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Yash
Thanks for that ,
I understand your thoughts on getting a better deal but I would also like to know If the BOD can't give a better idea if we vote against this what realistically % wise are the chances of this" Funding" offer saving us ?
TBH for me it's not about another penny but more about the original plan I signed up for ???
Regards
ffc
PS
I signed up as a full member on Saturday
We have requested an emergency meeting with ShareSoc BoD to evaluate our options and decide on the best course of action. They had requested the shareholder register last week from SXX (can take 7 days) to ascertain PI/II ratio, which could help inform our decision on voting and how much weight this would carry. They will then send a letter to the top 50 shareholders to deliberate.
ShareSoc can support efforts to try to get a better deal (even if it is 1p) and a shareholder group could threaten to block the deal, if the BoD can’t make a convincing argument that this deal is the best one possible, under the circumstances, and that they’ve made every effort to get a better deal. However, such a threat does have consequences if Anglo walk away.
We also don't know what the Government are doing in the background to protect employment in the North of England, as they are committed to during and after the Election. ShareSoc’s patron Lord Lee has made a few comments about employment in relation to Sirius and they are digging further - if Anglo's pursuit is under Govt pressure.
A couple of further comments from ShareSoc, from our recent dialogue:
'ShareSoc could seek to set up a meeting between Chris Fraser and a select group of individual shareholders, to discuss the situation, but he is clearly conflicted as there is no doubt that Anglo will offer him a sweet deal, so that he works hard on their behalf to get the deal done. It is up to the Directors of the company to make sure that they have a subcommittee of those who are independent, in order to evaluate the deal and we will be better off to ask for a meeting with their Chairman Lord Hutton.
ShareSoc has also identified that Chris Fraser’s remuneration, which is £475,000 pa is also is receiving a bonus of 100% of this. which Sirius will have to borrow to pay him, which is poor governance and a question to put to the Chair of their RemCom who is Lord Hutton.
ShareSoc have had over 200 people join within the few days this has been mobilised so thank you everyone; they will do everything they can to support us and we are all on the case.