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I will be interested to see how this all plays out. I don’t think it will stop the company being sold, but it might help PIs recover some losses so I keep my fingers crossed for you lot.
8. We do find ourselves in a difficult position at the moment, because no offer has been made by AAL and/or a-another for that matter. Time is ticking and we do not know how much cash is left in the bank. I believe that is a number that SXX should be giving to us and is something ShareSoc might be able to help with. Given the BoD power to place us into receivership, if SXX look to be going bankrupt, I for one, would be keen to know how much is left and what steps could be made to make the budget stretch out further.
Lunchboxbill, you raise a very valid point and I think you deserve a response. What is the best scenario we could expect (in general and with SXX).
1. The best scenario is the one that Myo has alluded to in recent posts (sorry Myo, correct my understanding if I am wrong); the CEO will come good, shorts have been reduced, 600m USD finance is found and the share price starts its steady climb until the 2.5billion USD for the deferred stage is needed. Which is two years away.
2. If finance is not found from outside sources, then current shareholders are given the opportunity to raise the funds. Given the company statement that they feel there is not enough retail market for the funding (admittedly I think SXX were referring to the whole shebang of 3billion USD and not 600 million) I think this is where ShareSoc could help us, by getting SXX to agree to this avenue. If this has not been tested, then they cannot say that there is no market; and failing to look into the possibility sounds a deliberate grounding of the ship. Admittedly, if shareholders cannot fund it, then there is a serious risk of zero value.
3. Other companies are interested in SXX and enter a bidding war that could lift the price to a higher level – I cannot even begin to guess what that level could be, but certainly not too far from where we are now.
4. ShareSoc could help us with disclosure of what the BoD and the CEO have been doing over the past 9 to 12 months. A duty of care is owed to the shareholders; unfortunately the directors are indemnified against stupidity. They are not however indemnified against criminal activities – not to suggest that such has been going on despite the current perception.
5. We become organised and start to work in one direction. The point of becoming members of ShareSoc is that it was clear and obvious that all the opinions we had were not being focused and we had no voice. ShareSoc can help us to focus and concentrate our thoughts.
6. We hope that ShareSoc can help us get a meeting with SXX. A lot is being said on this page, however we do not know if the company are listening to its shareholders or if they are just being single minded and progressing with what they think is the best course of action. I do not subscribe to the theory that 600million USD cannot be found and with the help of ShareSoc we need to find out why the company have failed in achieving this goal – after all, many a reassuring comment has emanated from CEO saying that past lessons were learn. Can we have the transcript of those lessons and why they have not been enforced.
7. ShareSoc have a network of people who might be able to influence and bring pressure to bear. Individually we do not have a voice, apart from writing on this blog, which only lets off steam and/or raises the blood pressure, depending on who is the author.
Just signed up to ShareSoc, hope they can help us all. It's got to be better than sitting sucking our thumbs.
Achille/Yash,
Paid my subs, site did not request further details etc, so far only received confirmation of payment, await further details etc.
Think this will mushroom hopefully once Panorama bite and the DT publish SH's concerns :O)
The FSCS/FCA isn't going to pay out for SXX even if shareholders were deliberately misled (virtually impossible to prove even if true - as shown by total lack of evidence anybody has produced) as SXX isn't covered by the Special Administrative Regime regulations as it isn't an investment firm. It's highly unlikely ShareSoc will be able to do anything about it, just as they failed with RBS shareholders.
We bought shares in a company that was unable to complete its ambitious target and had to call in the grown ups. It happens. I've already started building up a modest stake in AAL (decent divi, well covered, debt down from 12b to 3b in the last couple of years - so plenty of room for the extra 3-4b needed to get Woodsmith producing - eps-enhancing share buy-back scheme etc) and will put the proceeds of the SXX sale into it as well, assuming we get the 5.5p - not guaranteed in any way.
"As I had said in a previous post, they were the ones who had helped 85,000 shareholders (including myself) at Beaufort Securities, recover all their holdings"
============
Genuine question with genuine interest. What's the best case scenario?
Some LTH will be averaging 10, others 30p. Some peope will have bought in at 3p the other week and be sat on a tidy profit. Everybodies situation is different.
Let's say CF is determined to have mislead PIs, what could theoreticlaly be done about it?
Diabolical
How true that is about the indoor climbing walls. I tried it one season through the winter and it bored the hell out of me. I did my apprenticeship in the early eighties on the crags of the peak district as the Llanberis pass with the odd foray to where you mention in the Borrowdale valley. Little Chamonix was awesome.
