Member Info for Cranleigh

Wow, impressive volumes of dust in that video! Hopefully less off Poly4, but where there’s muck..... I see blending being done in-market to the requirements of our customers’ customers (or maybe our customers’ customers’ customers) but all will become clear.

Very helpful, Bandanaman. Any guidance on the likely speed of loading your suggested 100,000 dwt vessel by conveyor eg tonnes per hour? Guess maybe one can deploy more than one conveyor at a time as these are multi-hold vessels, or does safety dictate otherwise?

And add to that list: Low cost of extraction/delivery to port Very high margins No waste - 1 tonne mined = 1 tonne product 4 essential nutrients Future appetite from IIs for shares - dividends from 100+ year mine Stable (?!) developed world location

Bulk means bulk. Those 1-tonne builders’ bags are only good for being lifted about 3 times. We are selling huge volumes which will need to be trans shipped several times before getting to the end-user. Our product will most likely/often be blended way downstream before it gets into bags of whatever type near the end-user.

Having done the Boeing tour near Seattle last year, I look forward to viewing our more modest establishment in ?2021!

Nonsense, OR.

The car manufacturer have told me they plan to borrow the money - I'm happy to pay the interest and repay the principal out of what the completed car will earn me....but not to have to put up more equity or end up owning just a bonnet!

KoH, I can’t agree. Ending up with half my current stake (%) in the company is not why I invested here, with all the risks involved. Stage 1 was all dilution - Gina deal from our top line, all the rest (assuming all CBs converted, which seems inevitable bar a sweep-up) from our bottom line. The Board’s oft-stated plan is for Stage 2 to be all debt, and I sincerely hope it will be. Enough dilution, already!

Dagger, yes that's 4.46% of our total shares in issue (4.7bn) shorted...by holders each shorting at least 0.5% which is the threshold for publication of shorts.

Those shorting below 0.5% are IMO about the same again, to judge from monthly Euroclear stock lending statistics.

This is a classic hedging strategy by holders of Convertible Bonds such as ours. My personal belief is that almost all, if not all, the shorting in SXX is by holders of CBs hedging, and that there are no or very few investors actually betting on a fall in our SP and needing to buy shares in the market to return the borrowed stock.

Thanks, IB. That's the share equivalent of around another 9 bonds digested by the market. All grist to the mill.

To have a positive share price over the past few days, despite the expectation of an increase in lending costs when we are about to start borrowing up to $3bn, speaks volumes!

No, that increase results from the exercise of options held by an ex-employee, as notified by RNS on 26 July.

But if you spot a further increase of 650,195 shares or a multiple thereof, that will be the result of bond conversion/s.

“will ADM now take a stake in Sirius??"

I would hope not - we don’t want other fertiliser distributors around the world, our actual and potential customers, to perceive us as too closely linked to one of their competitors IMO.

The North America and South East Asia (via Wilmar) offtake agreements plus now the binding material and R&D cooperation are enough for my taste.

I would hope they don’t take an equity stake through buying in the market, but it’s a free world. And certainly not a stake via any new share issue - all-debt Stage 2, please!

Been tucked up in bed, tuckupp?!

Me too....the prospect of the things I mentioned might well work on a good slug of the CBs before long

Myo, I think the “something else in the offing” is more likely the impact that an all-debt Stage 2 should have on the share price plus the approach of the sweep-up possibility. Both those would entice me to convert if I held bonds.

I expect they will, chilting. So much the better if the SP continues to rise nevertheless!

“with the shorts waiting in the wings the SP could come under pressure at some stage” Eh? Those who have shorted have already sold the shares they have borrowed!

I wonder what US investors (our present ones including Jim Glickenhaus, and potential new ones) will think when they read of our tie-up with ADM. Presumably ADM will release the news today their time.

Maybe some more US PI and II interest in and buying of our shares (a lot of our present II ownership is based in the US)?

PAAA....nothing like that many "on offer".

Reported (>0.5%) shorts just went up to 4.27%, and Euroclear's lent stock figure for June (average) was 7.98%.

Assuming (almost) all shorting and stock lending relates to the CBs, I think the figure that might be "on offer" from the 1,221 outstanding bonds is more like 400m shares...and probably some of those will only be offered over a period of time.

That's paltry compared to what I would see as the future appetite of IIs if the project continues to advance well and Stage 2 is all-debt.

“This partnership has resulted in a greater understanding of the production of the POLY4 granules and has already identified operational savings and efficiency gains.”

Not sure that would have made it into the RNS if such savings and efficiency gains weren’t “material” (sorry!).

The possible processing facility nearby (? In a Freeport area and so protected from the risk of a re-elected Donald tariff) would presumably add further savings and efficiency gains.