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Any one who maintains the falicy that self interest is not a main driving factor is delusional the board acted for them not you
“You know full well that AAL are paying over double that for SXX.“
Bucky you think it’s worth two roof falls?
Hi All. AAL are $4billion in debt, will need about $3billion more to finish the mine. JPM and gang will lend the funds for a massive fee. With 100 years LOM and massive profits downstream this is a win for JPM. For the peeps here that think CF is bent, i disagree, he stands to lose 93% of profits he would have received if JPM had not pulled his pants down. We all lost so did CF. I do feel that this could have been a different story if the BODs had taken a different route for financing, but they did not, they trusted JPM, very, very bad mistake. ATB Speedy
Long term- agree 100%. Voting NO. If CF held his hands up and offered his £7m of freebies to local charity, I might change my view on his character. But hey- this is a heartless selfish investment banker, so chance he will do anything other than look after No1.
The mine will get built, which is great for the local economy. Just a pity how he shafted the locals who bank rolled the early part of this story.
Anglo American has valued Sirius about the same as a fall in one of its mines.
Keltickilla I worked in mining and a £350m roof fall is drastic.
Analysts at Jefferies said while it was too early to say how long the Bowen basin-based mine would be offline, the impact could be significant.
“If we assume the mine is down for the year, this would be a ~$350m Consolidated EBITDA hit for Anglo’s 2020E results, equating to ~3.5% on our price deck and ~3% on spot prices,” they wrote.
“Geo Technical issue”. Wonder what that could mean? Crap cement mix or Balsa wood only available. You have to love these phrases that mask what they have to report. Perhaps that’s why they want to buy in here... They are not interested in the project they just need CF on board to B.S everyone who is invested in them. ;)
Serious incident at AAL mine.
LONDON, Jan 31 (Reuters) - Anglo American said on Friday it had halted production in parts of its Moranbah North coking coal mine in Australia after a roof collapsed. "Anglo American confirms a geotechnical issue at Moranbah North during development works, which resulted in a roof fall incident," it said in a statement, adding there were no injuries. A company spokesman added that production had been halted in the parts of the mine that where the incident occurred.
The risk is the volatility - the price of their mined commodities is volatile, just like oil.
But they hedge actual risk by diversification - hence their interest in SM.
I still don't like their reliance on coal.
Before anyone leaps into AAL they should look at its share price history. For a FTSE100 stock it is massively volatile and therefore carries a lot of risk.
Yes get it into AAL... A company that is already £4bil in debt and this purchase will add another £3bil in debt.... Get into AAL now while the Iron is hot and before they collapse.. Pmsl..
I sold on the 8th January casual. I am not sure about AAL though, I don't like their reliance on coal.
The remains of my SM investment went into ITM on the same day - now up over 60%.
Damage is done chilting- sell up and put into anglo American, time is money ,alone lately, you can make 8-10 diffrence. No quick money making
Solution in shares!!
Agreed Pianista, sooner the better. But if there's a no vote there is still a chance for a plan B....Scrimshaw said admin was likely, not definite (despite what IBAB might tell you).
Worst case, no saviour, Fraser loses his job and SEVEN Million quid. That's a good enough silver lining for me. My investment has been decimated. Losing my last few quid to see Fraser lose several million quid is ok by me.
Why would a white knight wait for a "no vote"? Better to precipitate it by riding to the rescue NOW!
It certainly seems likely that there was insider trading late in the day on the 7th January - other than that this takeover has been a smooth and one sided affair with AAL holding all the cards - it seems likely now that it will just drift towards the inevitable conclusion and that will unfortunately for SM shareholders be the end of the matter.
Great article Trinityman ……"Is the Sirius board recommending the takeover because it is in the best interests of shareholders or is the board recommending the takeover because it is in their best interests?"
--------
It's the latter.
The "advice" from JPM that a placing/OO would not be supported by PI's is balls. And we'll never know because they never tried. It's daylight robbery.
A NO vote may still bring about a white knight. It may even get the BOD off their arses and cause them to do a short term raise to keep the lights on. Fraser doesn't want to lose his SEVEN MILLION QUID nor does Scrimshaw want to lose his TWO MILLIOM QUID.
Make em work for it I say.
With a heavy heart I'm now out having sold every one of my 70+k shares before close of play yesterday. I would be very angry if those buys reperesented some sort of insider dealing (as suggested by Mr Taylor) in the knowledge that there is another suitor or increased offer or something that would kick the PI's in the goolies again. Could it be proven and action taken? A very moot point methinks...
It's all a game of Brinkmanship possibly?
Question is?
Will JR and the BOD's/JPM/AAL suddenly pull a Rabbit out of the Hat if we vote No?
From JR that is.:O)
B------Hell!, never thought I would see the day, with a comment like that about J Curve!!
Great article that
Saw it when it was first published. And, for my money just about right on the mark.
Vote yes to salvage something
Vote NO in the hope of something else happening at the 11th hour or vote NO in the hope that it will screw CF out of his 7M. My 20k odd left is going on the latter two and especially the latter of those.
Nose of to spite face......
In for a penny...........
In my world failure should ‘t be rewarded
It probably stinks.
What's the atmosphere like in the boardroom?