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Strange, thought it was Woodsmith. Maybe I don't know what I'm talking about???
The hedge fund run by Crispin Odey is threatening to raise its stake in Sirius Minerals if the share price slides, deepening doubts about a £405m takeover of the embattled miner by FTSE 100 giant Anglo American.
Odey Asset Management has acquired a 1.3% stake at an average price of 4.9p a share and is pushing for an increase in Anglo’s takeover bid from 5.5p to 7p or more. It is poised to up its holding if the share price falls back from its closing price on Friday of 5.2p.
Last Wednesday, Odey manager Henry Steel wrote to Anglo and Sirius, saying the current offer did “not represent fair value” for Sirius investors and claiming Anglo “would be willing to bid substantially more” for the fertiliser miner. He noted Anglo’s offer was not “final” and suggested an interloper could make a counterbid.
Sirius was set up in 2003 to mine polyhalite, which is used as a fertiliser, under the North York moors. It faced a cash crunch as costs spiralled, and the board urged investors to back the £405m deal last month. At its peak, Sirius was in the FTSE 250 and had a valuation of more than £1bn.
Odey’s intervention has been a blow to Anglo, which must convince tens of thousands of small investors that the deal is the only way to avoid bankruptcy.
A shareholder vote on March 3 is expected to be close. As of December 2018, 85,000 individuals held almost half of Sirius’s shares. Anglo needs to win a majority of those voting, as well as the support of 75% by value.
Retired farmer Ron Pritchard, 75, invested £130,000 in Sirius instead of a pension. “I’m glad some of the big boys are getting involved. It gives you hope that something big might happen,” he said of Odey.
He said whatever happens, he’d vote against the takeover to stop Sirius boss Chris Fraser making money. “It’s sheer principle. My life will be messed up anyway,” said Pritchard. Fraser has a 1.8% stake worth £6.8m, and will join Anglo for at least a year.
A source close to Anglo said of Odey: “These guys are there to skin a few people and put the whole thing at risk.” Raising the offer from 5.5p to 7p would not comfort investors whose savings were wiped out after falling from a peak of 45p, they said.
kinda sums up J P Morgan then. Bobabout. Plain speaking ,CF would fit in well with Ivan Boesky, Michael Ovitz and Carl Ovitz. Maybe if a film was made about CF they could call him the Wolf of Whitby or Wolf of Wordsmith.
Just in case people are confused with what I am saying Chris Fraser, (The Wolf of Whitby,)(Wolf of Wordsmith) would be worthy of a really good fictional film . Of course none of it should be believed if such a film was made, after all its only fiction
He just didn't ultimately believe that the initial format was worth the 1/2 a million he was and is being paid for. Better several millions in the Cutifanny than a Sheila in the bush.
From Gordon Gekko:
The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. etc.
May he rest in pieces.
Just read on Sky News that J P Morgan are making an entry to
UK Personal Banking Market offering savings and loans . Expected to launch within months Any long term shareholders here would like to trust them with their money? Here's the link https://news.sky.com/story/jpmorgan-plots-launch-of-digital-consumer-bank-in-britain-11940211
Anyone here care to trust them?
Seems strange that the 2 stocks that you're following under the Phoney 99 99 handle are both Strong Sells............ What's that all about Baby.
It's all a game.................. your all Cutifanny's
Just wanted a moment to appreciate the time people are taking to attend the meeting tonight.
GLA LTH
Didn't have you down as a babiesman more a Cutifanny Guy................... Wrong again, maybe.
Have to use a Chesh face (:)0 ...No doesn't really do the legend justice. Crash and burn baby .
Swiss Tony, life is like a beautiful woman, challenging, rewarding, thrilling, exciting, demanding but, most of all.......expensive.
What a nasty, ugly post by a few silly babies. No wonder people don’t stay.
Have to ask Rusirius, have you at any time actually held shares in this company, had you down for a lefty............... Happy to be wrong though.
Is he evil within or without ????
If it can be demonstrated to Sirius Minerals that the £460m could be
raised they will have to listen.
