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Don't talk rubbish calamari !!
You are sowing seeds and everyone here knows it !
Is the talk of the devil... and the shorter of course...
Getting a bit desperate again calamari ?the shafts will NOT fail !!!
Not sure what is 'priceless'.
Ringfencing monies to employ speciailists to fill in a hole would simply make that specialist a creditor, but not a preferential one, so if ultimately the company were to go into administration/liquidation then their losses would be listed against those of any other parties, and any excess monies would be paid accordingly to said creditors after the administrators fees were paid, etc (which nowadays seems to be standard practice to be more than that recovered).
Companies cannot legally simply 'ringfence' monies in their bank to pay certain people, and not others. That would be a 'preference' and simply not allowed.
You may have a claim against the bank if they “advised” you to put them in an ISA.
So as heartbreaking as it is most of us are nursing massive losses, just a question that if anyone knows the answer to, please help, it may help a lot of investors that have suffered losses in SXX.
So here goes: I am an employee and only pay tax through PAYE and i don’t need to fill out an annual tax return. My losses in SXX are quite considerable and have been incurred whilst in a Barclays Smart investor Investment ISA, so the question is can i use the losses here to reduce my PAYE contributions going forward. ???
That’s a very specific question, i’m not looking to reduce Capital Gains going forward as i have no assets to sell, i just want to know if my ISA losses on this share can be used to reduce my PAYE income tax .
Thanks in advance
Indeed, but if it is April and that has been know a considerable time then that would raise the question of how long have they been trading insolventy ?
A company cannot 'ringfence' a portion of its reserves to fill in a hole if insolvent.
In a letter to Share Soc, which is acting for several individual shareholders, Sirius said that the alternative debt-based proposal, which was indicative and non-binding, also would have required the company to secure concessions from some of its key creditors.
Sirius reiterated that there was “a very material risk that the overall funding package would not be implementable by the end of March 2020” and it had therefore concluded “there was not likely to be an alternative to the Anglo offer other than administration or liquidation”.
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One of the biggest shareholders in Sirius Minerals has called for the North Yorkshire fertiliser mine developer to pursue alternatives to a £405 million takeover by Anglo American.
Jupiter Asset Management, which controls about 7.8 per cent of Sirius shares, urged the company’s board to explore a rival approach from a consortium of financial investors offering $680 million of debt-based funding. Jupiter said that it wanted a proposal that “would enable shareholders to remain invested in the project”.
Sirius has already recommended the Anglo takeover as the “only feasible option” to save its project and prevent it going bust, wiping out investors — including 85,000 retail shareholders — altogether.
The miner believes that the alternative, debt-based funding proposal is “not acceptable”, for reasons including that it would have required the company to “undertake a substantial new equity-raising”.
Sirius Minerals is developing the Woodsmith mine near Whitby to tap a huge resource of polyhalite, a nutrient-rich fertiliser, from about a mile beneath the North York Moors National Park. The project would be Britain’s biggest new mine in decades. Sirius has already invested more than $1 billion in developing the project, but it requires more than $3 billion in extra funding to get the mine to production.
It launched a strategic review in September after failing to complete a $500 million bond issue and it recommended a 5.5p-a-share takeover by Anglo last month after concluding that there were no other viable options.
The takeover by the FTSE 100 miner will crystallise heavy losses for many investors, who saw shares trade as high as 37p less than two years ago.
Jupiter Asset Management is invested in Sirius primarily via its Jupiter UK Growth Fund, which had £996 million under management at the end of 2019, at which point Sirius accounted for 1.6 per cent of its portfolio. The fund, managed by Steve Davies, has significantly underperformed the FTSE All-Share index in recent years.
It is also invested via the Jupiter UK Growth Investment Trust, a listed trust valued at just under £50 million, of which Sirius accounted for about 1.4 per cent of the portfolio as of the end of December. This also is managed by Mr Davies, although its board said last year that it was reviewing “alternative arrangements” for the fund after several years of underperformance. Mr Davies called on Sirius’s board to “pursue any alternative options, including the consortium of financial investors who submitted a proposal for a $680 million funding package earlier in January”.
Jupiter declined to comment on how he would vote on the Anglo proposal, which is due to be put to shareholders shortly and requires approval by 75 per cent of Sirius shareholders.
In a letter to Share Soc, which is acting for several individual shareholders, Sirius said that the alternative debt-based proposal, which was indicative and non-binding, also would have req
Also, the other thing to me is whilst I appreciate Sharesoc are meeting with Sirius today, why is it that it only seems to reference Chris Fraser as being at the meeting. Whilst I understand he is CEO/MD, surely Thomas Staley (the Chief Financial Officer) should be answering many of the questions at hand, as this would fall under his remit.
