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Tex, of course the questions were staged. It was a set up to get out a puff piece from the BOD to back the bid. You have Fraser very keen to push this at 5.5p or it's curtains ,and then you have Odey speculating that there might well be another offer coming and that they note AAL have deliberately not made their offer final, so they're also half expecting another offer to come in.
I wonder if Fraser's bonus will be improved if he can get this away at 5.5p and not a penny more? It seems like he is overly keen on this offer. Not many are, and now it's not just PI's, you can add Odey and Jupiter to that list.
FFC - you raise a good point. It would be useful for everyone if sxx declared their cash position and the burn down over the last 5-6 months.
In terms of the questions - I would bet they are all pre arranged and angled to try and answer what they are hearing from the market and media.
Not sure a sorry would have made any difference LTV but would have been a token gesture, I guess.
It wouldn’t be appropriate to comment on talks with institutional investors????
So he would be allowed to then ????
If they were voting for this I’m damn sure he’d be telling us don’t you think !!!!!
I hope they are planning the next move to funding ! Preferably with a new funding institution at the helm !
Fraser - " We’ve achieved so much, but ultimately we’ve stumbled at one of the final hurdles with the last stage of financing"
Stumbled? That's a nice way to put it. No, you drove us off a cliff and you and the other senior execs are the only ones with parachutes.
No mention of the 19 million quid sweetner they're divvying up, as well as the guaranteed job and bonus.
He's happy to offer his opinion on PI's commentary and BB's - and lay in to them - but the says "it wouldn't be appropriate" to comment in II's opinions. How hypocritical an it shows that he views us PI's as second class citizens compared to the II's.
That's a fairly pathetic mea cupla…..and not once is there an apology. Can anyone find the word "sorry" in there?
Thanks scotman
Just shows you’re never to old to learn.
No mention of sweatpants this time .
I’d like to know if they were pre arranged question ?
Very convenient that they managed to cover questions that suited sxx.
No mention of when the money runs out or what their first plan of action will be when we vote no !
If it’s normal for the chairman to head everything as he says how come the interview wasn’t with Russel ?
At the risk of upsetting bjorntobewild , I will not be changing my no vote !
Gla
https://siriusminerals.com/investors/firm-offer-from-anglo-american-plc/
It works for me every time. Anyway, follow to the firm offer page, then scroll all the way to the bottom of the documents. It is the last document uploaded last night.
Just takes you to an error page Scotman - it's been taken down
No it has not.
https://siriusminerals.com/site/assets/files/6414/yorkshire_post_q_a_with_chris_fraser.pdf
Page has been taken down!!
Spin and half truths from Fraser. He's leaving a lot of bits out.
Yorkshire Post Q&A with Chris Fraser
How do you respond to comments that you’ve been ‘hiding’?
I understand why people might say that because we’ve always tried to be as open and transparent as we can with what we’re doing. But in a situation like this it is totally normal and appropriate for the Chairman to lead the engagement with our shareholders, as he represents the whole Board, and for the Company to communicate with all shareholders through formal announcements.
What’s the current status with the proposed takeover?
The scheme document has recently been published and that sets out the details of the proposed acquisition by Anglo American and how shareholders can vote.
It is really very important that all shareholders fully understand all the facts and implications of voting for or against the acquisition. As part of this, as always, I urge shareholders to ensure they take proper financial advice before deciding what to do. The Board unanimously recommends shareholders vote in favour of the acquisition at the shareholder meetings on the 3rd of March.
What is the likelihood of a counter offer? Have you held talks with other mining firms?
I can’t speculate on that. We have a duty to act in the interests of the Company and would of course consider any proposal.
However, since we launched our strategic review in September last year we have undertaken an extensive global search for a partner to join Sirius in our world-class project. This included large mining and fertilizer companies and many other providers of capital.
The only committed firm proposal that has come from this process is the one received from Anglo American. Unfortunately, Anglo decided to proceed only on the basis of a full acquisition of Sirius and not to become a project partner with us. So as we stand today this is the only viable pathway forward for the Company.
One analyst said the 5.5p offer was "a steal" for AA. Should you have held out for a higher offer?
I think our Chairman has already summed it up well by acknowledging that the returns offered by the offer are not what either our shareholders or the Board had previously hoped for. I completely understand that shareholders will be disappointed – as a shareholder so am I.
But the Board has made its recommendation in favour of the bid based on all of the information in front of it at the time. The reality is there is now a stark choice because we haven’t been able to deliver the complete stage two financing. That means that if the takeover does not complete there is a high probability that Sirius will go into administration. In turn that is likely to mean shareholders would lose all of their investment.
I see some people saying they want to vote no to hold out for a better deal, but I would urge those people to read the Board’s
1
recommendation carefully and to seek professional financial advice.
I also see people saying they want to vote against the acquisition to ‘punish’ m
where did it go? link goes to can't be found error
https://siriusminerals.com/site/assets/files/6414/yorkshire_post_q_a_with_chris_fraser.pdf