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Dear OldRascal,
I am heart sorry to learn that you have lost money, although it sounds as if you were restrained in investing in SXX. From the bottom of my heart, I hope you and all others who have lost money here survive with their mental health intact. It may not be sp in your case, but it would not surprise me to learn that some who have lost money here are now experiencing the downward spiral of depression. This is a cruel progressive illness which can be cured in most cases over time with the careful prescription of medication. Anyone so suffering now should consult their GP without delay. I wish everyone in that boat a full recovery.
I have voted No.
I’d rather see the project fail than for for AAL to prosper at my expense.
Yes, I am bitter.
I never invested more than I can afford to lose but that doesn’t mean I should be happy to lose it.
I typed more but decided it was to to delete it...
Serve it cold.
OR
...and if you wanted to open another can of worms one could take a look at government roll (or lack of it) in this debacle.
If Mary Howitt was alive she may well recite her classic poem with regard to this thread.
secrets
Great detail in your post wwguk
Liam,
You can get the information you want from here, as I notice that you have already got many replies on this board.
The current situation was caused by either mismanagement or intentional design for making a junior mining project sellable to a big mining company (by making most of the shareholders' investment a good value for the big company):
* The $500m added cost to the tunnel is a strange decision, as the original tunnel had already been designed with the 20mtpa capacity and the design had been validated by external experts. If the main purpose is to have a fixed-cost contract for supporting the stage 2 fundraising, then the riskiest part of the project, i.e., the two over 1500m deep shaft, should also be changed into fixed-cost contracts. As without derisking the deep shafts with the fixed-cost contract, a fixed-cost contract of the less risky tunnel has not addressed the major concern of the investors. If the $500m had been used for a fixed-cost contract of the deep shafts rather then the tunnel, then the chance for Sirius Minerals to raise the 2nd stage funding would be much higher than now.
* Before getting the main part of the stage 2 funding arranged, the management has directed the project to spend the existing raised money at full speed until the failure of the bond raising; leaving no money and time for sorting out a needed $600m that could have the deep shafts derisked and keep the company running.
* This $600m could have been raised much easier if the management had planned or tried to raise it at a much earlier date when the company share price was still very high (e.g., as equity and loan provided by shareholders; something the recent consortium and the shareholder action group had been trying to do at a time when the management has the needed time run out without involving the shareholders or even informing shareholders that they have been working on a takeover deal behind scenes. If they had informed the shareholders of the consortium proposal and the specific difficulty encountered in early last December, the shareholders would have much time to help sort out the difficulties.
But now, the time is almost running out -- almost no time left for arranging other options. Is this the exact compelling situation (the stark choice) a junior mining project creator prepared or designed to make the takeover by a big company successful?
Make Sure Liam’s ,
NOT a Trap door !!!
They finally want to interact with the people who have put a Hugh matter of faith & personal wealth into the contribution to this project!!!
Not that I’m sceptical about the press & those who have added recent advert , promotion & phone call’s!!!
Liam trying to get a lady called Jashmin on share -soc , to get intouch with you , she s got a good wealth of knowledge .
Thanks Herman, I'll be around tonight and tomorrow morning. If anyone else is able to get in touch it would be extremely valuable. All the best, Liam
Liam you have come very late in the day for me mate! I am at work right now - cannot do chats - bosses! If it is ok - I will reach out to you at the weekend.
Here on the board: I can ask - guys please reach out to Liam: we do not have many Sundays left - perhaps we can get in this weekend's edition?
Liam there are a lot of good posters here - some with a vast amount of knowledge who have been here for eternity....
Come on guys.... cityslicker/longminerview/oldrascal/Yash/ffcmember/MaxDoom/ Scotman/Gertfrobe/Yellow/Fred16 to name a few of you...can you help us - we need any exposure we can get! :)
AGM Presentation 31 May 2018
https://siriusminerals.com/downloads/agm-presentation-may-2018/
{pg.9} MYTH – MTS COSTS UNDERSTATED
Procurement and capital estimate update 6 September 2018
https://otp.tools.investis.com/clients/uk/sirius_minerals/rns/regulatory-story.aspx?cid=485&newsid=1176737
MTS Capital Costs
November 2016 - $858m
September 2018 - $1,461m
Change - $603m
Hi Herman, do you have two minutes for a chat please? I'm at liam[dot]kelly[at]sunday[hyphen]times[dot]co[dot]uk.
Ha ha I don’t think they’ll be able to print any text from the godly one
Hey Fred you would the perfect one to talk to them ?
Regards
Ffc
Should we put together an article from the collation of all the iconic posts that have been put here last few weeks giving the shareholder's perspective of ... to name just a few:
1. what was said (15p raise in April last year - then looking for a strategic partner, then looking for funding etc in Sept 19) , 2. what was done (a takeover arranged by stealth and hidden from shareholders until it leaked and had to be RNS'd at the last minute),
3. where the contentious issues have been, where the shareholders feel aggrieved (some examples include- could have sought funding, could have reduced costs, could have done a million other things, valuation of company as contested by Odey which BOD will never tell us, the deal with the consortium that we have not been told about, CF telling us that there is no PI interest in raising capital even though his 15p was oversubscribed, threatening us with administration without seeking capital funding from elsewhere, SM have given our personal data to AAL PR firm and shareholders are now being called directly, SM/AAL now putting their fake ID posters on BB's to fester interest and suffocate PI's at every opportunity)
Sitting at work over a tea break - these are just a few that I could muster but hey - if we are going to get national exposure: then let us "name them and shame them!"
It will make a complete story which can give us national exposure
Would someone (KOH :) or anyone else with better literary skills ) be interested in being the voice of us all?
This guy is genuine and he does write for the Sunday Times which is his email address
What is particularly galling is that had Stage 2 gone as planned we would have had a fantastic, world-class project showing what is achievable in the UK.
OR
Yes Liam, there is so much more to this story - there is no way you would get the reaction that you are seeing from SH’s if there wasn’t. I’m voting No next week and I never thought for one minute I would ever vote against the company.
Liam, you should speak to the shareholders action group - see www.fundsirius.com for contact details
Hello all,
I'm a business reporter at The Sunday Times. We are writing about Sirius in this weekend's paper, and I am looking to speak to small shareholders to get their views on recent events and the Odey intervention.
If anybody is happy to speak please do email me: liam.kelly@sunday-times.co.uk.
All the best,
Liam