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"Leading up to this there was extensive “shorting” of the shares by numerous entities, which is supposedly an illegal practice."
Shorting isn't, but insider trading is.
"JPM pulled the plus"
Is that what you meant?
I propose to write the following to my local MP. It is in draft form and I would appreciate comments, help and advise before submitting it…..
Dear Mr. Raab,
I write to you as one of your constituents but also as one of approximately 85,000 small (well not all so small) private investors who were encouraged to invest in what is the largest private engineering project in the UK in many years.
The discovery of a large seam of Polyhalite fertilizer underneath the national park near Whitby was attributed to two gentlemen named Wood and Smith, after whom the mine is named. The company’s name is Sirius Minerals, the brightest star in the sky. But apparently not bright enough to attract the governments attention. The Tunnel Boring Machine was christened Stella Rose by local school children, Rose very British, I wonder how they will feel when it is renamed with something American.
Many local people, a lot of who went to and still work for the company in this exciting local project were enticed into investing their savings and pensions into the company. The shares, based on the exciting nature and the projected financial and environmental aspects of the project were traded as high as 45 pence based on the company’s projections and claims of the enormous economic potential of the project and it’s value in creating local jobs in a part of the country that had suffered severe job losses and under investment.
It is true that there was (is) a requirement for a huge investment to bring the project to fruition. A large part of this was because environmental considerations dictated that the only acceptable way to get the product from the mine to the port at Redcar was by digging a 17 mile long tunnel containing a conveyor belt. There were also other environmental constraints relating to re-landscaping of the area of the mine itself. All of these the company wholeheartedly bought into, despite the added expense. It has in addition to employing local people, provided funds for local schools, charities, sports clubs and environmental initiatives.
All went well initially until it came time to raise further capital which the company supposedly did together/through/with J P Morgan for approx £500 million for the next stage of the project.. JPM pulled the plus on this at the very last minute. This caused the share price to collapse as low as 3p from a range of 30 to 45p. Oh, and JPM have subsequently been shorting the stock.
The company drew up a revised plan to conserve cash pending finding alternative sources of funds. It turns out that AAL were lurking the background and in secret communications throughout the whole of this period. A fact not disclosed to shareholders.
Leading up to this there was extensive “shorting” of the shares by numerous entities, which is supposedly an illegal practice.
I am only a relatively small share holder but an investment of £18,000 of my pension pot in now worth less than £4,000.
Your party, whom I have su