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Note - the open offer was over subscribed - along with $500 million
convertible bonds!!( which had to be returned).
This is not a failure on the part of shareholders nor the local community,
nor the engineering or sight staff - no the failure lays firmly with the BOD
and in particular with THE GUY WHO HAS DONE ALL THE TALKING!!
HB,
I share your sentiments , re local Whitby etc, but disagree re;
'Even if Sirius had raised $600m at this stage, the balance might still have been a problem'
If that had indeed been forthcoming and the company had shown it's hand as to what was actually offered from other parties, ie Consortium, and why the BOD's turned it down, you may well have a valid point.
Unfortunately, SH's have been kept in the dark like mushrooms and for a very good reason, the company is more than happy to accept a takeover IMHO.
Most particularly when Directors and Employees are saved, all of course at the expense of those whom have funded all as to where we are today.
My own belief is that had the Shaft completion funds been made available we would soon be back on track with other traditional forms of capital raising, ie long term debt via banks, as the one and only major risk hurdle would have been largely eliminated.
That is the issue that cannot be swept under the carpet, and that is the issue we must expose.
I have only posted a very few times back in the day. Of course we are all bitter about what has happened, I have to swallow hard when I think of my loss in SIPP and share portfolio and like many I think our Board has not exactly shone.
But the likes of Thomas Cook have shown how economic circumstances can kill a company very quickly - a proud old company with shares trading at 130p suddenly back to 3p and then gone with not a penny for shareholders.
We are all sick of what has happened to Sirius shareholders but at least there is an exit unlike Thomas Cook , 5.5p is better than nothing. Cash is king and without the ability to raise funds Sirius was floundering. Of course AA have got this at a snip BUT don’t forget this project still needs $3 billion to bring the potash home and that is a lot of money. The latest AA results yesterday shows how tough it can be even for huge mining companies.
Even if Sirius had raised $600m at this stage, the balance might still have been a problem so I can see why the board maybe rejected an offer ( come on give us the details)which didn’t have long term certainty.
I really hope that AA can move this forward and invest in the Whitby economy, in a town I really love. I want to be able to drive past Woodsmiths in March when I next visit and hope that all my losses will help to promote a wonderful project.
Whilst I was hoping this project was going to give me positive wealth in retirement, I am walking away in a more relaxed state of mind now having taken my large loss ( can’t state it in case my wife sees it ) , have put a few hundred into AA to keep interested. But the most important thing is to preserve jobs for the workers ( other than that half English / half Australian **** known as J Curve)