PYX Resources: Achieving volume and diversification milestones. Watch the video here.
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In just over a year AAL have gained over 33% over 7 bill.since sxx they are down 8% approx when the market pops they will loose half their value as most sh of mines are speculators waiting for first signs of downturn the bull run can not last and if things go pear shape they will bale.they have only gained a ridiculous sp because money has lost value thanks to the barmy ECB and fed
Does anyone have a list of the II's which are still buying, so far I'm aware polygon have 8.5% and vanguard at 3.19% - both have been increasing their positions. I'm still holding until i know for sure, these guys have a motive to increase the bid or help get the funding sorted.
Neil, we could very well have an interesting situation unfolding before our eyes right now with the move being made by Polygon. They've very quickly taken a stake of ~10% and still going. I can't see them just being interested in possibly making 1 or 2 p on the shares. With $19B under management, there are a number of scenarios going through my mind.
IMO, the worst case is 5.5p because I can't see AAL pulling out. When I listened to their CEO's analyst call recently, it was clear that they're drooling over this opportunity.
Nice Neil.
Jon the club, it took a £66K hit on this, still don't know if I did the right thing bailing out, I'm still holding £5K to see how it all pans out, I could buy back in, or not ... but I'll kick myself even more if there is a better offer.
In a round about way I work for the FCA so don't hold any hopes of them guys helping out, that wont be happening.
I guess you've paid your money, you make your choice.
Yes, but it highlight the fact that its "easy" if tunnelling can be such a thing. Other interested parties would find this useful I would think, another potential suitor in the wings would help the current SP I feel, help me cut some losses anyhow.
I can't decide. I've been in SXX for around six years. Currently looking at a 68% loss if it goes through at 5.5p.
Does anyone think that Sharesoc can do anything to improve our position, realistically? Do I take the few grand that my shares are worth now, do I risk ending up with nowt, ??
If I sold now, and Sharesoc came up with any proof that the rights issues of 2016 & 2019 were indeed dodgy, would I still be entitled to any compensatory decisions? Or would you still have to be a holder for that?
It's a tough one. Not only has my retirement dream been smashed, it's cost me £ X Thousand to watch it be smashed....in slow motion !
Another 2 to 3 km, so what? The segment factory and the TBM have been the major work keeping going after the plan updated. The good progress has been useful to demonstrate to the potential investors/strategy partners that the tunnel can be drilled faster than expected. They have already demonstrated that.
The updated plan was to raise the $600m for the Initial Scope from those investors/strategy partners. But now the recommended offer is a 100% ownership transfer, kicking all the shareholders out of the project.
The alternative proposal needs more time to work out, so why still burning the money on the tunnel to shorten the available time towards bankruptcy??
Doing double the expected rate of around 17m/d. Well ahead of schedule, as reported in previous RNS.
Just as a matter of interest, though I'm mostly out of this share I still hold enough to keep me interested. Does anyone know the progress of the tunnel .... to my knowledge there has been nothing issued for months. Based on how the management have been treating the shareholders I can see the deal going through, and a "by the way". The tunnel is about 50% complete as we've been tunnelling through really soft redcar mudstone, if that sort of information was available it could interest others and not give Anglo a free ride in. Sooooo.
Does anyone know how the tunnel is progressing ... and how far in it is .... ??
WW, no arguments from me. I was just clarifying probable situation. From a very personal family perspective hope they do pay them out automatically if the deal goes through as is. Better for me if it doesn't go through though...
Can you believe it the GOV is to sponsor a new Sea Coal mine on the coast of Cumbria. First coal mine to open in the UK for 30 or so years.
Absolutely disgusting that they can accept such payments. Shows their true colours. I hope karma bites them on the arse.
TonyBaby: "The money set aside for staff relates to share incentives awarded as part of their annual appraisals ..."
Yes, from the disclosed documents, the £19m will be mainly distributed among the few top level directors, i.e., CEO (around 16m shares at 0.05.5 = £0.88m) and CFO (10m shares at 5.5p = £0.55m) (See Form 8 (OPD) 21 Jan 2020). These awards were conditional on performance, but since AAL allocated £19m for them, they may have agreed to pay as part of the condition for the board of directors to recommend the offer and sign the Irrevocable Undertaking to commit their yes votes.
Ordinary employees will get very little per person from the awards in comparison to the directors, who are actually responsible for bring the company into a shareholder-wipe-out situation (and still getting the largest amount of the Awards). Awards not for bring the independent company into production, but for selling it at the bottom of the market that gives AAL an attractive great value.
illbetabuck: "Because bills have to be paid.....at the start of April.
Tax, Wages, Bond coupons, Contracts. … One has to assume that for contractual reasons they had to keep the TBM running."
Contracts may be amended under such extreme situation. It is also in the constructors interest to get the funding issue resolved. SM did so, by stopping the work on most sites except for drive one, and letting around 300 workers from constructors to go. They can now keep all jobs using unpaid leave for all those whom work at this moment is meaningless.
They have an alternative indicated debt-based offer on the table, revised once immediately after the initial intended AAL offer announcement; this alternative proposal must have been under advanced discussion to make acceptable and executable for all the parties. More time is needed, further down tool is one way to make the project lasts longer; the consortium may also arrangement a small sum of emergency loans, e.g., £50m, to keep the project going, as soon as a firm proposal is agreed and SM formally place it on the table for the shareholders to choose from (between the AAL one and the Alternative).
The staff should get f-all and Fraser should f-off. He's ruined so many lives, even if this gets rescued, many have already sold and taken the hit. He should carry this shame and burden to his grave. If he keeps his job with AAL it would be beyond criminal.
Most are machine (automatic) buys - probably by polygon who may have
had a new lot of cash come through this morning.
I note that some buys have gon through at 5.53!!
GLA
A sea of blue this morning,am interested and tempted by the polygon offer,thinking about a jump back in ...Bad idea??
The money set aside for staff relates to share incentives awarded as part of their annual appraisals and so I assume are now part of their contract of employment. The one I'm aware of related to the date of first production. I doubt it will be paid in full given what has happened. GLA ETC ETC
Would that help the PI's or is Poly, playing to line their pockets, and will it eventually screw the PI's anyway?
Yellow, thanks for the interesting article. Griffith (the creator of Polygon) seems to believe that he could push the SM share price higher, either through a bidding war, or an alternative proposal; or compensated by AAL for its yes votes …
as he did similar tricks again and again, with a return more than 50%.
Hmm, very generous..
£21K+ on average to each employee (and most of them even won't be made redundant)?
{And I suspect we do know group who'll get highest rewards in absolute terms}
That's 1.5% out of our pockets (which could be on top of 5.5p)
“£19m will be used for the SM employee reward plans.“
The cheque will arrive stapled to a non disclosure agreement.
Polygon-
https://www.forbes.com/sites/nathanvardi/2016/11/30/hedge-fund-resurrection/
Does P have enough bargaining power to sell their voice for extra premium over 5.5p (or 405/7020= 5.58p) ?
There'll be no any time left for exploration unfortunately, due to huge backlog of already agreed payments with service suppliers, the only option will be - lights off.