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A Qu for share soc to put to BOD - are Polygon associated in any way with the financial consortium that put the term sheet to the BOD in Dec and Jan. If they are, that would be good to know and very telling.
Polygon derivatives up again today by 7,000,000 to 507,000,000 (7.22%), getting to the point where they are almost as high a % as Jupiter on 7.79%.
Again does anyone know where they could be buying the derivatives from?? Could it be from Jupiter?? Wouldn't they have to declare a short position if they sold derivatives and were short as well as long?
Redbull/ffc/longtermview
Chris Catlow was our Chairman at one point - appointed 2010. He is an ex-Fortesque man as well.
http://otp.investis.com/clients/uk/sirius_minerals/rns/regulatory-story.aspx?newsid=293869&cid=485
https://www.insidermedia.com/news/south-west/45641-
Redbull I'm only 3 years in, I just remember seeing the name in my initial research
Catlow - yes, he was involved with Sirius at the outset. Still held his shares. Interesting. He must've been kept in the dark too. With no reporting requirements he would've dumped them had he caught wind of what was going on. I wonder how he'll vote.
FFC, thanks for the tip off, I'm a relative newcomer from early 2017.
Looking at RNS from 27/07/2015:
"Retiring non-executive directors
The Company's increasing board meeting requirements in the UK have led Christopher James Catlow, 54, deputy chairman, who is resident in Australia, to retire from the board with immediate effect after five years of service. He said:
"It's been a privilege to be part of such an exciting Company and one with a very bright future ahead of it. I will remain a keen supporter as the Company progresses towards production and the realisation of its goals.""
and RNS 18/03/2015:
"Mr Catlow will have an increased indirect beneficial interest of 102,213,000 shares"
Same as on the 8.3, so assume he has just held them since then. Seems to have had 100m + shares since 2010 or before, ancient history and way before my following of SXX.
Just proves the point though, WHY, after all these years of hardwork and struggling through so many hoops and challenges, are the current BoD just content to hand it to AA on a plate?
Redbull
wasn't he in charge before CF ???
Another new 8.3 @ 14:06
Christopher Catlow has a 1.46% stake, (102,213,000 shares)
I would guess this is him:
Chris Catlow has over 25 years of experience in various senior roles within major operating companies, and considerable experience in raising equity and debt for large projects. Mr Catlow was the inaugural chief financial officer and senior executive for 7 years at Fortescue Metals Group and played a central role in its development and in raising more than US$4 billion.
I wonder, depending when he acquired his SXX shares, if CF is still a good friend or an arch enemy??
Also today in 8.3 @10:04 : "Paribara Sociedad de Responsabilidad" owned by "Ashu Vashisht 20% The Naresh Vashisht Family Trust 20%" etc, etc have notified 1.16% in shares.
Anyone have any further info on background, on a basic check Naresh Vashisht seems to have some history in fertilizer, Yara, Cibra and Omimex in South America. Is this just a late reported stake held for sometime as part of an interest in mines and fertilizer and/or part of the Cibra equity deal or part of a stake build as part of the other deal put to SXX (involving Cibra/Omimex)?? Hoping for the later though probably the former IMO.
Thoughts??
GLALTH
Redbull
I'm not to sure but I don't think any voting rights come with a cash settled derivative ? but would be pleased if I'm wrong ?
ffc
Polygon just RNS'ed they are up to 7.122% since yesterday with a nice round 500,000,000 Cash-settled derivatives. Is this a good thing ??
As always, if you haven't already, I would urge holders to join up to Share Soc and pay the £45.
COINCIDENCE??
I post at 12:56 that there hasn't been a 8.3 form re CF's holding and suddenly at 14:54 after 13 days, Sirius themselves post an 8.3 with directors holdings and options on???
Is someone listening??
Hello BoD, we don't want to sell our company, do your job and get us finance or do an open rights issue so we keep it running for now. If you don't want to, move aside and let someone who can, run the company.
Thank you so much Myo
I can't tell you how much that means ..
we continue to be in your debt
ffc
"If we knew of An II or two counted for circa 7//10% I think that would be a massive comfort IMO
We need 26% to stop this if I'm correct That aal need 75% ???"
But you're Interpretation of this fits you own equity long narative, when there's potentially other ways they might be benefiting (when you won't be).
These aren't unsophisticed, buy it and hold players and it can be costly to think they are.
Dayangler
If i add all the long equity positions on my 8.3 trawl, it adds up to approx: 40.8% atm. Not all actual shares, some are derivatives etc and some of these holders also hold equal or similar shorts.
i.e. Jefferies International Ltd, who are also 1.01% long on 5 per cent Convertible Bond 2027, have equity of 1.39% long AND short, up from 0.64% 0n 13th. May be buying to acquire rights to vote to help their bonds, while hedging the shares they own by going short at the same time? (Though 0.28% of recent buys are derivatives with no voting powers??)
Myo
Do you have any thoughts as to Polygon increasing their long position here ?
In a language that this simple numpty might understand if possible ,
many thanks
ffc
Devonplay
If we knew of An II or two counted for circa 7//10% I think that would be a massive comfort IMO
We need 26% to stop this if I'm correct That aal need 75% ???
ffc
If those persentages are recent... it adds up to just over 29% of the company!
Bloody hope so
The point is these are highly sophisticated market particpant who've invested in several forms of the companies capital. Trying to double guess them, is almost impossible, so I struggle to see how it offers much comfort. It remains the same conclusion for me.
Polygon ??? maybe that want to be poystay ???
If polygon or any other II felt they could show their hand as to a no vote I personally feel that may just be the catalyst that could encourage more PIs to follow ??
Bloody hope so
ffc
not if they are bringing another party to the dance. were they part of the financial consortium that was blown off by fraser? We don't know because fraser isn't telling us anything about the term sheet they received in dec updated in jan.
you're right they wouldn't want to crash their own shares, but by the same token why would you buy shares above 5.5p (plus dealing costs) if you knew AAL would be taking them back off you in a few weeks for less than you paid for them. that doesn't make sense either
May be naive, but who are they "buying" derivatives from? 7% is a big chunk of this company, have they entered into purely naked deal with someone, or are they on the opposite end of 7% of shorts of bond holder, or "acquired" others' stock from Jupiter or other large holder of actual stock??
I bet they've made money on the short, the bonds and now they are hoovering up the equity to take a fractional gain on the AA deal.
By the sound of it they've been all over this, seeing the opportunity to make money.
My first post holds, given the above, it can't see how it provides a crumb of comfort.
Just one more milking of a cash cow...
LTV - thinking about it - if they blocked the vote - then they would
crash their own shares !!!
polygon held some shares long, some shares short (net position 50M) and some convertible bonds. They closed their short, sold their binds and are now long almost 7% . Personally I don't think this is an admin play. So why are they building a long position, some of which above the 5.5p mark?
Will be interesting to see tomorrow if they've been adding again today.