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https://www.thisismoney.co.uk/money/comment/article-7922163/ALEX-BRUMMER-Sirius-Minerals-backers-shares.html - probably already been posted, would be a better option, giving shareholder shares in Anglo American, would feel not is all lost
Hi mickybee.
Indeed. It seems that the b.o.d were not acting in the shareholders best interests.
For those that would question this,please join sharesoc and introduce yourself on the forum.all is not lost yet.
BTW
We have two of the organizers from sharesoc to thank for talking to the Daily Maiil !
So Myo are you saying this is a done deal and that the best we can hope for is to be thrown a few extra crumb from aal to " soften" the blow ?
Sorry but I for one would not be happy .
we had an offer of funding on the table ffs
Regards
ffc
ffcmember -
Why would the throw extra crumb in?
There's no justification in this, even declared £400M is too much considering absence of other options (but it seems to be just enough to ensure continuity of operations for some time without further immediate £ injections)
FFC was that why the article was written then so we gave already spoken them - sorry limited access as out gardening so cannot see all being said in ShareSoc etc
IBAB - re your last post - okay then - but aren’t SH owed some sort of update/explanation/answers - or do SH not count for anything anymore - one thing’s for sure they weren’t dismissed at planning/OO offers etc etc
Yuri
Just to be clear I'm not looking for a few crumbs myself !
exactly ! why would they if they can get this passed without ?
Vote no I say !
Thanks Myo
I'm in agreement with you as to the future of the mine and all its benefits !
That does not alter the fact that an offer for funding was on the table in December so The end result could have satisfied those wishes AND satisfied those of us that wanted a meaningful return financially too !!!
Apparently Ambience ,yes two guys that are heading up up have spoken to the DM and that they are hopeful of a follow up article on Saturday !
ffc
"SH not count for anything anymore"
You've had an offer, so yes you do count.
If the offer doesn't get accepted, or an alternative offer doesn't appear, and the company falls into Administration then you go to the back of the list.
It's a simple as that.
No calimari
Borrow money
They Can't ??????????
that's the big question/con isn't it ?
we were offered funding in December the bod are suggesting there was not enough time to complete ( I disagree) so they have shafted us with this insult of an offer !
BTW
I'm not sure if you all read the post from Patricia that I forwarded earlier but she pointed out that if Sirius had notified the Markets that the was an offer of Funding in December ? It would have sent the share price much much much higher ???
Now I wonder if an offer of 5.5 pathetic pennies could have been recommended then ????
That my friend has to be a very very important point ???
Thank you Patricia
ffc
Calamari
If their wasn't enough time when only half way through the review ???? then the review should have started earlier or been allowed to go longer ..
and don't forget the dob suggested that these people were already probably i the mix because of the bond proceess in August ...
Calamari you can refuse to see a scam here but it smells bloody fishy to me
ffc
Absolutely spot on ffcmember. Surely this offer of funding had to be released via RNS as it could materially have an effect on the share price.
The fact that it wasn’t is my biggest bone of contention.
I am now about to exit never to return to single company investing- I leave £20k down - not life changing for me but a big enough dent.I still believe my judgement in the project was correct. My mistake was my judgement in the BOD to deliver it!!
I wish you all the best with taking collective further action but fear the “system” is against you.
The mine will be built and will be a huge success in time and will also be rolled out no doubt by our government as a great British success story........
"she pointed out that if Sirius had notified the Markets that the was an offer of Funding in December ?"
But if offer couldn't be executed then you'd be creating a false market in the companies shares.
If knowlingly it could never be accepted they could have been charged with misleading creditors (and the markets).
If they were fully financed they might issue a "may or may not notice", but if the offer didn't deal with the concerns they had, running out of cash withing a matter of month, then what would the point be?
If they had, and If the offer then didn't materialise, then it would have just been another red flag indicating the perilous position they are in. The premium offered by AAL might then have been on an even lower share price....
A dieu - minmin - bon courage et bon chance.
Calamari
We shall have to agree to disagree then !!
one thing though
A little fishy was maybe just a little understated and probably does not do justice to my actual contempt to all this !
ffc
Devonplay
If we fall into administration then surely we go to the front of the list. Administrators remove the power of the BOD and seek a continuation of the business for its shareholders. Those owed money by us if we enter administration don't get paid whilst attempted restructuring is undertaken. Only if we then go into insolvency do we go to the back of the list.
Those saying we appoint the BOD to undertake decisions on our behalf are exactly right. However, these are exceptional circumstances and in light of that I would think more information on this rejected consortium would show a bit of empathy. I'm not sure from a legal perspective though how much could be revealed.
For what it's worth I think Fraser is still fighting behind the scenes to raise the money. He's displayed in the past his ruthless side when at the last minute dropping those he was in discussions with for the shaft sinking contract in favour of another. I don't care what his legal obligations are now that he has backed AA offer. He's a ruthless bastard when it comes to business and in my opinion he still wants us to be independent.
Shareholders will get nothing in an administration. They are at the back of the queue behind secured debt, creditors etc. Debenhams, Interserve, Thomas Cook, etc all went into administration and in each total shareholder wipeout. Administrators act for creditors not shareholders.
If any should hang their heads in shame it is the media
___
No, it is the mendacious BOD of Sirius Minerals led by Chris Fraser who are fully responsible for that mess.
KOH
Calamari - are you suggesting the BOD should withhold information that could “materially effect” the share price of a company?
Whether that effect is the the share price rising, falling or doing nothing Is irrelevant in my opinion.
Sadly Minman it is beginning to look like we are in the minority as to its importance I to am just starting to understand what means more here
No matter I shall vote no unless it looks like I have no other option.
Good luck to you
Neal
CF & BOD have gone into complete radio silence. In stark contrast to the last years. I still think they owe it to their SH, a lot of whom are unique in terms of investors to give them as much information as they possibly can - it’s not like the company didn’t know the profile of their SH some of whom have been their since before planning. Only very recently they were telling SH who phoned IR that the SR was ongoing. We were in the middle of a SR - who was AAL best for - CF & BOD or SH’s or the company? Without an explanation what are investors meant to think? Trust has gone for many. It goes without saying it’s important to ensure the success of the mine but AAL will need the support of the local area that Sirius have spent years and money building up. Maybe it’s something that those who haven’t been LT SH’s and followed all the company updates/investor presentation won’t understand. I’m relieved I’m not local to have that constant reminder of what might have been as a LT SH - I’m not sure some will ever get over it. The fact that so many SH’s feel as they do is reason enough to keep the pressure on the Company to be more transparent and thank goodness ShareSoc are addressing this.
Calamari
You can still be a ruthless bastard when it comes to the decision making whilst at the same time recognising the need to keep your shareholders informed.