Member Info for Cranleigh

Or with Myo's better parameters, total 16,800 cubic metres, $2.4m. Small beer (or lemonade).

So not 60,000 cubic metres but from 2 shafts say 12,000 cubic metres x 2.8 = 33,600 tonnes.

Towards $5m at $145/tonne.

...but 2 shafts to mine depth, so double that up!

Tigger - 5,657 cubic metres on your assumptions (only O-Level, so E&OE!).

Any commercial value - depends IMHO probably on it being dewatered at surface, trucked to Wilton and equipment being commissioned in time to crush it etc...or it being stockpiled until such date.

Thank you casapinos and others who attended for relaying what you learned

Sorry, no idea why that appeared in triplicate. Sounds like i doth protest too much!

Never out, Scotty - whatever made you think otherwise?!

Never out, Scotty - whatever made you think otherwise?!

Never out, Scotty - whatever made you think otherwise?!

Speedy, I see where you are coming from in terms of likely SP reaction once Stage 2 is settled.

But be under no illusion - dilution IS forever, because the market capitalisation we are accorded at any point in time would be divided by the increased number of shares in issue to give our SP.

Whereas with subordinated debt and/or completion finance, the number of shares in issue remains unchanged (all things being equal - today's number plus Gina's $50m worth plus converted CBs and options...). So a greater market cap results in a higher SP than if we dilute.

Cheers.

Speedy - ain't nothing "short term pain" about dilution - it is forever!

So too most likely, unless negotiated and formulated for a limited period, would be a royalty, pace Gina.

On my preferred shopping list for the extra $4-600m (or whatever amount it is after the banks have examined remaining risks) would be:

1. Subordinated debt - higher coupon than the $3bn; but once repaid, existing shareholders will be free of that burden.

2. Completion finance - probably an upfront commitment fee/fee while the guarantor remains on risk, and a high coupon (or maybe a discount on Poly4 if the guarantee is provided by a customer) to the extent it is drawn, until we repay the guarantor the amount drawn down. Again, no long-term burden for existing shareholders.

I am hoping that 1, 2 or a mixture of them will be negotiated and fill the wee gap.

When and about what, GK?

Helpful if you could kindly post a line about it, if you catch it and it is of any relevance to SXX!

Agreed, theworld.

Many of our institutional investors are US based, accounting per my analysis of the Morningstar data for some 16% out of the total 23% held by IIs.

Capital Research are the big ones with over 9%, but there are several other significant US holders.

Jupiter at 5.8% account for the vast majority of the total 7% UK/European II holding.

There is going to be huge demand from UK-based IIs post Stage 2, I would think, looking to build positions over time through buying from PIs.

Myo, much though I appreciate most of your posts, do you think you could very kindly try and drop the interminable and unnecessary ……..s?!

They tend to.... remind me ….. of another, less pleasant, helpful and informative poster....can't think who.....

Russell Scrimshaw stated in the 25 July 2018 Mines & Finance conference https://www.youtube.com/watch?v=17au-_uckYE stated (20:42 in) that we had 18,000 local, Yorkshire shareholders.

So I would imagine we have at least 2 or 3 times that in terms of total PIs.

I agree - a bit surprising that the company haven't structured these awards so that, irrespective of when the milestones are achieved, they are all granted on (say) 31 March of the following year.

That way there would be one annual exercise/process to evaluate the achievement or non-achievement of Milestones for the year (probably alongside the evaluation of other bonuses and salary reviews), and we would get one bulk share issue and announcement each year, as opposed to dribs and drabs.

I think so too, Myo - Conservative Party Vice-Chairman, responsible for Business Engagement.

Agreed, PAAA, nothing to do with Juncker and everything to do with private parties willingly entering into a contract -and such risks could be covered by clauses specifying what happens if tariffs are in excess of x%, y%.

TS stated on the conference call last week that they would notify the market once a “conformed” (ie standardised as between all the lenders) commitment letter is agreed and signed.

It should come as no surprise to investors or commentators that Stage 2 is critical to the future of SXX. Mr McCrum's crusade is starting to look like a vendetta.

One wonders what the relationship was at Citibank, if any, between CF (a successful Managing Director, 2000-2009) and Mr Crum (an Analyst, 2002-2006, both per LinkedIn). Mr McCrum's summary of his time there was that he "spent four years loitering in Citigroup's equity research department where he picked up a few ideas about the value of luck, timing and a catchy pitch".

Sounds less than fulfilling, and that it left him pretty cynical, perhaps he also picked up some sort of envy of more successful colleagues?

He also "likes interesting charts, short sellers...." ...6.43% declarable shorts in SXX, perhaps 10% in total including those below 0.5%, so that must be fun for him too.