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Thanks Eureka. With $40 M in equity invested that’s still a lot to lose
LTV...Qatar initial investment was $100m (500 of the $200,000) Convertible Bonds 2023 which raised in total $400m, so owned 25% of those issued bonds.
Rule 2.9 Announcement:
https://otp.tools.investis.com/clients/uk/sirius_minerals/rns/regulatory-story.aspx?cid=485&newsid=1358352&culture=en-GB
Sirius also confirms that as at the close of business on 10 January 2020 it has USD 236,600,000 convertible bonds outstanding; these bonds are convertible into Sirius ordinary shares, and comprise 1) USD 137,600,000 8.5 per cent convertible bonds due 2023 (ISIN code: XS1515223516)...
So in effect, Qatar still holds $100m (500 bonds) or (72.67%) of the outstanding USD 137,600,000 (688 bonds) 8.5 per cent convertible bonds due 2023. (100m/137.6m).
Qatar investment into the Convertible Bonds 2023 remains at $100m.
Additional info:
http://www.blueshare.co.uk/community/index.php?threads/sxx-sirius-minerals-share-chat.1890/page-228#post-149877
Eureka that would be 75% of the $400M worth of 8.5% bonds would it? So they're in for $300M bonds (plus $40 in shares). And the Evening Standard ran a story that they were prepared to bailout SXX with funding.
And we're expected to believe that in the event of a NO vote Qatar will sit back and allow this to go into administration when AAL will pick it up for even less than 5.5p (that's what Bucky used to bang on about as a certainty under "pre-pack administration) and QIA will end up with NOTHING.
Seems implausible to me that QIA wont step up to save their $340 million investment in the event of a NO vote. Another $600M is still small change to these guys.
"Given that Qatar once owned over 70% old CB, it must have sold some of the old CB"
These are two separate bonds...Qatar have not sold any bonds they hold.
Qatar hold 72.67% of the 8.5% Convertible Bond 2023 (XS1515223516)
Oasis hold 41.01% of the 5.0% Non-Escrow Bonds 2027 (XS1991118255)
They'll need to buy an awful lot of shares to have enough yes votes to cover that large bond position. Seems to tell us that there is another bond holder that will be looking at alternative funding instead of administration
"Hold 40% of the Bonds."
Oasis bought both shares and some old CB.
Given that Qatar once owned over 70% old CB, it must have sold some of the old CB, otherwise
40% + 70% > 100%
LTV
"Hold 40% of the Bonds. Last two days they've purchase 73 million shares. With their bond position they're probaby in favour of the takeover. Are they buying up shares- over 1% - to vote in favour to protect their bonds.
Every vote counts to defeat this daylight robbery of a takeover.
Polygon were quiet yesterday and Odey only added 500,000 in todays RNS. I'm sure they have their eye on Oasis."
What about these.
http://www.alpineassociatesmanagement.com/strategy
Hold 40% of the Bonds. Last two days they've purchase 73 million shares. With their bond position they're probaby in favour of the takeover. Are they buying up shares- over 1% - to vote in favour to protect their bonds.
Every vote counts to defeat this daylight robbery of a takeover.
Polygon were quiet yesterday and Odey only added 500,000 in todays RNS. I'm sure they have their eye on Oasis.