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I too sold all my investments in this share. I thought it would be a good long term investment for my grandchildren but seeing their inheritance dwindle away was not good. I still think it will be built but at a cost I am not prepared to loose money on I will probably buy back in when it is a more viable investment. PI's are always the ones to get shafted in these situations . Good luck to all LTH
I'm just glad I tasted Sirius Minerals when still in my thirties and I still have plenty of time to recover before retirement. However, I feel more sorry for those who really did need this type of loss.
Trading volumes this morning ...... so far !
# Trades 1,845
Vol. Sold 57,052,606
Sold Value £2m
Vol. Bought 64,066,586
Bought Value £3m
At least the boys won't have any tax to pay on my ISA shares portfolio.
I have 3 shares in mine, spreading the risk , ha ha.
The first down 99.65%, Sirius down 79.01% , and my most successful one , down 34.62% - average 73.97% down.
It was a sorry day that they allowed AIM shares into ISA's - but I thought it was brilliant at the time!
Sirius has been an education! I set out in a flat race, planning permission introduced hurdles, and then it became a steeplechase! Thought we were over Bechers second time round and financing introduced a show ring with a Puissance wall in it! The highest wall a horse jumped in the Puissance is 2.4m? Slightly less than 2,500m
I am Holding to end as I can see take over or some Chinese company help finance this... Second Bottom HIT...
I would like to have the same level of faith as you donotpanic, although this will happen, but I believe at the expense of us 85000 odd small shareholders, the main beneficiary of this is big money, not us, wait and see
I also believe this company's hopes of opening this mine are dead. With the best hope being a takeover soon before the share price slips towards zero.
I compare this situation now to a poker tournament in which you are short on chips and the blinds are coming round fast, chipping away at your dwindling stack as you wait for the best opportunity to go all in . The clock is ticking and money is being burned fast, every week that passes without a finance solution puts the company in an ever worse situation with ever decreasing leverage. The less money the company has and the closer it is to insolvency, the harder and harder it is going to be to raise any finance at all, let alone on favourable terms. All the while.... the share price will be decreasing steadily to zero increasing the likelihood of a takeover when the time is right.
Who would invest now? or a month from now? or 5 months from now when they're on their ass with nowhere to go?
We all lost money when they announced the 15p placing, but looking back - to me this was a god send as it got me off the ship without hesitation.
I've sold some of my shares yesterday and took the hit but, I've kept other shares in the slight hope since I can't access it anyway for a very long time and in the grand scheme for me it won't matter (Still blessed with youth, I feel sorry the ones who were waiting to retire though).
I think the share price will drop further over the months, so I'm looking to come back afterwards to help minimize my average as I think the only possibility now is a take over. Unless of course Brexit is resolved in October and the Government does the unexpected.
Yeah I don't understand why the people that are panicking at their loss have invested so much in the first place. Baffles me truly.
No company produces any thing to start but this will be producing... Did BP produce oil straight away... all companies have HURDLES...
How it is similar pattern to yesterday? Pathetic small time rampers.
Similar pattern to yesterday... drop and then went to 5.70... not selling as this will come out good as still enough money in BANK till March... By then things will be sorted
I can't see why anyone would invest all they have in a company that produces nothing and doesn't yet have the billions it needs to get to what it's going to sell.
Have people really invested their entire pension pots?
I am very lucky that I sold half at 30p and am left with 100k shares I will stick with.
Might be a bit late now but guys if your going to worry all day and lose sleep then don't invest it, buy a house to let or something.
Shorters hot there teeth into it
Brad, the company have said that JPM alternative package will be binned in the coming days.
That may be a blessing. They’ve brought us fk all anyway.
Now the company will be free to go independently and seek the required finance.
There is one part of me says this is a good thing but another says if they couldn’t get it in 2 1/2 yrs what Chance in 6 months!
Tall order. But doable.
Are we heading 2p
My opinion (not that anyone should care) is that we are done. There will likely be partner discussions but at this stage any such terms would be seriously punitive or they would simply wait for administration. This will continue to be pumped and dumped by day traders as there may be valid reasons for optimism/spikes. But for your typical share holders (myself included) I can’t afford any more ostrich/head in sand and certainly don’t want to hear any more fluff from CF. I’m going to wait for a mini spike that I hope comes over the next month and try to exit with 10%.
Good luck to everyone. Health before wealth, but also common sense before anything CF says.
BradSmith - SXX seem to be dubious as they've stepped away from the whole RCF with JPM
Simultaneous investment by a partner, with bonds in place to complete the rest of the build.
I have been pondering on how JPM are thinking - never really understood their stance.
It seems clearer now. They would back advances of 2.5Bn in tranches, but always reserved the right to use other banks.
I suppose that other banks might be happier dealing with JPM than a start-up, or is that ab upstart, in Yorkshire!
Did JPM worry if their support was really there? Challenging us to provide the first 500m tranche would be reassuring that they could do the same in the future? So after yesterday's news I really wonder if JPM's offer is still on the table? Reassurance is the last word that comes to mind.
If that's the case then BOD should be investigated, how can they live the high life when SXX isn't generating any cash yet
It has been said that CF doesn't have much experience of running a mine and Sirius Minerals is not a mining company as yet, although they have a world class product that is required (with forward sales already in the bag) as the population of the world is forever increasing who need food, people are trying to go away from synthetic fertilisers, we have a natural product in a mine that has a lifespan of 50 years, which may be along the same lines of the initial prospect of the North Sea, but yet we seem to be happy to moth ball such a project or sell out to forge in investors, what f...... planet is UK PLC on. While i appreciate the govt is not there as a backer of industry, but they helped out the banks, they helped to create the current climate and lack of confidence in UK PLC by creating BREXIT and wasting the best part of nearly 4 years, billions in the process, taking there eye of the ball in running the country, and generally thinking of there own self gain and short term picture!!!!
Sirius have never given any thought to what if , they always assumed that the finance would be there and waiting. Perhaps if they had known what they know now then a contingency plan would have been prudent. The cash burn has been recently running at £1m per day, extravagant and wasteful spending could and should have been avoided. They were spending significant unnecessary funds on fancy offices, trust funds, paying themselves high salaries before they’ve produced a dot. Locals have been astounded at the money being thrown about, renting whole hotels and boarding houses supposedly to house miners and then having no one to put in them.
I suppose the expense accounts will now be reigned in as they see the error of their ways and look back at all the money that has been wasted. Chris Fraser in his fancy Range Rover paying himself a £300,000 salary , he’s not as clever as we thought as 85,000 Shareholders loose out , some have lost fortunes believing and following one mans huge ego.
" IF the likes of BHP (whom can borrow at 3-4%) want a piece of the action, what form would that take? I guess they will say 50%-90% of the company for nothing in return for facilitating $3b borrowings". Do SXX really need the full $3bn at this stage? Surely an injection of much less, albeit with added terms, would see the development through to a stage where bonds would again come into play?
If I can get my paper £5k out this morning I'm going to spend it on an even more local infrastructure project, such as landscaping the garden or new carpets/flooring :-)