Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Agreed Franalex. Its a gamble. But to see this go to AAL and Fraser make out like a bandit cannot be allowed to happen. Lets get it rescued then sack Fraser and his cronies and move on
Long term. If this goes into administration, it is a near 100% certainty that ordinary shareholders will be completely wiped out. Suspect most ordinary creditors will lose most of their debt as well. The administrators work for the benefit of the creditors, not shareholders.
Can anyone shine a light in my dark corner please ?
Very amateur investor, no tears as such and knew this,my only share holding was risky. Down about 10k.
I bought/hold my shares through the Degiro trading platform, but how do I register to vote NO, to this shabby AA deal.
I have received no correspondence, trading platform helpful but cannot give me any information on how to actually vote and by what date.
Have a friend in same position.
Perhaps one of you experienced folk out there can illuminate,
Thanks, Nick
Resistance is not futile.
Jean-luc. ;-)
"You're speculating"
Isn't everyone?
----
No, they're not and that's my point. You dress your speculation up as fact. You scaremonger and you mislead and you pontificate like you have a crystal ball and know what's coming next. You don't. Nobody does. That's my point.
I wonder what Polygon are up to? I wonder how many more they've added today? I wonder why Jupiter wont talk to Sharesoc but will talk to the press urging SXX to find another way. Are Jupiter working on a plan B? Are Polygon working on a plan B? Will the financial consortium be back with a revised offer? is there another party or parties preparing an offer now the AAL timetable is firmed up?
Fraser may think he has run the clock down on his plan to fold himself into AAL with the job, bonus, future share options and all that comes with it from his Aussie mates. But it aint over just yet.
VOTE NO and ignore IBAB's pontification. He doesn't know anymore than the next man, no matter how he tries to dress it up.
There may be competition in admin - you don't know. You're speculating. You like to dress pure speculation up as fact. You don't fool me.
Hi Speedy
I don't doubt JPM ability to make money but I just highlight that they are not immune from making mistakes or indeed losses on certain investments.
Agreed great8. It's a NO from me. They are scaremongering. To say they picked up negotiations with the consortium on 20 Jan and have concluded it's not a runner - that means they gave it about 5 days. FFS what can you achieve in 5 days.
The BOD aren't interested in a plan B because they have a cushy number waiting for them at AAL. VOTE NO and let's see if they try a bit harder in the remaining month to find an alterative because VOTE NO means their cushy number with AAL is out the window. IBAB may bang on about "prepack administration" That's a nice phrase but he has no idea nor do the rest of us know how things will turn out after a VOTE NO and if it does go into admin, AAL may not get it - I hope they don't - and that effs up Fraser and the senior execs cushy number and their 19 million quid blood money payout from AAL.
HI 15. OK, so back in 2012 JPM lost a few $mil because one of their major traders broke the rules. It was a pimple on their backside. As a comparison look at their profits trading metals, not one lost making contract since taking over Bear Stearns. There are many other examples. ATB Speedy
Hi Bellers. JPM do not care about such things as conflict of interest, market manipulation or just pure criminality. They steal $billions and pay £millions in fines, good profits if you can live with your self. ATB Speedy
Ive bought a few today if only to vote,we must ALL vote against the AAL its just immoral,CF is not my favorite person right now.
We would like to be able to consider a standalone financing proposal that would enable shareholders to remain invested in the project, as an alternative to the existing takeover offer from Anglo American.
“now his friends will inherit our long term pension investment”
They will also inherit the sins of Sirius!
Speedy, serious conflict of interest or what? :-(
It'll make f all differance. It's been a unrealistic private share funded project from the start ramped by a devious Frazer, And now his friends will inherit our long term pension investment. Good job Sirius team.
Speedymeadie
You say JPM never lose.
Try googling JPM losses.
