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thanks for the link - wasn't an article I had see before
It is interesting, how in an era dominated by social media, how 85,000 shareholders can be effectively defrauded of their investment without a whimper. So much unhappiness from individuals who do not have a collective voice. Perhaps it is our Britishness which prevents us from voicing our protest ?
I look forward to the day when the mine reaches fruition, the money and profits start rolling in and 50,000 angry people of Yorkshire who live local to the mine, eventually wake up to the realisation of the scale of the robbery. You can fool some of the people some of the time, you cannot fool all the people all of the time.
what happened to some of the non execs afterwards - was there not at least one that was a fairly senior politician/MP/Lord
Agreed Nonny a total pile of shi** took me and many others for a lot of money, total rip off
a few familiar faces there no doubt about that
Makes me sick seeing those faces.
Another thought just struck me Gertfrobe, Anglo American paid 387 million quid for Sirius minerals. How much cash was there in the bank and how much was held in escrow in case of the miner failing. I believe you will find that the total paid by AAL was a lot less than 5.5p per share.
Watched the Sharesoc webinar. Cant say I was overly impressed. Imho, we need a good financial journalist not a bunch of lawyers to crawl over this pile of horse manure. What the heck, perhaps us shareholders could bankroll a Hollywood movie based on this sorry saga - perhaps we would get our money back !
I could not agree with you more Gertfrobe. This whole episode stinks like a pile of manure. The problem is these outfits are pure Teflon. The manure, to put it politely, does not stick.
Here’s another little thought to ponder. While the deal was being done, time was running out for them. Correct me if I am wrong but There was no way they could allow the tunnelling machine to stop (what was it called Marie Celeste or some exotic name). If the board stalled the deal and there was a remote possibility that the machine would have to stop, there would have been no opportunity to pick up a bargain from the scrap heap. They could not afford to let this fail.
Another little question for you, what happened to the funds held in escrow to fill the hole in the ground if the company went bust ? Whose pocket is it lining now ?
Anyway, if the board was sincere about maximising shareholder return, they could have put the company up for sale - I am sure the Chinese would have coughed up a few billion.
Nonnymass Fraser worked in finance, why would AAL with over 100 years experience in mining keep Fraser on £1m/ year it stinks.
He’s no doubt got an intimate knowledge of the workings of the mine, as well as other intimate knowledge of other details. I have no doubt whatsoever they will keep him on. Along with 84,999 other shareholders, I hope he doesn’t have a moment’s peace.
Truth be told Gertfrobe, I would have been happier if they closed the mine down. I really did not want their miserable 5.5 pence.
Chris Frasers one year contract with AAL is up in a few weeks, it will be interesting to see if they keep him on.
No I didn’t know Gertfrobe. Cant say that I am surprised. I I observed before nothing in the billion dollar stakes is likely to happen by chance. It is all elegantly choreographed form behind the scene. Years of lax financial regulation makes it so easy for them.
The FCA should be renamed SFA, after all that is what they do.
Did you know AAL were physically looking around the Wood Smith mine in 2018, this came from Chris Fraser in the meeting in March 2020.
Wow, Gertfrobe, that was a little titbit of information that passed me by. When the 5.5p was paid out, I blocked it out of my mind and moved on, it was the only way to survive. As no doubt it was with you, my loss was considerable.
My perception of the big game hunters who operate in the rarefied atmosphere of high finance is that there are not many who would choose to go up against a financial juggernaut. Whereas the lack of government support may certainly have been a factor, I have little doubt that the fate of Sirius was sealed week before the events of end 2019. This type of operation is a game of chess for some. The facts that 50% of shares were held by PIs made it all the more easy for the shorters to stage a coup.
Question is who was lending the shares to the short sellers. Was the big hedge fund who lead the short selling betting on a dead cert ? Interesting questions to which we will never ever get an answer. As Dylan observed, the answer is blowing in the wind.
In this case the gazelle was paid a pile of money and given a £1000000/year job.
Imho Chris Fraser was perhaps naive at worst. An enthusiast, pushing his dream of the mine of a lifetime. He wouldn’t be the first to have said ‘there’s gold in them hills’ to prospective investors.
I am more concerned with the content in this link
Did the gazelle just fall or did the hyenas pull it down ?
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.”
Lots of happy people.
And karma does catch up with everyone at some point.
Looking at Donald Trump - his boorish behaviour, other unsavoury acts have eventually amalgamated to place him in the position he is in now.
Whoever knows what happened to the chap from RBS when it collapsed?
Just to add before anyone reads anything into my previous two posts, I have seen no evidence whatsoever that there was any wrongdoing or impropriety on the part of any bank or financial institution backing Sirius minerals. As I cannot edit the post, I wish to make sure the content is not misconstrued. This is just to clarify that I would like to see transparency surrounding the trading patterns in Sirius minerals around the time of the collapse in SP.
It would also be interesting to ascertain whether said bank had any links to Anglo American. Not suggesting anything except to say this would bear investigation if we had anything in this country resembling the SEC.
our regulators in the United Kingdom are completely lacking in dentures or gonads as a result of which big money enjoys predatory environment lick nowhere else on this planet.
I think the shareholder action against Sirius minerals, the company, is somewhat misplaced. My reading of the situation at the time was that a certain large financial institution pulled the bond offer and simultaneously shorted the company through a subsidiary. There was concerted short selling in the company shares at the time up-to the tune of ten percent of the entire company, dark pool trades may have accounted for even more than this. I believe that this lead to the collapse of the share price down to a penny. The whole sordid story behind this is what needs to see daylight. I guess the story will never be told. Keen to hear if anyone has more detail on this .