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15 Lives; Relevance is CF spouting his mouth off to the press, then taking his words back with sentiment he has shareholders in mind and wont be selling us out by taking it private - but does essentially the same thing by a selling the entire business from shareholders.
WRT Facebook - RNS or not - public communication direct from Sirius is on record as saying Stage 2 will be 100 debt. Consider that however you like.
Your emotion (emoji) is getting the better of you IBAB.............!
give up to easy when proven wrong........... :(
All the best (neh mind ......eh :)
IBAB...........!
"Honest opinion"............. stop right there............. :)
All the best (I don't reckon you've an "Honest" bone in your body................. :)
Wass up ...............! IBAB............:)
you moved on from the "It is extremely important that the directors’ obligations to the company do not clash with the director’s own personal interests or duties they owe to a third party " Quote................ !
All the best (the web will get tighter............. IMO :)
That could happen as you point out.
Alternatively, the undertaking of a rights issue by the IP to existing shareholders to raise the monies required for construction continuation.
Administrators would look at why shareholders had rejected AA offer and consider means of company continuation with shareholder backing.
The point I'm trying to make is that a rejection of this offer doesn't mean administration where we are dead in the water as shareholders and that AA get us for nothing.
We won't either in my opinion go into liquidation because our assets are worth more than our liabilities.
And you spell you name like that calamary.............. :()
Forgive the typo fo sho.................. need an English O level to post on here now.....?
All the best (ATM YHSUC NLI YF............... understand that :)
Personally little sqid it seem obvious to me that you my friend have already been battered
Whilst quoting that IBAB...............!
YOU would have seen "It is extremely important that the directors’ obligations to the company do not clash with the director’s own personal interests or duties they owe to a third party (direct or indirect). Directors have a duty not to place themselves in such a position without the prior consent of the company." no............?
All the best (what a web you/I weave :)
IBAB................!
Facts are not Facts...... yet though, are they..............!
And the Directors have not followed they're duty........... IMO.......... :)
All the best (this is simple stuff............ :()
"I think what's important to remember with administration is that it's not a permanent outcome, but rather administration is a temporary holding point whilst a concrete proposal and plan is arrived at for the continuation of the company."
Like an offer from AAL? Which might not mean a distribution to shareholders?
I think what's important to remember with administration is that it's not a permanent outcome, but rather administration is a temporary holding point whilst a concrete proposal and plan is arrived at for the continuation of the company.
"This duty requires directors to aim to run the business in a manner which leads to a long-term increase in value. In addition to compliance with applicable rules and regulations, directors should ensure the business is competitive and returning value to all stakeholders."
https://hjsolicitors.co.uk/article/directors-duties-liabilities-and-responsibilities-of-a-company-directorship/
All the best (not surprised you've quoted "insolvency " yet again IBAB.......... lost count now :()
If someone hadn’t gone to the pub I don’t think we would of heard anything.
OldRascal
Whilst the prospect of administration has to be considered with a no vote I don't feel enough consideration is being given to AA possibly raising their offer should a rejection of their 5.5p transpire.
I cannot understand why BoD wont put the terms of the competing financing offer to a vote and disclose the deal on offer.
OldRascal
Whilst the prospect of administration has to be considered with a no vote I don't feel enough consideration is being given to AA possibly raising their offer should a rejection of their 5.5p transpire.
What about consurtim , what about share issues , what bonds , because i dont believe jpm or sirius ,
what about better offers from elsewhere ?
At present there are two options.
1. Accept the AAL takeover and get 5.5p per share.
2. Reject the AAL offer and potentially enter administration.
Whichever option you feel is best for you should determine how you vote.
Those who want to accept the offer should sell now. Those who want to reject should hold or buy more.
OR
well from where I'm sitting the two go hand in hand !!!
I can't see what relevance....
Jaffaman
If it's on Facebook then I haven't seen it because I don't go on that.
I get all of my company statements from RNS. At no point in those were we promised all debt at stage 2.
I'm a little bit puzzled by your reference to Fraser not taking Sirius private too. I can't we what relevance that has to us being potentially taken over by another public limited company.
"Given that they have mentioned impending insolvency in the absence of a deal, the duty is to do the best for creditors."
If they don't then liabilites can fall at the feet of Directors. It's one of those checks and balances that's made the limited liability company one of the most important inventions of the last few hundred years.
Otherwise, liabilities could only fall at the feet of shareholders. So they not only lose their capital, but also their liberty...well, they did back in history lol
15LIVES: It was posted by their facebook page sometime back when asked a question about Stage 2.
I've seen a screenshot of it recently on the Sirius Minerals Investors FB group.
"the bod are duty bound to act in the best interests of its shareholders"
That's not the case when they believe they are going to run out of money, then shareholders step behind creditors.
So ask yourself, should they carry on at the cost of suppliers, employees and tax payers if they are going to run out of money or recommend a deal that avoids that default..