Personally I would have been pushing for him to be at this meeting, and answering the question, as get the impression that Chris Fraser is quite used to dealing with such circumstances, so will do so with a level of comfort, whereas it may be very uncomfortable for Thomas, and therefore may be far more beneficial to Sharesoc/us PI's in terms of what comes out of it.
Re 'Insolvency', I would suspect that based upon the companies balance sheet it is certainly not, so the test would be whether the company is solvent based on its anticipated cashflow position.
Without knowing the terms of the supply chain contracts, contract types, etc, we do not know the penalty clauses for termination. We also do not know dates to which payments to other parties are assured. That said, we do know that the company 'ringfenced' an amount of money to fill in the hole should the worst case happen, and I'm not entirely sure in insolvency that such is allowed (ie ringfencing monies for a preferential task, when there are no preferential creditors).
You would expect very little, if anything to be owed to HMRC, as its a new build company with no incomings, so if anything there will be monies due to the company from Revenue as is the norm. This itself could be considerable.
The question must therefore be asked, if the board now deem the company insolvent now, then how long has it been trading insolvently, as I suspect it could be argued a considerable time due to have no firm access to the required finance. It this were evidenced then the directors themselves could have recourse against them, and questions certainly need asking about 'bonuses', etc, ie on what basis they were paid.
Personally, I don't think the company would ever go into liquidation. The threat of it is what Sirius are using to their advantage at present.
Meeting will be held today at 3pm , Tuesday.
:-) ffcmember, my Dad used to Indian burn me! I blame that for my hair falling out.
:-)))
Hi folks.. Was it today that Mad Frank was due to have a face to face with sharesoc + a body of pi's or have I misinterpreted an earlier post?
ATB LB
Re-posting an extract of a post I made over the weekend, as I think talk of a vote in two weeks is wrong. Happy to be corrected.
As I understand it, the proposed takeover is being progressed as a Scheme of Arrangement, which has slightly different criteria to a contractual takeover offer, but which still follows a similar timetable. That key aspects of the timetable from our perspective are that:
- The Scheme Document needs to be published within 28 days of the announcement of the firm offer (i.e. by 17th February)
- Once the Scheme Document has been published, there must be a minimum of 21 days before the Court Hearing and the General Meeting (at which shareholder votes take place).
- The Court then has to sanction the scheme before it becomes effective (the 'Effective date') which could take a further two to three weeks.
- The acquiring company must then settle (pay the monies) within 14 days of the Effective Date.
The above is consistent with the company saying that it expects the scheme to become effective by the end of March. So this means that the vote is still somewhere between three and five weeks away, depending on when the Scheme Document is issued. Clearly, AAL will probably want to issue the Scheme Document as soon as they can, because it narrows the overall window available for any counter-offer.
Another thing to note: The BOD have NOT sold their shares or agreed to sell their shares - they have given an irrevocable undertaking that they will vote in favour of the Scheme at the Court Hearing and Special Meeting. 'Irrevocable' suggests that they are committed to do this regardless of what else may happen (e.g. a better offer), but given that their holdings only represent 2.5% of the company, it's unlikely to be material in terms of the final outcome. It clearly appears, however, to be an endorsement of the AAL deal, although that deal could obviously be adjusted in the light of an alternative offer (so conceivably they could still meet this obligation by voting for a better AAL deal).
Reg - “
The entire £1b+ project has been paid for by institutional and private invester's hard earned savings”
Indeed - without us Sirius would be mowing the grass in an empty field!!!
Sadly Reg ,they say it's the 5.5p or administration and 0.0p
I'm voting No
ffc
As a long term holder I am disappointed with the board recommending 5.50p offer and not giving us an alternative offer. It should be the shareholders who make the decision whether offers are acceptable! Correct me if I am wrong, but all the risk with shaft sinking is shouldered by engineer contractors! This project is worth more than £409m. When the meeting is arranged someone should table a motion of no confidence in the Board or Chris Fraser. The entire £1b+ project has been paid for by institutional and private invester's hard earned savings. In my view the Board are not putting the interests of shareholders FIRST.
Hope they took Myo with them ???
Hope so Bellers ,Trouble is I think Cliff may need to have been a specialist in some kind of torture to get anything out of them ???
Should have taken me , many many years ago I was good at Chinese Burns .... lol
Did he turn up to meet Sharesoc today?
So I guess the New Forest is out of the question then ! lol
I hope it's in York tbh as that must be the best chance of the meeting being full of Private (local) Investors
If it’s London I’m going!
Thanks wwguk
ffcmember, Some articles mentioned that the voting is expected in 28 days after the firm offer.