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Ate my hamster.
Just checking if this gets deleted.
Really? I hadn’t noticed. On a discussion board about the company we’re not allowed to discuss the CEO.
So now he’s suppressing free speech on here as well as putting bogus Q&A pieces in the press and AAL taking out paid for advertising in the national press - all designed to swing a yes vote.
Dirty tactics. We’re up against a wall of obstacles. I really hope they get what they deserve on the third.
“Sirius has already been pre-approved for IPA” when that got the red card Fraser went on to the plan below.
“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 US$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.”
"Looks to me that ‘pre approval’ means getting through the first hurdle but not an actual sanction of the guarantee itself."
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We never heard why it was not approved or what would be needed to get approval.
they first announced that in Sep 2015. lots of ifs in there and further references in subsequent funding updates.
no doubt the government has been a big let down wrt supporting sirius. i have lobbied my local MP many times. they clearly dont give a shot about SHs. anglo is a win for them if it gets built.
my personal view is that sirius has been well and truly sold down the river by government over the years.
Infrastructure UK prequalification
The Directors of Sirius Minerals PLC (AIM: SXX, OTCQX: SRUXY) ("Sirius Minerals" or the "Company") announce that the Company has received prequalification status from Infrastructure UK ("IUK").
The Company has been in discussions with IUK for some time regarding the likely requirements of its planned second phase financing and prequalification. IUK is a unit within Her Majesty's Treasury ("HMT") and the prequalification is for consideration of a HMT guarantee in relation to the York Potash Project ("the Project"). The receipt of prequalification status does not constitute an offer of financing or an underwriting commitment by IUK. The Company expects IUK to undertake detailed technical, legal and commercial due diligence in parallel with other senior debt investors, at the relevant time during 2016.
If an HMT guarantee was obtained it could provide valuable liquidity for the financing of the Project, alongside senior debt from the bank or debt capital markets and any support from Government backed credit agencies.
An HMT guarantee would be expected to follow a similar form to others placed in the market to date by IUK under The UK Guarantees Scheme; an unconditional and irrevocable financial guarantee of the scheduled principal and interest and consistent with European Commission's Notice (2008/C 155/02) on state guarantees. A standard form guarantee can be reviewed on the HMT website.
It appears that if you post any message on this BB that names our CEO in the ‘Subject’ box, no matter how innocent the content, that it gets taken down within 30mins, and that includes any replies posted to the thread in that time.
No doubt he is under real pressure, and is hurt by the reality of “hero to zero”, but should let him plead relief from anyone mentioning the poor little lamb?
It makes it meaningless to express a view if certain parties can censor the message - even if made in fair and balanced language.
Sent 24/2/20:
Thank you for your email. There is no cost for the stock withdrawal that we are passing on to Sirius shareholders.
Please feel free to share this (the previous) response with others, however, it must be noted now that any stock withdrawals we process for shareholders are on a best endeavours basis, with the deadline to vote via Link registrars direct is Friday 28 February 2020.
Thank you for your message regarding Sirius Minerals and how you wish to vote on the upcoming Scheme of Arrangement. Your vote will count at both the court meeting and general meeting yes.
How does the voting work?
There are two criteria that need to be satisfied in order for the vote to be passed these are outlined below;
A vote per each share - All votes that are made through HL as well as other nominees will count towards this part of the vote and will depend on the number of shares you hold. This criteria will be satisfied if Shareholders who hold at least 75% of the Shares voted, vote in favour.
AND,
A vote per each shareholder - Please note that as your shares are held in a pooled nominee account in the name of Hargreaves Lansdown, your shareholder vote will be amalgamated with those of other Hargreaves Lansdown clients. Each Share you vote on will count towards the criteria described above; however the Registrar will treat Hargreaves Lansdown as one Shareholder for the purpose of the vote. This criteria will be satisfied if majority of shareholders vote in favour.
