzzle,' says Fraser.
Sadly, the Campaign to fund raise is doomed to failure even though I have pledge money (maybe because of). You only had to remember the glacial progress of the government vote thing (I also voted on that, against my better judgement), to realise this will go the say way.
This countries Etonian elites are only interested in Jam today, tomorrow is for losers like you and me.
GLA, we need it.
Do the squids understand that we do not get sweetners, bonuses and guaranteed jobs when we screw up. Ie width of tunnel, finance etc..
So If they give away what we helped initiate let them walk away barefoot.
This is and, probably always was a Game. The Polygone and Otheday are late to the party but, smell money. Like any good parasite they have found a host to exploit. They have no interest in building a Tier 1 project, just a short term pocket lining exercise.
If Otheday was sirius he wouldn't have made such a small investment, just enough to be media worthy, the B Johnson puppeteer seems to love the spotlight. As for Polygone, who were sooooo happy to short Sirius , they can't now be considered a saviour.
If I were to point the route of all evil, apart from the board of Sirius . I would say JPM, the devil in the ear. ****ifanny is Just another parasite.
I haven't kept up-to-date and have just read a few recent responses. I assume the point of the fund raising is to allow the shareholders and the wider public the ability to buy into a Sxx bond as was originally intended - except it was for the chosen few. So if Sxx were offering, say 10%, then I'd be off to the bank to obtain a £50,000 loan at 2.5 -3 % and buy in. So, that's 12,000 investors not to mention the rest of the world. The downside I see, is a future risk of failure to get more money. But £600 million goes a long way to derisking the project. If all goes well after 3 years I get my 50,000 back and I've made a good 10% for 3 years. I also make on my shares shooting back up to a reasonable price again. Have I made a mistake in my thinking it all seems relatively easy! The risk would be one I'd be prepared to make. Also, somewhere in the process I'd like the entire board removed and replaced with a volunteer board who would work for a nominal sum.
I’m happy to cut my nose off if it means the BOD get their snouts cut off too.
Not a fortune for me.
But I voted No for so many more reasons.
OR
Why did you not just sell up at 5.5p and not even bother voteing , i cannot see why you voted yes when you should have just took the money and walked away .somebody please explain this to me ?
I voted yes. Seems a reasonable offer, significant premium on the previous price. Apparently nobody else wants to offer more.
We made a bad investment decision and lost money. It happens.
It would be ridiculous for the government to intervene here - AAL is prepared to take on the mine, so why on earth should the taxpayer bale out private investors who made a bad choice?
I'd be pleased if Odey manages to extract another 1.5p from AAL as that would reduce my losses by £3000, but if their hyena tactics mean we go into administration then I'd lose £11k.
I really don't believe there are any other scenarios - 5.5p, 7p, or nowt. There are clearly people who believe that pigs fly, or governments care about PIs who made duff decisions, or in the compensation culture, but, on the whole, no.
Chris Fraser did quite well getting planning permission etc but wasn't up to the task of completing the job. He didn't steal from us, it wasn't a conspiracy, he wasn't in bed with AAL or the other Australians, he just wasn't as good as he thought he was.
It's all very sad and some people, including me, have lost a lot of money, but nobody but a fool would have invested more than a small proportion of their portfolio in such an obviously risky mining venture.
https://www.telegraph.co.uk/business/2019/01/27/short-selling-against-sirius-minerals-hits-record-high-funding/
JP Morgan Asset Management, Marshall Wace and Och Ziff are also targeting Sirius, according to the FCA.
Is there any connection between JP Morgan Asset Management and the Bank ?
How did short sellers sell over 300 million shares in Sirius driving the price down ?
Dear OldRascal,
I am heart sorry to learn that you have lost money, although it sounds as if you were restrained in investing in SXX. From the bottom of my heart, I hope you and all others who have lost money here survive with their mental health intact. It may not be sp in your case, but it would not surprise me to learn that some who have lost money here are now experiencing the downward spiral of depression. This is a cruel progressive illness which can be cured in most cases over time with the careful prescription of medication. Anyone so suffering now should consult their GP without delay. I wish everyone in that boat a full recovery.
Tex,
I'm not asking the Times to print it. And I'm aware that my analysis is an over simplification - I acknowledged that there aren't even 85k Pi's anymore. So I agree it's ridiculous to say PI's could raise 1 billion quid ($1.3bn).
