Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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LTV are you a member of Sharesoc yet?
After reading the old news reports I’ve just posted, this investment sounds fantastic.
Perhaps it is my fault, I should of gone to the IPA and asked them is CF winding me up.
Government guaranteed bond tranche up to 2 billion. Wtf happened to that. When did that disappear and why wasn’t that announced. That’s material and would’ve changed my investment strategy. There’s cause for a class action right there.
Hopefully no vote will prevail and a rescue will follow. If AAL pick this up they’ll have to contend with a class action for sure. The timing of their interest and the prior relationship of these two groups of Aussies is more than coincidental.
Today’s announcement provides a clear path to a fully funded project in the months ahead - Chris Fraser 2019.
No mention of , “as always take independent financial advice “ (and don’t believe a word I say).
And he wonders why we’ve lost trust and belief. And all he does is cry to the papers about bb’s and people wanting to vote no to punish him and his team.
What a pathetic turd.
Stage 2 – 100%
debt financing
Facilities
• Up to US$3bn total debt
• >US$1bn commercial tranche
• Up to US$2bn UK government guaranteed bond
tranche
Terms
• Sized as 16 year amortizer based on target
DSCR of 2.0x
• Commercial debt [10] year maturity
• Guaranteed bonds up to 16 year maturity
• [6-7]% all in interest rate
• 65% leverage
Process timetable
• Nov 17 – Feb 18: Government and consultant
engagement
• Mar 18: Release bank package with IM, lenders
and term sheet
• Jun 18: Commitment letters
• Sep 18 – Dec 18: Financial close including
provision of government guarantee
2014 revisited, quite rightly perhaps.
Chris Fraser, managing director and chief executive of Sirius Minerals, said:
which rns was that ?
www.fundsirius.com
Chris Fraser, managing director and chief executive of Sirius Minerals, said:
“Today we are pleased to announce that, as a result of that work, we are launching a comprehensive markets-led solution for our funding requirements which will enable Sirius Minerals to complete the development of its mine and unlock what we believe to be the world’s largest known high-grade polyhalite deposit.
“The funding package will bring together equity, convertible bonds, high yield debt, and a $2.5bn revolving credit facility in a multi-stage, flexible structure that balances the availability of capital with the needs of the project.
“Today’s announcement provides a clear pathway to a fully financed project in the months ahead, while enabling us to progress construction at full speed.”
Staley was out of his depth, He always looked and sounded like a schoolboy rather than a cfo, Fraser, with his background at Citi fancied himself as a financial guru and it suited him to have any empty suit/yes man in the cfo chair. Staley played the roll to a tee. The schoolboy probably needs a chaperone to get him to the office and back each day. Hopefully he'll be next seen boarding an aircraft back to Oz with a one way ticket and one of those badges round his neck that they give kids traveling alone.
Scotman,
CFO Staley has contributed zilch to this Company since his arrival in my opinion, merely a warm body to fill a seat that needed filling. Chris Fraser was the driver and a few of his JPM chums would have been in the car telling him which direction to take...an utter shambles.
Strange that JP Morgan were one of the original Mandated Lead Arrangers back in 2016 and then suddenly a change of direction in March/April 2019 when a 'more flexible and attractive' alternative RCF finance deal appears.......hold on a minute it is being arranged by the one and only JPMorgan alone.
If I were a novelist I would have secured a book deal on this fiasco.
. Sirius has already been pre-approved for IPA backing. 'The IPA is the last piece of the jigsaw puzzle,' says Fraser.
—
Fraser then went on to say “if it comes at all”!
He knew there was a chance of not securing it, yet he and TS thundered on with the whole stage 2 finance package revolving around it being granted!
And yet he suggests PIs should seek financial advice?
Lmao. And where did the megabucks advice he received get shareholders?
. Sirius has already been pre-approved for IPA backing. 'The IPA is the last piece of the jigsaw puzzle,' says Fraser.