Member Info for Crofty299

Yes they have the right to reduce. But they are looking to accept at that level. I'm not going to argue with you over the statistics of it, 5.5p is the level that they are currently working to carry out the sale at on both sides.

See correction below Yuri.F ;).

Ill revise that, yes you are right, guaranteed is the wrong word to use, but looks all but nailed on.

Or as BigCamera says they could be sells ;).

If you've got the spare cash sitting around some might just take a punt. 5.5p is guaranteed so they wont lose money from that level. And in the very unlikely event of whispers about another bidder they can sell out on the spike.

.... SXX wont exist anymore if they buy it.

"the Board of Sirius has indicated to Anglo American that it expects to be able to recommend a firm offer for Sirius if made by Anglo American at the price set out in the Proposal."

Cant read or wishful/misleading thinking?

Jimzi, there's a difference between an agreement in principle and a signed fully fledged contract of services. The key area being notice/termination and lifespan of the deal etc.

Yes its all been agreed in principle, yes they are working to what has been agreed, but if it hasn't officially been signed off then they don't have a lot of protection (currently).

As things stand, and something unthinkable happened, they would probably be well within their rights to rip up the agreement that they have currently with WSG and get someone else in, or at least have a very minimal notice period, hence why they are working to finalise a full contract.

Again i'll stress, i do not believe there is realistically any chance of this happening, but that is one of the reasons why getting the finalised contract is important.

You seem like a switched on guy, so i find it hard to believe you didn't know that's what i was referring to. Perhaps tone down the childish posts, not everyone with a slightly non-positive comment is out to get you.

As I've already said, i too believe this to be a good buying opportunity, and that the full contract is indeed just a "formality", to be awarded in due course.

I agree with your overall message but that statement simply isn't true.

There is no legally binding agreement in place, unless i have missed something massive from an RNS?

Yes, due to them already being in place and operational the only way its not going to happen would be nuclear war, or WSG making such a balls up that they get told to hop it. But thats not the same thing as being protected by a legal contract, which is what they are working towards.

Given the companies history you cant be too surprised at peoples scepticism.

I'm not in at the moment but will certainly be buying some shortly, as like you i believe that there is no reasonable chance of the contract NOT being finalised.

My only genuine concern is the cash reserves. I've de-risked with a tidy profit, but still left some in as i think this really does have potential and the market completely misread the RNS.

Will look forward to the next update.

If we're being realistic probably both?

So they lost 10% of the placing to fees from the start? Seems pretty steep...

While I sympathise with shareholders, there's really only one person to blame if someone "invests" enough money to ruin their marriage in an oil and gas company on AIM...

Did someone really just sell for 1p?

Madness...

The breaks are off now. 11p broken.

You appear to be stuck on repeat, do you need someone to call you some help?

Pun intended?

*groan*

Yeah figured as much. All brilliant until you actually try and sell...

Not going to be touching this. But anyone know the reason for the rise?