Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Yes scotty very funny. It’s easy to criticise someone when things go pear shaped, but I’ve met the man on several occasions and have judged him to be honest and trustworthy. I know that he will have tried his best to make this project succeed and I know he will be feeling p***** off that he has failed to bring it off. It speaks volumes that he will receive a far smaller payout than he would if like all of us the project had come to fruition. Which would you choose given the chance £7m or £100+m , and yet people on here think he has done this deliberately.
Ironic that the defender of Fraser has a user name (th)ROBBER
Your not convincing me .
Aww, poor CF only getting away with 7 mill, excuse me if I don't feel sympathy for him, he has shafted genuine, loyal LTH's to the tune of thousands and thousands of pounds, he was either corrupt or inept, either way it's the same result for LTH's here!
Since october last year, he could have cancelled jpm.,or re tried the bond market s. He could have tried another OO. December consurtium offer , january consurtium offer, no we will not bother , lets carry on regardless and sell it for pennies .and the mans not been seen in yorkshire since before christmas , turn it in
Hi Throbber CF has had his pants pulled down by JPM and gang, simples. ATB Speedy
I was one of CF’s biggest fans but I have to say I feel incredibly let down by him. At best it looks like he got it wrong - misjudged things and wasn’t up to the job, he came with the best financial credentials and I for one had faith that he had the ability to pull this off. He’s let people down that were relying on him totally and maybe they shouldn’t have but the fact that many of them did means he must have sold it to them to make them feel comfortable in taking a bigger risk than they should have. He got paid a lot of money to do a difficult job and however you dress it up he failed and he let a lot of people down. I really don’t know whether he’s a nice guy who got unlucky or not but when that happens normally you get fired.
however you dress it up he failed and he let a lot of people down. I really don’t know whether he’s a nice guy who got unlucky or not but when that happens normally you get fired.
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exactly Fred. If he had any decency he'd pack his bags and leave Yprkshire.
But instead he's going to look after number 1, walk away with seven million and his job.
It stinks. It shouldn't ne allowed to happen. A NO vote could ensure it wont happen and may force him and his cronies to have one last stab at a raise.
Very. Well put fred, as normal , ill put it in a blunt northern manner , theres to many things that do not add up ere , and the bullshxt s stinking .
Hi Fred -
Take a look at this extract from author Michael Taylor’s no-nonsense January blog on his ‘Shifting Shares’ website. This is a professional investor’s view on the current situation.
It captures what most of us are thinking in a nutshell….
‘Anglo American has come in with an all-cash offer of 5.5p per share for Sirius Minerals’ stock. This was at a premium to the previous close of 4.1p, and in reality a higher premium if we ignore the fact that blatant insider trading was going on, with Sirius Minerals’ share price rising on heavy volume into the close.
Given that the company raised more cash from private investors at higher levels, and was trading above 20p earlier in 2019, the share price of 5.5p represents a huge discount to many private investors’ averages.
This is obviously not good, and many shareholders have been left feeling sold down the river. This is exacerbated by the fact that Chris Fraser has done and will continue to do exceptionally well out of the company.
Chief executive Chris Fraser, who lambasted bulletin board users as “sitting in their basement in sweatpants” just does not care.
In 2018, Chris earned £475,000. He paid himself a bonus of £548,625.
In 2017, Chris earned £475,000. He paid himself a bonus of £332,500.
Even worse, he owns 1.77% of the shares- awarding him a further £6,819,855 at 5.5p. The vast majority of which he did not even pay for!
Sometimes, it is better to be the man at the top rather than the shareholder.
One has to wonder the likelihood of Sirius Minerals’ directors of achieving plum positions at Anglo American. Of course, nobody knows for certain – but if I was Chris Fraser I would certainly have explored those options.
So with in mind, here is one final question:
Is the Sirius board recommending the takeover because it is in the best interests of shareholders or is the board recommending the takeover because it is in their best interests?
Great article that
Saw it when it was first published. And, for my money just about right on the mark.
Vote yes to salvage something
Vote NO in the hope of something else happening at the 11th hour or vote NO in the hope that it will screw CF out of his 7M. My 20k odd left is going on the latter two and especially the latter of those.
Nose of to spite face......
In for a penny...........
In my world failure should ‘t be rewarded
B------Hell!, never thought I would see the day, with a comment like that about J Curve!!
From JR that is.:O)
Question is?
Will JR and the BOD's/JPM/AAL suddenly pull a Rabbit out of the Hat if we vote No?
It's all a game of Brinkmanship possibly?
Great article Trinityman ……"Is the Sirius board recommending the takeover because it is in the best interests of shareholders or is the board recommending the takeover because it is in their best interests?"
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It's the latter.
The "advice" from JPM that a placing/OO would not be supported by PI's is balls. And we'll never know because they never tried. It's daylight robbery.
A NO vote may still bring about a white knight. It may even get the BOD off their arses and cause them to do a short term raise to keep the lights on. Fraser doesn't want to lose his SEVEN MILLION QUID nor does Scrimshaw want to lose his TWO MILLIOM QUID.
Make em work for it I say.
Why would a white knight wait for a "no vote"? Better to precipitate it by riding to the rescue NOW!
Agreed Pianista, sooner the better. But if there's a no vote there is still a chance for a plan B....Scrimshaw said admin was likely, not definite (despite what IBAB might tell you).
Worst case, no saviour, Fraser loses his job and SEVEN Million quid. That's a good enough silver lining for me. My investment has been decimated. Losing my last few quid to see Fraser lose several million quid is ok by me.
Long term- agree 100%. Voting NO. If CF held his hands up and offered his £7m of freebies to local charity, I might change my view on his character. But hey- this is a heartless selfish investment banker, so chance he will do anything other than look after No1.
The mine will get built, which is great for the local economy. Just a pity how he shafted the locals who bank rolled the early part of this story.