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That's a NO. No to fear tactics.
Vote NO.
KOH
Point well made Price...... and this is now a real concern imo
scaremongering at its best. Sirius cronies most likely engaged a few morons to come and canvass for a YES vote on BBs.
You cannot argue with people taking a punt thought: 20% profit for the investors if they do succeed.
It is not about this puny amount of money anymore -Not gonna get a single share out of a lot of us: we are hellbent to cut our nose to spite off our face and we will take the snake den down with us.
Bring it on!
I've seen people vote 'no' before in similar situations. The projects went into administration and shareholders got nothing. Even though assets were valued at many multiples of net debt. I haven't owned this for a long time, so it doesn't matter to me at all. I'd advise you to hold your noses and vote 'yes' to the take over deal. It is a whole lot better than nothing. Just find another project to put your money in and you may yet recover those losses. Next time don't bet the farm on one horse. GLA.
Gertfrobe, they will not need to wait, they will buy it from the administrator for less than they have offer now.
My understanding is that the takeover code still allows them to make a 'Contractual Offer' if the Scheme is voted against
And if it’s a no vote AAL can go home and save up for a year, then come back with something a bit more realistic .
" One thing I have learned from SM is that us little people count for nothing. "
Bobster , me thinks they are just about to regret treating us like we count for nothing ???
I'm voting NO
ffc
Westcountry - if its a yes vote (there are actually two yes votes required) then its game over, the end, goodnight, here's your 5.5p - then watch as AAL and Fraser make a killing in the years to come. He'll end up with more 20 quid AAL shares than you can wave a stick at for delivering this to them on a plate for a song on top of a handsome salary
Taco....QIA are saved, mostly, by the AAL bid - they have more bonds than shares. That's why, as mentioned in the Evening Standard, they stepped aside when AAL came along. But a NO vote and AAL is a non starter and that means QIA's bond exposure is back in play and that is why they may, even if reluctant to do so, step in. That will come with heavy dilution, but a small piece of the business at production is significantly better result than 5.5p now
Thanks Longtermview. If the vote is to accept the offer is it legally binding or can they pull out?
Taco really ? They cant raise the funds thats why SM are in the s##t. The SP is being dragged down to panic sell. The shares will be scooped up and sold to AAL for 5.5p. They make a good profit and all the big boys are happy. One thing I have learned from SM is that us little people count for nothing. Wealth transferred from us to the rich. They know what they are doing and are ruthless.
the offer cannot be withdrawn, it's locked in. the offer can, however, be rejected. that's what the vote is for. the price drop might be designed by some larger holders to influence the vote. lots of dodgy behavior in this share. remember the AAL takeover bid was first announced not in an rns but in the pub to a barmaid.....and the price spiked as the insiders piled in.
new BOD with more control and less leaks required.
Mainly automated trades?
More likely shorts paving the way to cash out - SP will rise towards 5.5p again when they do?
Longtermviews... to be honest i think QIA and hedge funds would have saved the company by now had they had the intention to do so... Not that they do not want to but cash alone would not save the company.
SXX needs funds + new managment + solid plan... and IIs understand that.
Funds are the easiest the raise but only with a solid plan...
Going on past history when the price drops then the next day bad news arrives and the price plummets. Hope I am wrong but even my hand is hovering over the sell button. This offer could be withdrawn
100% They all know what they are doing.
A singular one of our biggest investors could easily buy the mine with the change in their back pocket..its who will blink first in my opinion,will they let us go to the wall ? Well we know CFs Position its jobs for the boys first and bolo--ks to the people who PAID to build the mine,he must be removed from his position IMO.
Companies facing admin are usually trading companies with cashflow issues because expense outweighs income because of a changing market/flawed business model, uncompetitive or outdated product and so on. The SXX business - post construction - has a wall of cash - BILLIONS of dollars - of income. The SXX business model doesn't need a turnaround as is the case in most administration situations. You know full well the point I am making.
hmm, what's going on with sp?
I mean volumes are funny but still, I'm technically down 7% already :(
But Yes....Caused usually by an outdated business model or product.With all the obvious skulduggery thats gone on a strange point to focus on.
Great post I think exactly the same.
Tacotaco and Bobster - ordinarily your take would make perfect sense, But there are some large holders, particularly bondholders (QIA), who have the means to save the company by a fresh injection of cash. And it's undeniable that a fresh injection of cash - in the form of equity or bonds or both - will cause a significant uplift in share price, which would allow said rescuer to sell part of their investment to de-risk and hold a significant stake in this project for minimal outlay.
We also have a couple of hedge funds that are controlling enough votes to sway the vote one way or the other.
The circumstances here are quite unique. Let's see how this plays out.
Companies facing admin are typically businesses that have a broken or outdated business model. The underlying model here, with torps in hand and 100+ years of resource, is sound. The problem is funding. Let's see if QIA want to kiss goodbye to the hundreds of millions they've invested or whether they'll top up their investment and save themselves and, by association, the rest of us.
Yes, postponed invoices are piling up and there're millions written on them, too heavy burden to fly free further and there's no pause button on this (as some are imagining with reducing costs by 75%), without proper financial backing it will sink unfortunately (and not shaft)..