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We have all been well and truly stuffed.I am a shareholder who bought in at the 15p equity raising with the promise of so much more to come. I am now £28k down and ****ed off, Yes we all invest with the hope of making money which is fine. But when you have the BOD of SXX telling you to buy and you have JPM saying no problem we have 2.5 billion to finish the job if SXX can find 500 from bond holders . with the proviso it was spread amongst many bond buyers. Now we have JPM as SXX main advisers .They pulled the finance, they linked up with AAl they now basically control SXX . Please someone with some ethics come in and finish the job. Not to save my £ 28 k but to restore faith in justice.
Most PIs own their shares through a nominee broker, which can be a problem. For example, if the impending vote is anything like Flybe’s farcical EGM in December 2018, brokers will fail to give PIs the opportunity to cast their votes. I suggest PIs who want to vote call their brokers ASAP and push them for a proxy form, or whatever system they use.
All I said was that if AAL still want a deal they can get it in a prepack deal for less. That may be better, but it may not, there are benefits to a straight bid. There could be many complications to a prepack.
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If you cant see the contradictions in the above statement, then you're not as clever as you think you are (actually, regardless, I'm sure you're not as clever as you think you are)
A NO vote may or may not end up in admin. If it does, I've already been more or less wiped out by Fraser. My last few pennies wont be felt as keenly by me as the seven million he will wave bye bye to. That would be a nice silver lining
IBAB you seem a bit confuddled.
First you say a no vote is good for AAL cos they'll pick it up in admin for less (close to nothing). Then you say Polygon, if they threaten to vote NO may squeeze another 0.5p out of AAL, inferring a threat to vote no may up their bid to 6p.
Even you must be able to see that your posts are somewhat contradictory
If AAL manage to acquire SXX, what use will Sirius BOD be to a mining company with 100 years experience.
From what I can gather, you are trying to wear out your keyboard, interfering with other people’s business.
illbetabuck: "Jupiter do (investment fund), Polygon (hedge fund) do not [have to vote for yes]."
Polygon, held 598.4m, 8.524%, almost all bought in CFD at a price around 5.5p; i.e., they have around £33m stake in it.
Their shares take about 19.22% of II holdings (3113m), not enough to push a No vote, unless an executable alternative option appears in next week with other II's support.
However, they do put pressure on AAL, possibly into some sort of concession.
And it doesn’t take Wernher von Braun to work out you have an agenda.
It does not stop Gina from laying her claim to the fixed and floating charges she holds.
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Gina has security, yes, but Gina doesn't want to take possession of a bit of partially dug shaft and tunnel. gina, like the rest f us, wants the resource to be accessed so she can get her hands on the royalty wall of cash. i'm pretty sure she doesn't want to build the mine herself. If the funds could be raised to keep the lights on, she'll be fine and gets to keep her seat on the board.
“.or they can pick it up in a prepack deal and save themselves 5.5p a share”
Make your mind up.
Longtermview24: "Certainly anyone holding towards end of the month should be holding for the purposes of a NO vote".
I gather most PIs and IIs who are not selling are expecting an alternative option to appear in next two weeks; or if not, most would believe under that situation, the big IIs, including, Jupiter and Polygon, will have to vote for the AAL offer.
Another sound idea, no doubt given short shrift from our financial "advisors" JPM, the same ones that came up with the grand plan that bombed. The same ones that shorted the **** out of the share and the same ones advising on what a stellar deal the AAL offer is. STINKS.
KOH raised this retail bond idea months ago. If such bond is open to everyone, with 12% interest rate for a world class tier one assess and under the condition an alternative proposal for $680m is placed on the table just needs time to complete; this should be able to raise some emergency fund for SM to keep running beyond the end of March.
Bucky if it was that simple why did they make an offer in the first place?
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Exactly!
And why is IBAB (not invested) so concerned about "prepack" admin. Why does he give a stuff what happens next? As a non holder on the sidelines he shouldn't care a jot, but he seems very concerned about the outcome. very strange.
What is the approximate breakdown of holdings between the different groups ie. Quantity of shares held by BOD, institutions and small investors. Apologies for my ignorance on this as I'm only in for £5k and have just joined the forum. I'm what you would call a naive mug, lured by the eulogising of local MP's, CF and his con men and various politicians (inc Theresa May spouting off the virtues of the project post Brexit).
Not sure whether to hold out or jump ship.
or maybe there'll be a plan b or maybe someone else will pick it up in admin.
if it goes to admin Frasers 7 million quid goes down the pan as does the 19M quid blood money going to the senior exes and hopefully their jobs too. Sod them all
Bucky if it was that simple why did they make an offer in the first place?
And remember only 26% of the votes cast need to be a NO and aal can sling their hook !!!!!
Emily Do not judge others by your own standards
wwguk, that's one solution and I'd be willing to bet PI's could raise more than $100M . If the execs were not falling into such a comfortable deal for themselves with AAL (did you hear how complimentary the Aussie CEO of AAL was about the job Fraser has done to date on his conf call?), I'm sure there are a number of creative avenues that could keep the lights on.
With 5.5p on the table Monday morning, I'm not sure why anyone who wants to vote for this deal doesn't just sell up n Monday. Certainly anyone holding towards end of the month should be holding for the purposes of a NO vote
So we can assume that a lot of pi will leave it to the death and sell a couple of days before the vote
“Worth threatening a no vote”
I’m not threatening anything, it’s NO.
Surely if anything other than the existing offer is to come forward the window to put forward anything else is before the vote.
LTV
Your 14.30,
I don't think they would manage what they need to in a month (maybe they have more than a month ) BUT the fundamentals are there so I believe they will not be filling in the shafts and I don't think the IIs would allow that either !!
People can mock all they like I'm voting no .. I bought my shares with my hard earned money so it's my choice !!!!
ffc
The third largest SM shareholder, Pelham (353.5m, 5.04%) is specialised in retail bonds with good returns.
As SM said, small PIs may not have very bid capacity in an open offer; however, quite a large number of them together may be able to raise around $100m (as demonstrated in past two open offers). If Pelham organises to collect $100m retail bond from existing PIs with an interest rate 12% under the condition that an alternative proposal is placed on the table; this could be done in a few days to provide SM an emergency funding for keeping running until the rest of money from the alternative package is available (through a more complicated time consuming process).