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Picstloup
If those three options you name are the only possible outcomes here as you see it, then you must be banking on 7p being offered?
The only thing that is sad is you
The aptly named Max Doom claims "The campaign to raise the £460m required is now well underway.", making me wonder if he cut his teeth selling PPI back in the day.
It isn't, the people who "pledged" money for the SXX-unicorn bonds did no such thing, they just said they might, and the self-selection of the sample would be laughable if it wan't sad.
SXX's relatively few remaining PI shareholders, of whom I'm one, have at most three choices and probably 2: 5.5p, the AAL offer, 7p, the hyena fund Odey's preferred outcome (can't see AAL accepting it, but who knows), and 0p, the outcome if the no vote goes through and the company goes into administration.
It's very sad, we made a duff investment decision, but it happens, and nobody was to blame but ourselves.
Spot on Scott. It's what's stopping me. No faith in the BOD going forward. Trust has gone as far as I am concerned. The question is who could be trusted now to source and appoint a new board?
ATB LB
I agree Scott.
Fraser knows the only way to save himself is to push through the takeover. It’s a game of winner takes all now.
Vote NO and IMO there’ll be a rescue and the shareholders will be able to turf Fraser out on his ear and keep their investment (with dilution).
A yes vote and Fraser keeps his job, bonuses and we’re out on our ear with a pittance
“ I will. Pub tonight. I’ll bend their ears.”
I could do with a pub night tonight. I’m a bit far away from you though, I fear!
Max, I think the website needs to spell these things out to people. It is not clear to me what the purpose of website is and what are the next steps it is trying to drive in order to progress an alternative to AAL or an ‘interloper’.
Also, it’s a very good point that people are unlikely to support investing money in a Company run by CF.
That’s said, I am not clear on the mechanics of getting him out via an EGM, post vote, and then putting a new leader in place to drive a funding raise.
The more I think about it, it is clear that any funding raise needs to be spearheaded by an II who would then offer the opportunity for PIs to invest in a company with a new management team. This would probably be an ideal scenario. Again, the issue is can a new leadership team can be put in place in a matter of weeks? Also, we need an II to proactively indicate that they would be willing to consider underwriting the raise targeted from PIs. If you had this then the pieces start to fall into place.
Food for thought.
Ltv , people have been burnt by fraser .so the thought of handing over nearly 500 million over to this man , really could be playing on peoples minds .just a thought worth considering
I will. Pub tonight. I’ll bend their ears.
Bellers, it’s a bit chicken and egg. It won’t come to market unless the pledges are there to make this a realistic undertaking. Perhaps you could have another crack at your mates. Every little helps, as the saying goes.
Are the ii s thinking the same .do they trust fraser ?
Maybe that should have been included in the survey that Fraser goes first?
And fraser
Needs to be gone before thousands pledge any money .due to trust
Phoned up my broker iii trading . I asked about transfering one share to Certificated shares so i could get a vote, they quoted me £42 for this. He then said they would vote on my behalf and i wouldnt need to do that, he said they would register my no vote of xxxxx amount of shares.
Is there another vote outwith the court one?
Tex, some of my mates won’t pledge. They say they will only do it if it comes to the market. I‘Ve explained that we need it now but wasted my time. Well annoying.
Max, at what point is it ‘demonstrated’ that if Sxx had gone to investors they could have raised the funds that way?
Looks like the pledges are at about 7% of the amount required. What point will be sufficient to show viability and what would the next step be? Is there anything to push Sxx to undertake that process? Or will it just be to show what could have happened if they had done this 6 months ago? I assume sharesoc has been in touch with IIs to underwrite any shortfall?
I am assuming a no vote and therefore a quick drop in the SP which could present an investment opp. Hence my questions.
Tex
The campaign to raise the £460m required is now well underway.
Shareholders can protect their shares buying bonds which pay healthy interest in the proposal
Please visit the web site, take the survey and tell everyone
Open to everyone not just shareholders. www.FundSirius.com