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I don't know....
the way that letter starts off with first names....so they know each other and I would not trust them as far as I could throw them (and a lot more beyond that). Is it therefore possible that this is a "stitch up"....
"tell you what Chris - I'll present you with a letter that asks for 7pence and may be these POS PI's will buy into it?"
:) OK so i have a warped mind?
FFC, you are right to worry about Odey. He works in the interest of one person alone and that is himself. He is a leading shorter of stocks in the U.K. and as such has worked on forcing stock prices down in a number of businesses to the detriment of private holders. He has had some huge gains and some huge losses but one many of the losses, he has still made money due to the way his hedge fund charging structure works, the losers are his investors.
Agreed Scotsman. 2030 is a realistic target and if we kept even a fraction of the company in private hands (and I hope it is more than that) everyone would make their money back and some by that date. A lot of PI's, especially locals, were always in this for the long run and to leave a legacy investment to their children and grandchilren
Sadly I’m now worried that Mr Odey might just screw things up with his intervention!
Of course he’s saying 7p he’s just bought around 5p
I want to stay invested so will stick to my no vote.
Also if aal do up their offer what does that say for our bod ability to get a fair offer up to now.
5.5p was outrageous and aal should have been sent packing!
Wonder what response from Sirius or aal will be now ? I’d lay money it won’t be 7p
Ffc
I'm in full agreement with Longtermview24 - All I want out of this debacle at present is the ability to retain my shares in the project and have the opportunity to build up a further holding. I understand that puts the real gains somewhat many years further down the line however I was always in for the long haul. Yes probably overexposed in this share however I still believe that based on the information that has been provided / available to PI's 2030 was always going to be my target for this one.
fund it in exchange for a big equity piece (more than 50%) I meant to say
Tex, no I wouldn't be happy with 7p. I want to remain invested until they're digging the stuff out of the ground. That's when the true value and potential is achieved, hence the moniker longtermview.
What I note - and agree with - is Odey's assertion that this is materially undervalued and it's highly disappointing that everyone can see this yet the guy we pay a million plus a year to cant get anyone else to see it.
I'm hoping someone reads the Odey piece and realizes they could fund this for a big equity and make a killing in a few years time. Odey are hedge fund opportunists and happy to make a quick buck. AAL are an operating company. They are opportunists who can make several bucks in the long run.
What we need Is funding from a non-operating company, apassive investor who keeps the company going as is and has no wish to take active day to day control.
It's an ask, but Odey might just have put us back in the shop window.
I said yesterday that experience has taught me that the best deals are deals that are fair to all parties. AAL are trying to stiff us. That kind of behavior often ends up biting you in the bum. What goes around come around.
The fat lady hasn't started singing just yet.
LTV would you be happy with 7p? This is what they are requesting as a fair value. Not sure why AAL would offer more than the minimum, if they decided to change their offer.
Odey notes that Sirius’s most recent accounts (half year 2019, published on 17/09/2019) suggest that Sirius’s equity value is £893.1m, a value of 120% higher than Sirius’s Board’s recommended offer. Given that Sirius’s CFO signed off on these accounts as being “Fair, balanced and understandable”, and that Sirius’s CFO also sits on Sirius’s board of directors, Odey struggles to see how the board of Sirius, including the chief financial officer, can recommend the offer to shareholders as being “fair” only 4 months after these accounts were published.
Odey also note that Sirius’s external auditors, PricewaterhouseCoopers LLP, also approved this valuation, and that this valuation is materially below the RPA independent report valuation, published by Sirius.
The recommended offer seems, to Odey, to make a mockery of both internal and external audit at Sirius. Odey believe that it is unjust that Sirius Minerals shareholders are held accountable for the apparent misrepresentation of the equity value in Sirius’s accounts and technical reports and can fully appreciate the frustration displayed by so many Sirius shareholders.