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With the share price in excess of Anglo America's offer price this would be an ideal opportunity for shareholders to sell the majority of their shares and leave a nominal amount in their account to vote NO when voting on the share offer deal (electronic voting forms are usually sent to shared ealing Corporate Action account tab). This would surely force the BOD to explore other options. Firstly dropping their connection with JPM - they are not the only ADVISERS in the market place! This PROJECT is HUGE. I believe the government would NOT allow it to fail and eventually would offer up funds for it to continue OPERATIONS in some CAPACITY rather than go into administration. This is the SHAREHOLDERS MINE!! If the company continues operations, shareholders would be able to reinvest their funds - a win win case. The BODs cannot be seen to wipe the floor with shareholders ... they work for us!! If need be CHANGE THE BOARD. Just my opinion.
Compensation , thats a strange word for employees that reatain there employment
Just look at the central banks, and bitcoin. All the bad publicity surrounding bitcoin dogging it as an investment, talking the currency down. Then before you know it.... We are all going to set up our own digital currency. What’s next, HMG set laws, rules and regulations thus nullifying any advantage to the small Investors. Can not have the small fellow venture out from ones squaller what?
Among the £405m that AAL to acquire Sirius, £19m will be used for the SM employee reward plans.
Therefore, although many employees may loose some money in their investment in SM shares, they will keep their job and get some compensation/rewards (if the £19m are shared evenly by their around 100 employees, everyone would get £190,000 , that might be more than most of them have invested). Therefore, the AAL deal should have been welcomed by most of the SM employees.
Only the investors out side of the company take the big loss, to get this project at the bottom of the market and an attractive deal to AAL and be a successful ending of CF's own well-planned and well-executed adventure project.
Why are we getting big buys at 5.52/3 what’s the reason for this....I don’t get it... or is there some light ...
Couldnt agree more Wenglishboy.
Its like building a house from scratch and then the bank saying "oh its too much risk to lend you the money to put a roof on the house''. Along come the Big boys and buy the house for peanuts and take all the rewards.
I opulent put it passed jpm to offer Jupiter a sweetener to vote in favour... I think this deal shows the absolute corruption that exists within our financial markets. This example should be held on file and be taught in financial courses around the globe. This was most certainly a learning curve for me, but the lesson I have learned is, the game s rigged to the hilt. I for one do not wish to take part in this shambles of a market place any longer. If no investigation is taken place here then more fool anyone for thinking they have a chance of helping a small idea being nurtured into a great employment opportunity and profit making idea. Fact is if it has huge potential then it probably should not be invested in as the big boys don’t like the small fry taking a cut, they just want you to take the risk. Absolutely disgraceful. A fool and his m eye is soon parted on the stock market. Love the tiny big boys on here who think they have nailed it. Come on here prying on misfortunes. All working for AAL, JPM , Sirius and the likes. They really show what the money markets and the people who inhabit them are about. Good bye.
Noonymass,I am talking about ownership ,not value of business done .Chalk and cheese !
The bod .not the staff
I believe that most of the SM staff are also shareholders; if the company can be kept in the market through production, the return from their shares could be much more than their loss in one or two months unpaid leave.
They do not wont the consurtium ,
Totally agree wwguk.
Saying there is no appetite for a fund raise is also ridiculous.
The las OO was oversubscribed. One where the companies survival as an independent entity depends on it and our options are total loss or the possibility of a reasonable return on outpr investment would undoubtedly focus the minds of the 85,000 facing huge losses to have one hell of a try to get the funds required.
SXX really do like like they do not want to try and they couldn't care less about the PI's .
Why has everything have to happen by the end of March?
___
Because Fraser, his JPM advisors and AA ex Fortescue aussie friends say so.
KOH
I have not found any convincing argument or details that would make the debt based Alternative proposal not acceptable.
We know that this would involve dilution; possibly a large one, e.g., leaving with shareholders around 25% to 30%. But this would make the shares worth much more than 5.5p per share in the long run.
The time is a constraint. But if the managers of SM are determined to search for better options, they could plan ahead and act asap to reserve more money to let the company running longer. SM still has positive Net Asset. If they do some further down tool, they can last much longer. If they stop spending, they can stay in dormant for years.
They just need to make advanced discussion with the consortium to work out a acceptable firm proposal asap!!
