The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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See Cliff Weights 09:59 for details of Share Soc action and link to their letter avaialble for all members of Share Soc to read.
It is a very good letter. If you haven't joined please do so if you want to help try and force SXX to explain their actions.
GLA
Chesh
"Wouldn't the "mysterious consortium" have become the preferential option, if AAL didn't bid...?"
Yes, and maybe the only option - but we simply don't know how good an option.
The fact is that they probably did push up AAL's offer price, simply by their presence.
Anything else is speculation - but maybe the AAL offer was more than they wanted to pay.
spike
My thought was that as a gesture of goodwill AAL could pick up the cost of dealing charges for any SM shareholders who want to buy AAL shares - say over the next 24 months - they can easily do that because they have a special arrangement with Equiniti for share dealing.
@Goldust....aye right!
What makes you say that? Have they finally got over newmont pulling out?
Fair point spike
but 5.5p gets a no vote from me
lets see
ffc
FFC - they have many more of their own shareholders to consider, so paying over the odds as some favour to shareholders here is not only unnecessary its effectively against their fiduciary duty.
Wellcome aboard chesh sssg a good voice for us at the moment
spike my own thought on that is ,personally it's a rip off at 5.5 but I think aal are over priced and I'd wait for £18 and buy then ? that of course if you want to own them at all ?
Now if they could have kept us separate and found a way to reward us with divs I may have warmed to that a little more !
"The fact that AAL didn't give a option to exchange SM shares for AAL shares is disappointing."
There is no need to - AAL have sufficient cash and a share scheme is more complicated due and dilutes existing shareholders. AAL shares are also highly liquid so you can just buy on the open market if you want them
BTW............ took 2 clicks on the mouse (auto fill TBF), and a short"Sirius Minerals LSE share chat" for where I'd heard of Sharesoc.
All the best (I wait for the email back :)
;()
Good point Chesh
Glad you've joined Sharesoc
See you over there I have a feeling you'll be easy to notice lol
ffc
chilting.........
Wouldn't the "mysterious consortium" have become the preferential option, if AAL didn't bid......?
All the best (just registered for Sharesoc, but just as a number, no holding atm :)
Looking at the current situation logically it does seem that this mysterious consortium did actually have some influence on events simply because of the level of the AAL bid - above what they needed to offer - and the fact that they bid at all - they could have waited for administration.
I guess that there is an outside chance that they are still lurking but time is certainly running down now, although maybe there is some hope.
However, even if there is a white knight the resulting dilution would probably be horrific for existing shareholders, so in that situation the AAL bid could give more value. The fact that AAL didn't give a option to exchange SM shares for AAL shares is disappointing. Maybe it would be a good idea to ask AAL if SM shareholders could purchase AAL shares at zero cost dealing rates.
Yes of course and looking now
And I believe we have 200 joined already but if not enough yet and Sirius need to see what they have done and to how many ..
They can't get away with using us then dumping us without a fight
If the likes of Polygon are in line with how we feel and we unite as one they are in big trouble the way I see it ?
ffc
For me £45 quid seems quite reasonable given how much they have already helped and it's early days so far
Groover I can tell you it’s a showstopper.
Groover
If you google sharesoc and click on campaigns you will get an idea
It's not as easy as some sites to navigate but it will help
It may seem unfair but we do need as many members as possible so it wouldn't be in our (members) interests to share everything to non members !!
Hope you understand
ffc
It’s on the forum - you can only access this if a full member. It’s bottom of page 17 on my laptop.
Grooves- you need to join - there’s a small fee, and then you have access to all of the forums..
Shoehorn91 could you kindly post a link to the RNS you are discussing
There are so many now ???
Thanks..
Where can we view the sharessoc letter on their website pls
Cant find it
Our best hope is the consortium further revise the 'conditions'. They seem to be keen to invest so I hope they can change the conditions to change the BOD's minds. Its so stupid that there is a clear way forward here but the BOD's have rejected this and are happy to accept 5.5p? I read on the RNS that they were discussing a 'minority' equity with the consortium's, but this to me sounds less than 50%. even it is just 50% this is better than taking a 5.5p buy out. even if they did give away 50% that would be 15 billion shares in issue without consideration of the convertible bonds. Say after 5 - 8 years we are at 10- 13 mil tons a year that would still give us £8 billion valuation (50p per share). Am I missing something here??
'The most advanced alternative proposal was a potential debt financing proposal from a consortium of financial investors. In December 2019, Sirius received a non-binding term sheet from the consortium to form the basis of a US$680 million funding package to cover the initial scope of work. On 9 January 2020, Sirius received a revised non-binding term sheet from the consortium. The Sirius Board reviewed the proposed terms and conditions, together with its advisers, and concluded that the consortium's conditions and the time it would take to meet such conditions were such that there is a very material risk that the overall funding package would not be implementable by the end of March 2020. Based on the backdrop of the search for a standalone funding solution undertaken over the last 4 months and the extensive discussions held during that timeframe, the Sirius Board believes that, at this time, there is not likely to be an alternative to the Acquisition other than administration or liquidation.'