My climbing moulded my investment approach too I think lol. When you've been avalanched and winched off Snowdon by a sea king you tend to invest how you play.
That's my excuse anyway.
How long does it take for share soc to send a link for the members , cannot log on
15Lives,
yes a blast from the past, used them in the early 70's, but they've risen from the ashes and are now being sold again, albeit in a more modern guise. :)
Did most of my climbing in the lake district. Borrowdale; Raven Crag, Shepheards etc also many a wet day on Great Gable. Climbing's a little bit different these days, a lot of people who call themselves "Climbers" have never been on real rocks, only climbing walls
Check your email
Thank you - I'm on it!
Myo - you are a star thank you, on behalf of us all. Achille has actually been working on this/helping while on holiday - would you believe. Today, I believe he's on a plane to the U.S from Sri Lanka, so access might be limited. Are you on the FB group at all; or do you happen to have a spare address I could write to? We would join the dots in the same way..
And of course, thank you all - for those who have taken this positively and joined. Power in numbers and I hope we can pull something out of the bag here, with everyone's support.
Myo, thanks for your encouraging feedback - myself and many others have huge respect for your opinion. Can I ask, if you are genuinely happy to help, that you reach out via Achille's suggested crypto route. ShareSoc have been inundated and timing is of the essence, so best for you to make contact directly and join the dots in this way, to avoid the red tape and timelag. We need the best minds on the job - and fast - speaking of which - Sorcerer - please come forward?
Diabolical
Bloody hell that's a blast from my past EBs.
Stanage edge, inverted V and Flying Buttress.
15Lives, Myo,
all I've got is my EB's a bag of chalk and my fingernails. :)
Myo
I've got my pitons, ice screws, runners, friends and even my dead man's plate out.
You'll know what all those are.
Myo, I think it would help people to trust you if you declare your financial position / interest in this share.
I've joined sharesoc too, and will pay the extra for the full membership .
Fred.
You arent alone,I've been waking up during the night in a cold sweat about what we fear has happened.
But I'm still clinging on hoping c.f pulls something out of the hat.
Frankly 5.5p destroys my pension and is practically worthless to me, I was and still am happy to wait and work on a few more years ,but taking away the dream and replacing it with a nightmare,I could do without.
Joining ,when home from work £45 ,small price to pay , good posts Yash88.keep up the good work
Dears, The below is a small snippet from an email I was copied into from ShareSoc. It appears that 200 people have joined so far but some have not provided an email contact. Can you update your details, that way you will receive the email.
"I am intending to send an email to the 100+ shareholders who have joined ShareSoc and sent us emails (around 200 Sirius shareholders have joined but many have not sent an email) with their views. I will set out as best I can what ShareSoc is doing to help them and our discussions with you."
Yash88. Yet again I am awake in the middle of the night wondering what the best thing to do is to try and protect my SH and preserve what little I have left of my original investment. I have always just done by best and said what I’ve thought and tried to be honest about how I feel about being a SH and would like nothing more then to remain part of this project that I have always so believed in with my original holding which took me so long to build up.
However I’m also very nervous now highlighted by the fact that after having been in this since just before Stage 1 and never selling a single share until news of AAL broke, I panicked - sold my holding and then and within 4 hours bought back half. I didn’t want to sell my shares and it was with enormous sadness I sold half and I would buy back them back in a heartbeat. I believe many LT investors sold bec like me, after the stresses of the last year they were scared of a lower offer of 5.5p which has been mentioned by AAL more than once. Not to mention the general discussions about the possibility of administration. To lose everything after all we’ve been through is too much - I feel out of my depth with this situation now.
I haven’t known what course of action to take for the best. So thank you and the others so much for taking the lead in this. Other investors can say what they like, no one has championed CF and the board more than me, and I am still hoping he is doing all can to preserve SH value and my initial instincts of him are correct but at this stage I have to know I have done all I can to protect my shares in the company.
This board has been the only way we can communicate and it’s not easy to write your thoughts on here when half the time their muddled, knowing that many on here are critical of you - grammar is the last thing on my mind - I just want to know what to do for the best - right now it’s paying my £45 and becoming a full member of ShareSoc which is what I did earlier this evening.
To answer your questions Tex - Details of the conversation cannot be posted on this forum for obvious reasons. I understand your frustration, however I can assure you that Yash88 has all investors benefit at heart.
Well said Jiffy - thank you. Please PM me.