To get additional one or two months, SM could stop the TBM in drive 1 as its progress and potential have already been demonstrated. SM could also ask staff to take unpaid leave for one or two months. They should do this right now, as any spending and construction progress at this stage is almost meaningless.
Calamari I agree the RBS 20/01 says the scheme document to detail a the arrangements for a vote on the firm offer will be issued within 28days i.e. by 17/02/20 and it is expected to take effect ( the vote will have happened and the sale of all SXX shares would take place by 28 March ) if 75% of the shareholders vote for the offer.
So we have 3 deadlines
The Scheme document issued by 17/02
a vote whenever the Scheme document says it will be
and if 75% of shareholders vote for the offer on that date, completion by 28th March.
I have asked Hargreaves Lansdown, my brokers, to explain arrangements for voting by proxy (via them) to me and received a reply saying they will do so. As soon as I have that reply I will share it here.
Now that made me Giggle.
Smed.
I take it this is the firm offer - was there an RNS if so I missed it in the hundreds issued ! So Mar 28th is the new deadline not mAR28TH IS THR NEW DEADLINE ?SHOULD READ I take it this is the firm offer - was there an RNS if so I missed it in the hundreds issued ! So Mar 28th is the new deadline not Feb 5th ?
I take it this is the firm offer - was there an RNS if so I missed it in the hundreds issued ! So Mar 28th is the new deadline not mAR28TH IS THR NEW DEADLINE ?
Timetable
? It is intended that the Acquisition will be effected by means of a scheme of arrangement of
Sirius under Part 26 of the Companies Act, further details of which are contained in the full
text of this announcement (and will be included in the Scheme Document). Anglo American
and Bidco reserve the right to implement the Acquisition by way of a Takeover Offer, subject
to the Panel’s consent and the terms of the Co-operation Agreement.
? The Acquisition shall be put to Sirius Shareholders at the Court Meeting and at the General
Meeting. In order to become Effective, the Scheme must be approved by a majority in
number of the Sirius Shareholders voting at the Court Meeting, either in person or by proxy,
representing at least 75 per cent. in value of the Sirius Shares voted. In addition, a special
resolution implementing the Scheme must be passed by Sirius Shareholders representing at
least 75 per cent. of votes cast at the General Meeting.
? The Acquisition is subject to further conditions and terms set out in Appendix I to this
announcement, including the receipt of the relevant clearances from the competition and
regulatory authorities.
? Bidco and Sirius intend to work together (to the extent legally permissible) to engage
constructively with relevant stakeholders.
? It is expected that the Scheme Document, containing further information about the
Acquisition and notices of the Court Meeting and the General Meeting, shall be sent to Sirius
Shareholders within 28 days of this announcement and it is expected that the Scheme will
become Effective by 31 March 2020.
In accordance with Rule 2.6(a) of the Code, Anglo American is now required, by not later than 5.00 pm (London time) on 5 February 2020, the date 28 days after today's announcement, to either announce a firm intention to make an offer for Sirius in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Sirius, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
SO HAS A FIRM OFFER BEEN MADE ?
Now we no JPM are running sirius minerals , what are the chances of the consurtium getting any dialogue with sirius , now jpm are a chaperone to fraser , and every word that he speaks looks like its being disected first by jpm
Now we no JPM are running sirius minerals , what are the chances of the consurtium getting any dialogue with sirius , now jpm are a chaperone to fraser , and every word that he speaks looks like its being disected first by jpm
"I had asked the burning question regarding self-funding and why we were never asked. Essentially, their historical data shows that there's minimal appetite and capacity for the sheer volume of capital needed among PIs. Furthermore another equity raise would have negatively impacted the share price - at it's most vulnerable point. A lot of us - including myself - would have been happy to contribute"
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1. Historical data? This is a unique situation
2. Minimal appetite amongst PI's? In the current situation it may be the only option to salvage something. Other new investors would come in too.
3. A raise would be negative on the share price in the short term for sure but better in the long term.
4. They are happy to give the company away for 400m. A raise at 2.5p for the 400m would leave the existing shareholders with 30% of the company.
How are the 28 days calculated - is it working days OR CALENDAR DAYS ?
calamari: "In the event of an AAL take-over, SXX bonds would increase in value because AAL has a much higher credit rating."
So this might the reason why Polygon sold their 5m CB, as the CB price was moving up in past few weeks; and Polygon expects some twists of the AAL offer or the emergence of the alternative proposal?
AAL will submit some documents prepared for the voting.
So, this is what you are expecting.