If you would like to also use the option to vote as an individual shareholder then this can be facilitated. Please be aware that once shares have been removed into certificated form the onus is on you, the client, to submit a vote with the registrar.
Please note that as this will now be out of Hargreaves Lansdown’s control, there is no guarantee that your vote will be submitted on time through Link Registrars, and we are also unclear as to how Link will collate these votes and whether you are able to do this via phone.
If you would still like to continue with the vote as an individual shareholder, you must complete the following steps:
- Have your shares withdrawn into certificated form, the shares will then be held in your name (You can withdraw a min. of 1 share which will still give you your shareholder voting right). Any instruction to do so can be processed by replying to this message with your wish to do so. The deadline for taking these instructions is noon on Friday 21st February 2020. Hargreaves Lansdown will then instruct CREST (the UK settlement system) to withdraw your share(s) into certificated form within 48 hours of your instruction.
- Once the stock withdrawal message has settled in CREST (The UK Settlement System), you will be classed as an individual shareholder and will then be able to submit your vote with Link Registrars by calling (0371 664 0300).
- If you continue to hold shares with us then we still require an instruction through us, which can be submitted through the usual online election facility by logging in to your account www.hl.co.uk before our deadline of noon on Wednesday 26 February 2020.
Attending the meeting:
If you still wish to attend the meeting we can appoint you as a proxy however you will still be attending on behalf of shares held in the name Hargreaves Lansdown Nominees Ltd and will not be cou
Having been swayed to invest in Sirius by the appearance of several MP's on TV, (Question Time) and the then, PM Theresa May championing the project as a beacon of light post Brexit, I thought I would ask the opinions of a couple of Tory MP's for their stance on the debacle.
I contacted Simon Clarke, MP for Middlesbrough South (he of Northern Powerhouse fame) and my own MP bob Seely MP for IOW. (I'm originally from N East lived on IOW for over thirty years). Support my roots etc.
Result.........Zilch. Conspicuous by their silence,
Think the former is hiding behind the fact that jobs will be kept on as opposed to misery heaped on local investors through shady dealings of BOD.
Convenient blind eye turning if you ask me.
If they call in administrators straight away they instantly wipe out their own shareholdings, so they may instead talk to anyone offering funding including what they previously rejected but don't want us to know the details of
TF the link.
https://www.sharesmagazine.co.uk/article/crunch-time-for-sirius-minerals-as-it-tries-to-secure-3bn
yes agreed ! but the BoD arent going to run it to the last day before trading as insolvent. suspect theyd call the administrators straight away. thats my worry anyway and it would be game over for us all
Campaign to provide alternate funding and keep our shares.
Shareholders can protect their shares buying bonds which pay healthy interest in the proposal
Please visit the web site, take the survey and tell everyone
Open to everyone not just shareholders. www.FundSirius.com
“We’re politically impartial and independent of government.“
Casa.
Gert I think you are missing the point A decision on supporting SXX during the election period would NOT (and did not)occur because it would have been seen to be political see
"The Cabinet Office issues guidance for civil servants in UK government departments, and the staff and members of non-departmental public bodies (NDPBs) and other arm’s length bodies (ALBs) on their role and conduct during election and referendum campaigns."
from the doc I referenced.
I did work for a Gov minister for a time and know what goes on in practice.
I will not not return your insults nor respond further
"Two things
Are you independent of elected government.
Do you still operate during a general election.
I look forward to your response.
Thank you
Response to your query
The Infrastructure and Projects Authority is part of the Civil Service, which is purposed to help the government of the day develop and implement its policies as effectively as possible. We’re politically impartial and independent of government. We continue to operate during the general election. If you have any further queries in regards to the Civil Service then further information can be accessed at: https://www.gov.uk/government/organisations/civil-service/about .
Your Sincerely
Naomi
I'm glad that I am invested in a nice stable share like SXX!