We are talking to the institutional share holders but need to understand
the private investor interest in raising the £460m.
There is a dedicated web site and brief survey here:
http://www.fundsirius.com/
Please take a look, take the survey and spread the word. The more
interest there is the more chance of a positive outcome.
THIS CLEARLY NEEDS MORE PUBLICITY. Only a little over 1500 took part in the survey so far. PLEASE SPREAD THE WORD AND SHARE THE LINK WHEREVER YOU CAN. What's interesting out of a 1500 people surveyed so far the average amount is over £19,000 which would allow to raise almost £30m ($42m)! AN EXCELLENT RESULT! At that rate only around 24k people could raise the WHOLE amount! THIS NEEDS MORE PUBLICITY and should go viral and beyond this forum. At the moment not enough people KNOW about the survey which is clearly reflected in the number of people taking part. PLEASE SHARE IT WITH EVERYBODY and SEND IT WHEREVER YOU CAN - media, TV, newspapers, friends, family, ALL shareholders even strangers. PLEASE USE ALL CHANNELS OF COMMUNICATION AVAILABLE. Email, phone, social media, spread the word - STRENGTH IN NUMBERS.
Thanks in advance
KOH
This so needs an official investigation by the FCA it won't happen though will it ?
had*
suddenly last Autumn the kids were withdrawn from local schools, and the house has been shut up for ages.
___
At that point he probably have a good idea that the business is going for a song. I don't trust a single word that snake says, the whole "strategic review" was a smokescreen.
Vote NO.
KOH
Fraser , won over the hearts and minds of locals and british investors ,
Yeah then you went on to abuse that trust
The funny thing I’ve found is that the dryness and directness of Yorkshire people and Australians is pretty similar,” says Chris Fraser, chief executive of Sirius Minerals.
Since moving his family from Australia to North Yorkshire four years ago, Fraser has come to know Yorkshire well. Even before that, from 2010, he has been trying to convince locals that building a giant fertiliser mine under the North York Moors national park is a good idea.
“From the very beginning, the welcome we received has been fantastic,” Fraser says. “We had a huge level of engagement. I would regularly go to the community hall or whatever it was, and there was a lot of trust that we built up.”
Fraser and his clown brigade , jpm surely will have to be relieved of there advisors roll . Or what ever the crooks call themselves .
Try to imagine if the offer came via official channels directly from the company and they invested a few millions in advertising. This would be all over media and oversubscribed in a fu#ckin week...and it can still done. We dont even have to raise full 460m by the end of march - we can easily raise 50-100m now to keep the lights on for months, invest a little bit in advertising and keep raising more for months while looking for more stable solution and still keeping 100% ownership of the business. And most importantly get rid of the enemies of the people's project: Fraser and his clown brigade. Enough.
Vote NO
KOH
Longtermview24: ... $42m now, ..."... We're not done yet! But imagine what could've been achieved if the BoD hadn't ignored PI's and had asked us a few months ago. that makes me very very angry."
Yes, this makes us angry!
A few months ago, most PIs had not sold any of their shares and we would have adequate time to complete the process. They created the situation either by mismanagement or intentionally to force people to accept the takeover deal, just due to possibly inadequate time left for other options. After the failure of the bond raising, JPM in their report has envisaged equity or convertible bond raise; however, SM just sits inaction, not only without approaching shareholders to fund but also hide information on the Qatar attempt, consortium proposal, and the AAL offer intention. All this makes us angry!
If it can be demonstrated to Sirius Minerals that the
$600m could be raised they will have to listen.
We are talking to the institutional share holders but
need to understand the private investor interest in
raising the $600m.
There is a dedicated web site and brief survey here:
http://www.fundsirius.com/
Please take a look, take the survey and spread the
word. The more interest there is the more chance
of a positive outcome.
KEEP REPOSTING,!
Correction on town : Saturday 22 Feb Open meeting in
Scarborough
7pm -830pm
Old Vic Pub/Hotel opposite train station Scarborough
Function room upstairs.
AAs ethical route is a SXX JV. This will otherwise create a modern “AA Africa “ problem down the road , albeit of a different nature!