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Casa, "As to the latter , in AAl's shoes I would have arranged several hundred " tame" small shareholders with 1 vote each ". The chairman has the authority to disregard any share splitting, which is what you are intimating.
See Dee Valley judgement.
Hi ffc. The final touches have been put on a letter to sxx which addresses many of the questions shareholders are asking clarification on. That letter will be sent by sharesoc today also requesting a f2f meeing in which disclosure is hoped for. Central to the discussion will also be shareholder funding which i believe is still plausible. If sxx do not come back with a favourable response we shall have to look at the next cause of action, however, as what we are asking for cannot be perceived as onerous we are hopefull of a positive response. We shall keep you all posted.
It's almost laughable that a story comes out in the newspaper days after share price increases saying Sirius are investigating. And yet when the share price tanked 10% on the 28th September not a word was said!! Other oddities to think about. 1. What was management doing in a pub at lunchtime speaking at the top of his lungs about AA takeover. 2. Dog walker hears and immediately rings his 1000 friends to give the share prices the impetus required to increase 11% - highly implausable. 3. Bucky buys shares that day after seeing the share price increase despite writing numerous times, ad nauseum, that he would not invest a penny until he saw the financial package. Did bucky know something before hand. - plasible. 4. How many times have we heard rumors and nothing has happened to the share price and yet on this particular occasion...
More plausible is that Sirius have put this out there to cover the real leak which gave them the excuse to issue the RNS about the AA intended take over. Why didn't they issue an RNS for the 680 million offer? What would have happened to the share price had they done so?? Would AA have had to pay more than the derisory 5.5 pence they have offered??
We are trying to arrange a meeting to discuss the current situation with ShareSoc. Top on my list will be to review the offer made by the consortium to understand what it is that is so onerous that cannot be resolved in two months. Cannot speculate at the moment. We need to get our hands on that offer. The BoD have played a great game of chess in running down the clock and putting us on the brink of bankruptcy imho.
25 out of 119 posts today belong to Bucky. I'm not sure if that is on par with his average.
Are you arguing that it is worth more??
What was a brilliant heartfelt post by Jimter has been spoiled for everyone by you know who.
Intangibles
I think you are muddling your thoughts. You are so desperate to say AAL are overpaying that you will argue anything. Simple point is they are paying 386 million minus the cash in the SXX bank that is not accounted for. Gina's lien will be paid off in the same manner it would be paid off if SXX shareholders were allowed to fund the 600 million. You will be called to testify.....
The woman down the road sold her sandwich shop recently. I think she got 80K for it. The buildings did not belong to her, the chairs and counters could not have cost more than 2 to 3 K. How did she manage to make 78K? Good Faith and a going concern. It's not something that you can physically hold, but it certainly has value. For you to say that the Torps are not worth anything shows again your disingenuous nature. Would AAL even have been interested if the TORPs were not there? You can argue that the TORPS are included in the consideration, but you cannot say they are not of value and hence a company asset.
Here comes bucky with another bunch of assumptions. Are you saying that AAL are not shrewd? They certainly can see the potential in this mine. They are paying 1 billion. No they are not. The equity costs 386 million. Ginas liens are part of the infrastructure and are not counted as she will be paid over time - if AAL decide to buy her out, do not be disingenuous and add it to the cost of the mine. What debt are you talking about? In November we had 180 million pounds (from memory) 110 million was allocated, a chunk was not and we had 50 million to fill the hole. In effect AAL are paying 336 million for it. They are getting 1.8 billion USD of work for a pittance. Even you can reach the conclusion of it being a bargain if you thought long and hard about it.......Ah, I guess it will be difficult for you to go against your paymaster. You will be called to testify......
Fantastic insight to this project. I also, being a civil engineer, have never seen the difficulty and the risk they cited as the reasons for the bond failure. Surely banks would have employed someone like you, with the knowledge, to tell them that. But it was used as one of the excuses nonetheless. AAL have now confirmed they seen no issue. They say that hope is the last thing to die, and like you, I hope there is still another twist in the tail of this stock.
8. We do find ourselves in a difficult position at the moment, because no offer has been made by AAL and/or a-another for that matter. Time is ticking and we do not know how much cash is left in the bank. I believe that is a number that SXX should be giving to us and is something ShareSoc might be able to help with. Given the BoD power to place us into receivership, if SXX look to be going bankrupt, I for one, would be keen to know how much is left and what steps could be made to make the budget stretch out further.
Lunchboxbill, you raise a very valid point and I think you deserve a response. What is the best scenario we could expect (in general and with SXX).
1. The best scenario is the one that Myo has alluded to in recent posts (sorry Myo, correct my understanding if I am wrong); the CEO will come good, shorts have been reduced, 600m USD finance is found and the share price starts its steady climb until the 2.5billion USD for the deferred stage is needed. Which is two years away.
2. If finance is not found from outside sources, then current shareholders are given the opportunity to raise the funds. Given the company statement that they feel there is not enough retail market for the funding (admittedly I think SXX were referring to the whole shebang of 3billion USD and not 600 million) I think this is where ShareSoc could help us, by getting SXX to agree to this avenue. If this has not been tested, then they cannot say that there is no market; and failing to look into the possibility sounds a deliberate grounding of the ship. Admittedly, if shareholders cannot fund it, then there is a serious risk of zero value.
3. Other companies are interested in SXX and enter a bidding war that could lift the price to a higher level – I cannot even begin to guess what that level could be, but certainly not too far from where we are now.
4. ShareSoc could help us with disclosure of what the BoD and the CEO have been doing over the past 9 to 12 months. A duty of care is owed to the shareholders; unfortunately the directors are indemnified against stupidity. They are not however indemnified against criminal activities – not to suggest that such has been going on despite the current perception.
5. We become organised and start to work in one direction. The point of becoming members of ShareSoc is that it was clear and obvious that all the opinions we had were not being focused and we had no voice. ShareSoc can help us to focus and concentrate our thoughts.
6. We hope that ShareSoc can help us get a meeting with SXX. A lot is being said on this page, however we do not know if the company are listening to its shareholders or if they are just being single minded and progressing with what they think is the best course of action. I do not subscribe to the theory that 600million USD cannot be found and with the help of ShareSoc we need to find out why the company have failed in achieving this goal – after all, many a reassuring comment has emanated from CEO saying that past lessons were learn. Can we have the transcript of those lessons and why they have not been enforced.
7. ShareSoc have a network of people who might be able to influence and bring pressure to bear. Individually we do not have a voice, apart from writing on this blog, which only lets off steam and/or raises the blood pressure, depending on who is the author.
Does many inexperienced investors include the II's who have dived into this project? Let the investors have a chance to find the funds for this 600 million USD stage. Why just state something that has not been tested or proven. Or is 600 million USD not enough to finish the first stage and we are not being told the full story again?
Sure, the 2.5 billion in two years is another huge obstacle to surmount, but who knows what can happen in two years.
Sorcerer, waiting for your email.
Check your email
Fair price for who? You
Did you read Myos’ last post on conspirator theory. Sounds like you
Personally I cannot see iis taking the first offer, although it depends on the carefully crafted recommendation of CF.
Dears, The below is a small snippet from an email I was copied into from ShareSoc. It appears that 200 people have joined so far but some have not provided an email contact. Can you update your details, that way you will receive the email.
"I am intending to send an email to the 100+ shareholders who have joined ShareSoc and sent us emails (around 200 Sirius shareholders have joined but many have not sent an email) with their views. I will set out as best I can what ShareSoc is doing to help them and our discussions with you."