Whistling "Always look on the bright side" as the curtains close and the slightly squeaky conveyor helps you on the way to your final destination!
Gert
https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN05262
Fred asked would the IPA still function during a general election.
Below is the answer from Casapinos .
I contacted the IPA directly, and what he said was total crap.
“HI Fred, All gov departments carry on as near normal as poss. during an election period BUT because of "Purdah", they are not allowed to make or announce any decisions that could be construed as political, therefore there is no possibility of any announcement WRT SXX until after an election.(I had a spell working for a senior minister back in the Thatcherite days- not my favourite job!!!)”
has anybody been keeping up with the RNS statements and happen to have current list of the major shareholders ?
thanks in advance
Trinity
I'd prefer it were a canoe with a leak tbh
I agree that probably not many shareholders know about the site. However, that just supports my view that it’s counter-productive. The amount pledged is still far too small to show any viable solution to an institutional investor. It’s all done with the best will in the world, but he’s not going to move the needle.
As many have already said this morning Odey are just in it for another 2p on the offer and since the article in the Evening Standard there have been no further mentions of anybody coming in with an alternative funding solution.
Since a lot of the people who would vote yes have already sold out it’s clear that the most likely outcome is a no vote and then following on from that potentially another increased offer from AAL or it will go to admin and they will pick it up at that stage.
Just my views.
Casapinos - Out of the several thousands of posters that I have encountered on this board over the last seven years, you are by far the most annoying by a country mile.
Please get back on your catamaran and set sail in a straight line as far away from this board as you possibly can and keep going....and going....and going....
"im not sure id be basing my investment decisions on the rumours of the evening standard!"
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Well we based our decisions on that Aussie c**t spouting about pre approved for government guarantee. Whatever happened to that?
Think the story about the QIA is very plausible. It makes sense for them and other IIs to fund rather than lose their investment. They also will get a big chunk of equity for a small amount. Maybe you can tell us why this is not an option.
Well speaking for myself I'm ashore in the canaries trapped by "La calima " the sandstorm blanketing the Canaries, but the good news!is that I have internet access and have reviewed the SXX situation for your benefit.(At this point those of you who wish to, can ignore the rest of this post and deliver your usual sarcastic reply!)
Still reading?
OK the position as I see it is this:
There is a strong possibility that you collectively , could, if you assemble 100+ attendees at next weeks meeting win the "headcount"vote ie a majority of >50% of attendees.If that happens I think it is a corruption of the intention of such provisions and may well prompt legal challenges from both SXX and AAL.That would create a limbo in to which SXX would fall and be declared insolvent
I think it probable that the posts here, the sharesoc initiatives and the fund raising efforts represent a very committed and vocal cohort but perhaps only a single figure percentage of the total of PI 's.
Thus,I think the possible outcome, even if the II's vote more than 75% of the shares in favour of the "scheme"(and I suspect they will because many of the 85000 PI's have given up and sold) the bid fails.That is not good news for anybody,see above.
AAL and SXX will have a much better handle on the possibilities and are acting accordingly .
Jupiter, Polygon ,Odey and Blackrock now hold over 20%of the equity and their aim will be to squeeze AAL as hard as they can .I wouldn't be surprised to see a last- minute bump in the offer price to ensure that the 20% of votes they J,P,O and B hold are voted in favour.Going on the basis of posts here and other actions I think it unlikely to sway the NO vote.
I hold stock in Polygons parent ,TFG, and they have an investor call on Friday, to which I have submitted a question on their strategy and expectations WRT SXX, I also, (conditions, location and access permitting )intend to listen in on the call and if they offer any illumination I will pass it on.
I am not sure that the strident voices here fully understand that the most probable outcome of their actions is harmful to both companies, to their own remaining investment, and that of the remaining, less vocal PI's, to the local economy they profess to support , SXX' employees (hundreds of whom are NOT board members)to the contractors employed on-site and all the local businesses currently benefiting from the mine activity .