But we don't need 1.3Bn, we need 600M and I'm fairly sure PI's wouldn't need to raise all of that. It could be raised in consort with II's.. Sirius have access to the shareholder list and could've contacted all PI's to run the same kind of survey that a small handful of Pi's are trying to do on a shoestring.
But they never bothered their arze, Why is that? Instead they arrogantly proclaimed there was no appetite in their expert opinion. Surely they should've tried when the alternative, we're told, is 5.5p or administration.
That's why people are livid at Fraser et al. Quite rightly so - and he still doesn't get it, blaming Brexit, fertilizer market, general markets (which seem to be booming by the way) and people on internet chatrooms in sweatpants. Uou couldn't make it up. The arrogance of the man.
The demand by JPM that the spec. for the tunnel should be increased (costing $600 million more) was, in my view, totally unnecessary and was made to make the raising of capital more difficult and therefore more likely to fail. That it was not necessary is evidenced by the recent revised Stage 2 proposals for a totally unlined tunnel section from Woodsmith shaft towards Wilton.
All part of the "grand plan".
If the plan by JPM all along was indeed to scuttle the project and orchestrate a takeover for AAL then surely this is a scandal of epic proportions comparable to the Libor scandal ? Very difficult to prove without inside knowledge. I hope this can be investigated fairly as if true and that’s a big if - it is not just Sirius shareholders who are being robbed, but the people of the entire North East. Organisations like the FCA are no match for JPM - they will run circles round them. Can even the media do anything ? I would like to believe that this sort of thing won’t happen and that one can trust the integrity of a large bank and the Sirius board, however reading posts here feel that I may be naive.
I have voted No.
I’d rather see the project fail than for for AAL to prosper at my expense.
Yes, I am bitter.
I never invested more than I can afford to lose but that doesn’t mean I should be happy to lose it.
I typed more but decided it was to to delete it...
Serve it cold.
OR
LTV, sorry but that’s ridiculous. People who wouldn’t pledge won’t take the survey you can’t take the current average and multiply it by 85k.
At least give some credibility content to the Times. If that is printed it will look farcical to anyone reading it.
...and if you wanted to open another can of worms one could take a look at government roll (or lack of it) in this debacle.
1448 surveyed average pledge 12,645 = 18.3M quid
Just imagine if the BOD had pitched this to PI's when there were still 85,000 of us. That could've raised over a billion quid at 12645 a head
And there's no PI appetite according to JPM and Fraser.
Pull the other one
If Mary Howitt was alive she may well recite her classic poem with regard to this thread.
secrets
Great detail in your post wwguk
Liam,
You can get the information you want from here, as I notice that you have already got many replies on this board.
The current situation was caused by either mismanagement or intentional design for making a junior mining project sellable to a big mining company (by making most of the shareholders' investment a good value for the big company):
* The $500m added cost to the tunnel is a strange decision, as the original tunnel had already been designed with the 20mtpa capacity and the design had been validated by external experts. If the main purpose is to have a fixed-cost contract for supporting the stage 2 fundraising, then the riskiest part of the project, i.e., the two over 1500m deep shaft, should also be changed into fixed-cost contracts. As without derisking the deep shafts with the fixed-cost contract, a fixed-cost contract of the less risky tunnel has not addressed the major concern of the investors. If the $500m had been used for a fixed-cost contract of the deep shafts rather then the tunnel, then the chance for Sirius Minerals to raise the 2nd stage funding would be much higher than now.
* Before getting the main part of the stage 2 funding arranged, the management has directed the project to spend the existing raised money at full speed until the failure of the bond raising; leaving no money and time for sorting out a needed $600m that could have the deep shafts derisked and keep the company running.
* This $600m could have been raised much easier if the management had planned or tried to raise it at a much earlier date when the company share price was still very high (e.g., as equity and loan provided by shareholders; something the recent consortium and the shareholder action group had been trying to do at a time when the management has the needed time run out without involving the shareholders or even informing shareholders that they have been working on a takeover deal behind scenes. If they had informed the shareholders of the consortium proposal and the specific difficulty encountered in early last December, the shareholders would have much time to help sort out the difficulties.
But now, the time is almost running out -- almost no time left for arranging other options. Is this the exact compelling situation (the stark choice) a junior mining project creator prepared or designed to make the takeover by a big company successful?
*across.
The question to ask is what do they want for the article?
So Liam, what are you looking to understand from PIs and how are you planning to represent them?
Fred. I'm sure he'll be very interested in how cf and this sorry story has affected you , and you come accross as the most genuine poster on here.