Member Info for 15LIVES

Calamari

All of these people we shall owe money to though aren't or can't they be paid off out of what Is already left so that if we do get a no vote and AA pull out then we're left owing no one. Our project is then mothballed and that would surely throw our plight into the political arena

I must get on with this boiler now lol.

Franalex

I have read up on administration. That's where I read administration does not necessarily lead to insolvency. The two are different.

Devonplay

I'm not suggesting anything. I'm merely putting the questions out there for answers I'm uncertain of and which as a shareholder I'm wondering about. As I said, I'm certainly no expert. What I'm trying to think through is a process whereby we can even at this stage fight fir an outcome better than this AA offer.

Apologies if I'm coming across dogmatic.

Who are our creditors that should have read lol.

Sorry. Rushing my replies whilst installing a boiler.

Devonplay

If we run out of money, lay everyone off and padlock the gates because we have no more money coming in then who ate pur creditors?

Who are the administrators looking to pay off?

Hi FFC

I'm well thanks.

Be glad when all of this is sorted.

Franalex

Administrators main priority when they take over the running of a company is to find a way to keep that company solvent. Ipso Facto that is in the best interests of the shareholders during that period.

Calamari

You can still be a ruthless bastard when it comes to the decision making whilst at the same time recognising the need to keep your shareholders informed.

Devonplay

If we fall into administration then surely we go to the front of the list. Administrators remove the power of the BOD and seek a continuation of the business for its shareholders. Those owed money by us if we enter administration don't get paid whilst attempted restructuring is undertaken. Only if we then go into insolvency do we go to the back of the list.

Those saying we appoint the BOD to undertake decisions on our behalf are exactly right. However, these are exceptional circumstances and in light of that I would think more information on this rejected consortium would show a bit of empathy. I'm not sure from a legal perspective though how much could be revealed.

For what it's worth I think Fraser is still fighting behind the scenes to raise the money. He's displayed in the past his ruthless side when at the last minute dropping those he was in discussions with for the shaft sinking contract in favour of another. I don't care what his legal obligations are now that he has backed AA offer. He's a ruthless bastard when it comes to business and in my opinion he still wants us to be independent.

P4R

Because the share price went down
.

Tex

Not necessarily. There could be many here who'll vote yes but not selling just yet because they believe the vote shall go in AA favour but hanging on in case there is a counter offer in the meantime

Smokie

You say that you're not claiming to be smarter or cleverer than people here.

You may not be claiming it but with an overview like that your thinking is clearly better than a hell of a lot on here.

LTV

I can see your thinking there but I have to say that even at 11.59 we don't have to vote yes.

A no vote at the last minute may indeed throw us into administration but that in my opinion shall then throw us into the political arena.

We who own this company have more power than I think most of us realise if only we hold our nerve.

LTV

I agree with most of what you say but the only thing I have trouble with is when you say Fraser is running the clock down to prevent us having an alternative. Surely the more time between now and the vote gives more time for other interested parties to come forward.

Tex

Perfect post which sums up our situation as far as I'm concerned. Yes there are questions that need answering regarding the SR but for me that's all.

No deception just a BOD out of their depth. Fraser was highly ambitious and I can't criticise anyone for being that.

I'm still holding. Haven't sold a single share. I was buying more all the time we were at 3.5p and I'll be voting no.

This has always been a high risk stock. The trouble is many didnt realise it. If you choose to invest in start up companies on AIM (although not now ) you have to along the way be prepared, willing and able to face and play for high stakes.

That could happen as you point out.
Alternatively, the undertaking of a rights issue by the IP to existing shareholders to raise the monies required for construction continuation.

Administrators would look at why shareholders had rejected AA offer and consider means of company continuation with shareholder backing.

The point I'm trying to make is that a rejection of this offer doesn't mean administration where we are dead in the water as shareholders and that AA get us for nothing.

We won't either in my opinion go into liquidation because our assets are worth more than our liabilities.

I think what's important to remember with administration is that it's not a permanent outcome, but rather administration is a temporary holding point whilst a concrete proposal and plan is arrived at for the continuation of the company.

OldRascal

Whilst the prospect of administration has to be considered with a no vote I don't feel enough consideration is being given to AA possibly raising their offer should a rejection of their 5.5p transpire.

OldRascal

Whilst the prospect of administration has to be considered with a no vote I don't feel enough consideration is being given to AA possibly raising their offer should a rejection of their 5.5p transpire.

I can't see what relevance....

Jaffaman

If it's on Facebook then I haven't seen it because I don't go on that.

I get all of my company statements from RNS. At no point in those were we promised all debt at stage 2.

I'm a little bit puzzled by your reference to Fraser not taking Sirius private too. I can't we what relevance that has to us being potentially taken over by another public limited company.

Jaffaman

You've just posted a comment in question marks that says stage 2 shall all be debt.

From where did you get that?