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There is much to say about SXX funding etc in 2016 2018 and since then but by far the most damning for me is the point made about the offer from a consortium being wilfully held back and the “offer” ( more like daylight robbery ) rushed through from AAL while the consortium were still trying to propose a deal, completely unknown to shareholders. We can debate the rifght and wrongs if the finance fiasco's but nothing shows more clearly what the boards intention were and are, than their actions in December and January. These alone must be worthy of investigation and a delay in any deal being finalised. The offer from the consortium must be made public and we are entitled as shareholders (owners) to make a choice between the two IMO.
Join Share Soc and help push for this to happen - we must do all we can to prevent SXX being handed over on the cheap without a fight. GLA
Just posted on sharesoc
cont
solution undertaken over the last 4 months and the extensive discussions held during that timeframe, the Sirius Board believes that, at this time, there is not likely to be an alternative to the Acquisition other than administration or liquidation."
Reply by Patricia Courtman 11 minutes ago
1) In December 2019, Sirius received a non-binding term sheet from a consortium of financial investors, to form the basis of a US$680 million funding package to cover the initial scope of work.
2) On 6 January 2020 the Sirius Board received a non-binding indicative proposal from Anglo American expressing an interest in acquiring Sirius.
3) On 8 January 2020, Sirius announced that it was in advanced discussions with Anglo American regarding a possible all- cash offer of 5.50 pence per Sirius Share for the entire issued, and to be issued, share capital of Sirius.
4) On 9 January 2020, Sirius received a revised non-binding term sheet from the consortium.
Sirius issue RNS on at 7.00am on 8th January - Statement on possible office from Anglo American.
It would appear that Sirius rejected the consortium offer out of hand and were always intent on going down the sell-out route. Why did Sirius not announce to the market that a financial consortium had made an indicative proposal for financing? Could I suggest that had they done so the share price would have risen significantly thus scuppering their plans for Anglo American sell-out at 5.5p. Sirius were quick to update the market in previous years about how well discussions were going with regard to financing - why did they keep this important piece of information from shareholders?
The question must be asked: Was the Anglo American deal in the best interest of shareholders or in the best interest of the current board?
Except from AAL and Sirius Co-operation document as published on AAL website: https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group/...
"In conjunction with this review, Anglo American actively explored an interest in Sirius during Q4 2019. On 6 January 2020 the Sirius Board received a non-binding indicative proposal from Anglo American expressing an interest in acquiring Sirius. On 8 January 2020, Sirius announced that it was in advanced discussions with Anglo American regarding a possible all- cash offer of 5.50 pence per Sirius Share for the entire issued, and to be issued, share capital of Sirius. Following receipt of the Anglo American proposal, the Sirius Board carefully assessed the merits of the proposal against the potential alternative options from other parties involved in the ongoing strategic investor and debt financing processes and also in light of the Sirius Group’s current and expected liquidity position.
The most advanced alternative proposal was a potential debt financing proposal from a consortium of financial investors. In December 2019, Sirius received a non-binding term sheet from the consortium to form the basis of a US$680 million funding package to cover the initial scope of work. On 9 January 2020, Sirius received a revised non-binding term sheet from the consortium. The Sirius Board reviewed the proposed terms and conditions, together with its advisers, and concluded that th
Surely, after bringing this company to it's knees and destroying pension funds and shareholders investments he should have something to say for himself, but NO it appears he has gone into hiding together with the rest of that shameful BOD. How they can sleep after what they've done is beyond comprehension. I suppose they think that they are well secure so, sod the rest of them. Happy are you? You certainly aren't going down with the ship while the passengers drown are you? Hold your heads in shame!