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Am I right in thinking Polygon are building a blocking vote to AALs offer at the voting. If so what are their intentions.???
...not easy when honorable (!?) people bring with them a marked deck.
At least a three card trickster looks shady!
It sounds very much to me as if Mr Fraser isn’t really interested!
I think it’s clear that both the BOD, and in particular Chris Fraser,
and the board of AA see the sell out of investors as an advantage
to the situation.
From the day to day prospective for CF he will see no change, apart
from not having to deal with those pesky shareholders ever again.
so the move for him has advantages.
For us it is very different, this man and his team have taken our
money and now plan to lock us out!!
Indeed this brings to mind his rant to the press - in respect
of getting rid of Shareholders!!!
The whole thing really does look to have been orchestrated.
With a bit of luck CF’s rant will turn out to be his Achilles heal!
Yashmin
Thanks for your efforts yesterday and your speedy posts both here and over on sharesoc .
Personally I now hope you get a reply and a meeting with Steve Davies from jupiter as I would like to see pressure from the IIs put on the bod !!!
Were you able to find anything about the consortium financing or the level of a raise that they were in talks in December ? I understand they had limitations as to what they could say ! Do they still have dialog with the consortium ?
ffc
Your right Thatscoffee. Fraser himself said the share price would be a £1 in 2021. 85000 people fell for it. Plus all the big companies, They must had done there research before investing. That's what I can't understand ? Not getting much sleep nowadays.
'Thatscoffee 00.53' - Yorkshire is far from the sea? May I politely suggest you type 'Whitby' into the search bar of Google maps.
"pay a penny more than necessary to anybody foolish and/or unlucky enough to have invested in SXX in the past."
except when the CEO decided to ask for more more money by offering new shares starting at 15p each less than 6 months ago?? That was fairly "foolish" to trust CF when he gave a fairly positive overview of the company's position. This offer was completely hidden from all investors and has only been Public knowledge for a few weeks despite reports that AAL have been snooping around the mine for a long while now. Yorkshire is far from the sea but something smells fishy.
The captain lied, the poor stay poor the the rich get rich. After this interview I'm still in favor of
My shares being worth 0 and dragging the BOD down with me rather than the BOD and CF enjoying the fruits of hard working people's labour.
My team and I had a meeting with Chris Fraser this afternoon at Sirius' London offices and it was essentially an exchange of positions, with further clarification on what had already been announced. I believe the full debrief is on the ShareSoc forum.
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, if it meant staying in the game - with a chance to retain our cake or to just break even - I made this very clear, however this was dismissed because apparently we are few and far between. Jupiter recently declared their position, supporting our stance in this regard; this did not impact the dialogue.
I also asked if a 'white knight' investor was to turn up, would they be open to an alternative - more shareholder-friendly offer. They said, yes - absolutely - if it was a viable offer within the remaining time-frame. They did feel however that this was highly unlikely, having exhausted all avenues in that regard previously. They did also reiterate the threat of administration under a 'no vote'.
They were forthcoming in answering questions within their remit; the JPM chaperone sat alongside and Lazard was privy via teleconference.
We now have a teleconference with Anglo American later on this week to gauge their position and to let them know ours, underlining the actual value of our asset and the PR benefits of offering more, in terms of damage limitation. We will keep trying, until the fat lady sings - as they say!
If Investers are worried about insolvency, Investers have the option of selling the majority of their holding, but leave a nominal number of shares in their account. This should entitle them to still participate in voting on the offer!! If Investers voted NO, I am sure it would concentrate the minds of BOD, knowing insolvency would bring them down to our (out of pocket) level!! JUST A THOUGHT!!
No it is not.
81, this is people's emotions and dashed dreams: not their £sd rationality.
" If the EGM is in York I might turn up and, almost certainly, vote in favour of the AAL bid. I've lost quite a lot of money in SXX "
Why not sell up now and avoid risk of insolvency?
Well I will be turning up and voting NO. I accept that I made a poor decision investing here. Not for the Sirius project but for lending CF and the crew my support. Where are the? Where are our answers? Why have we not been given details of other offers? Why was an equity raise not put to the vote of us the owners? Why are the board getting a substantial offer from AAL? Why did CF average down on 10k? I for one will not be voting in favour of this until I get answers. And I have a few to vote with.
If the EGM is in York I might turn up and, almost certainly, vote in favour of the AAL bid. I've lost quite a lot of money in SXX - most of last year's other ISA gains wiped out - and would rather not lose any more.
The deal seems quite fair to me. Obviously, AAL is obliged to get shareholder value for their shareholders, not for SXX's, and they have no moral or legal obligation to pay a penny more than necessary to anybody foolish and/or unlucky enough to have invested in SXX in the past.
People claiming theft or illegal activity by SXX's board and CEO are just being silly (and possibly in some danger from the libel laws as well).
As a "proud Yorkshireman", I've accepted that I made a foolish decision over-investing in an inherently risky business which wasn't up to delivering on its ambitions, and had to call in the grown ups. I don't expect anybody to bail me out.
AAL is a well established and successful business currently throwing off huge amounts of cash, and paying a respectable divi. I've started building up a modest stake at between £19.50 and £21.50, and will probably put the remains of my SXX dosh in as well if the take-over goes through. It's good that an experienced company will be there to safe-guard jobs and the wider economic benefits of this resource.
BDO just saving their own necks. Stuff the shareholders they have got us this far now they can **** off with some scraps. We will take it from here it will be in safe hands and we will be mega rich in a few years. The shareholders will get over it.!!!
Ibab, just who are you, and whose axe are you grinding
I have pretty much the same amount to lose. But I'm most certainly not going to throw away any more than I have to just to spite anyone....and very surreal that you'd even consider throwing binning 25(ish)% to prove some sort of point. My future has been damaged enough - I'm certainly not going to vote to destroy it.
It's not far off theft selling us shares at 15p offer, While all along in talks with AA. And as others have said if it wasn't for Pi's they wouldn't have got this far. The company sold us the project on all there roadshows around the area.
And if your trying to be funny of course I believed it that's why I put my £190k life savings in. If it makes you feel any better.
Yes I remember it well if your local YOU would have heard that. Everybody was saying it, at work, in the pub,out dog walking. Probably started by the company.
What anyone would call generating share holder value. Theft is a better description. 20p min share value. It's a no vote from me and many other local holders
SXX and AAL offer
Dear Mr John2015
Thank you for your email.
We are currently awaiting the official Scheme of Arrangement document to be issued regarding this potential takeover.
Until the official document has been published we will not able to speculate on the proposal.
Once the document has been issued we will write to our clients outlining the details of the scheme, our clients options and how to submit your instruction with us.
We are yet to be informed as to when this document will be published.
Please rest assured that will be in contact in due course once we have been provided the official details of the scheme.
If you have any other questions, please do let me know.
Kind regards,
Tom Redmayne
Active Savings & Investment Helpdesk Consultant
Hargreaves Lansdown
The BOD, HMG, AA and shareholders were playing poker.
Shareholders looked at their hand and saw that they had 4 x kings so went all-in.
The BOD and HMG had nothing so folded.
AA had 2 x aces. HMG slipped them a third. Seeing this, the BOD slipped them a fourth.
So close but no cigar.
OR