"At the time of the Anglo American proposal, the most advanced alternative proposal was a potential debt
financing proposal from a consortium of financial investors. On 9 December 2019, Sirius received a nonbinding term sheet from the consortium to form the basis of a US$680 million funding package to cover the
initial scope of work. On 9 January 2020, Sirius received a revised non-binding term sheet from the
consortium. The Sirius Board reviewed the proposed terms and conditions
(which included a requirement for:
(i) Sirius to undertake a substantial new equity raising,
(ii) concessions from some of Sirius' major creditors,
(iii) certain local authority approvals, and
(iv) further due diligence),
together with its advisers, and concluded that the consortium’s conditions and the time it would take to meet such conditions (if possible to do so) were such that there is a very material risk that the overall funding package would not be
implementable by the end of March 2020. Since the date of the firm offer from Anglo American on
20 January 2020, the Sirius Board together with its advisers has continued to explore the option to
implement the alternative proposal. There has been no further progress and as a result, the Sirius Board has
concluded that the alternative proposal is not implementable. Based on the backdrop of the search for a
standalone funding solution undertaken over the last four months and the extensive discussions held during
that timeframe, the Sirius Board believes that, at this time, there is no alternative to the Acquisition. If the
Acquisition is not approved by shareholders and does not complete there is a high probability that the Sirius
Board will place the business into administration or liquidation.
In this context, the Sirius Directors view the Acquisition as the only viable way forward for Sirius. "
Apparently more advanced discussion has to made to address (ii) on creditors and its linked consequence to shareholders (the level of dilution, or how much left to shareholders). The scheme doc might have revealed additional info that some potential debt/strategy investors (including the consortium) are waiting for. Therefore, next two weeks will be critical to see if anything may happen (or if Polygon continues to increasing its stake, and if the share price would stay above 5.5p).
Tomscar .I see you've got JR (still ramping away) for company . i'd never sleep again with your investment strategy .
SXX was my first share it's quite local but I soon gave up on it. Would have made me 50% but cost me 10%. Too many RNS now to really follow it but did like Jupiter's call for a plan B esp. as AAL have come out and called it tier 1 and there was a consortium offer mentioned in the doc for half a billion funding. Delays in Brexit and zealous planning hurdles been a major issue I think to the project (things you don't plan for but have to take on chin or contingency plan). I'm no longer invested not going to trawl but has anyone covered the Fraser family trust buying shares on September 18th which will have made a decent profit under the offer? Just with a view towards AAL saying talks had been taking place for 9 months. Seems it was not CF himself who directly bought but was a beneficiary. Any insider dealing angle on that? Should the talks have been public at this stage so everybody has the same benefit of the information to also pick up cheap shares or sell theirs? Was only 10k, seen at time as a bit of a vote of confidence or solidarity if a little half hearted. Maybe it was a flag that 4p was still reasonable value.
It was his waffly, obfuscatory RNSs that put me off and his cunning plan of oh we can't get the 500 million at less than credit card rates to unlock 3.5 billion, but I'm sure we will get 600million with no guarantee of the rest, that will be seen as much less risky. Government using SP as an excuse not to provide a simple guarantee of what was almost a done deal as presented but instead the deal was done with some of the old boys from AAL. Horrific mismanagement by all in many senses for anyone with a long term view and genuine desire to rebalance the North (N Yorkshire is the finest county still but Teesside and Whitby do need a boost for young men particularly. We achieve everything in spite of the government and EU not because of it by just being good abstinent folk really still big on family and cups of tea etc). We didn't want to be impoverished by this mine and I suspect the vote on the offer might not be treated in the normal way finance wonkers presume. For the govt in not supporting it I think the long term ramifications for the image of big business and finance will be grave and the opposite effect of what is desired will be achieved.
Hi All. JPM never ever lose. They are backers of AAL and also our financial advisers. They will have ever angle covered. ATB Speedy
Where is IBABFO gone, we need him. ATB Speedy
i have been in sxx for over 4 years and today i sold up took out £18,500 i had an avg of 13.5p i will let you do the maths ! the way i seen it AAL wont up their offer, i hope im wrong and all long term holders get a few more ££. if another company buy in and things change i can always re invest at a later date, in the mean time i have been following greatland gold (GGp ) i put my £18500 in this today and it has gone up 8% this morning , DYOR good luck to all who still hold .
No vote . Ill take my chancies
No were near scarborough or york i see , jpm advisors . How feck are they still there
Plan B is probably a pre-pack admin to AAL.
-----
Butthat's just it IBAB...probably, not definitely/
The BOD haven't been honest. It's a gamble, but a NO vote doesn't make admin inevitable and nobody not even BOD has mentioned "prepack" admin
VOTE NO. Save the company and sack the board