Member Info for DanTheMan105

Forgive me if i'm being a bit dense about some of this financing, but if we have to issue securities of some kind every time we take $500m from the RCF, would there be circumstances in which it would be to our advantage to just preemptively issue the securities, and use the RCF as, to coin a phrase, a 'backstop', or is there anything in the prospectus preventing us from doing that, or penalising us if we did? Would that not mean that SXX could take its time with the issue, and not have to do it with JPM's deadlines threatening?

Would it be true to say, based on p234 of the prospectus, that the bondholders benefit from the share price being held down as much as possible until the reset date of May 2020, hence the shorting, and that after that date we can assume that we'll all be kicking in the same direction, barring further convertible bond issuance? Just trying to get my head around the bondholders/ shorters situation.

I think that RNSs are published on various platforms with the formatting seriously damaged or absent. There would be an 'X' against 'Non-UK Issuer' if it was the case. And there isn't, so the issuer is not a non UK issuer. IMHO, obviously.

Whereas it is disappointing for most of us to see the SP depressed, even below the price of the 15p placing, the silver lining must be that the price is only where it is so that entities with deep pockets can buy in at rock bottom prices; does anyone seriously think that the company is not worth 13.6p a share?
Once the big blokes have filled their big boots, as assuredly there are in the process of doing, they will be as keen as the rest of us to see the price rise.

And good morning to you too. Just for clarity, are you recommending 'Strong Sell' because you don't think the company is worth 13.5p a share, or because you want to buy some at a yet cheaper price?

For the sake of fair play, we should recognise local MP Robert Goodwill, who has always been a keen supporter of the project. He's on the latest video:
https://siriusminerals.com/latest-news/news-stories/sirius-is-bringing-substantial-benefits-to-the-area-says-economic-impact-assessment/
I dare say it's also good for him to bask in the reflected glory of this terrific development for the region.

Does anyone remember that chap yesterday, 'Rogue River', advising investors to use stop losses?

"In this situation, stop loss is your friend. Most of us have been here before and it's not a nice feeling - but sometimes it's better to take a hit and walk away."

I note that his post was at 1209, when the SP was around 13. It dropped, briefly, below 13. Imagine having taken him for a wise counsellor (although I believe we're not supposed to give 'advice' on these boards) and set a stop loss at 13. No medieval lingering form of punishment would be good enough, in my view, for Mr Rogue River et al. But then again, it might just have been a complete coincidence. Ha!

"In this situation, stop loss is your friend. Most of us have been here before and it's not a nice feeling - but sometimes it's better to take a hit and walk away." (Rogue River: 1209)
Yeah, and it will be the painful duty of Mr Rogue River and others to take your shares at a knock down price. Shysters.

I couldn't help wondering what Felix2018's 'other' post was, so I had a look at https://beta.lse.co.uk/profiles/felix2018/ and having done so, I suspect little in the way of thought processes.

I have a whole page of buys, with only two sells, on http://capita.moneyam.com/trades/SXX/Sirius-Minerals.html-trades . The page starts at 15.99 and ends at 16. Remarkable!

Agreed, this is a very nice change (7.08 as I write), although I have fingers etc. crossed that it can be sustained. A bit of history some, including Vas, I think might have remembered: CYAN was a headliner in the Red Hot Penny Shares edition of 25 October 2012, advertising a potential contract win in Tamil Nadu. I won't reproduce it here in case it's mistaken for an up to date piece of news, but, if your e-mail archive is as cluttered as mine, it can be found! Anyhow, good luck all for the rise Tonyj predicts. Dan.

Mazda, that is true, of course, and faithfully spelled out in the prospectus. But it is a little reassuring to know that Fraseo and Scrimmy between them are holding about 170m shares, which they won't be keen to see junked over the bond issue.

I am viewing the RNS in Chrome, on the beta site, and neither the little '2' against Jane Lodge, nor in fact the little '1' against Russell Scrimshaw, are reproduced, but having seen them on the 'This is Money' version earlier, I knew they ought to be there. I think that maybe the formatting of RNSs does not always transfer accurately to all platforms. So everyone is kinda right...

Hi Brad, I think that, in our version of the RNS, the '2', indicating the shares bought on the open market, should only refer to Jane Lodge's extra shares; everyone else only took their allocation. I would suggest having a look at the RNS on another platform, or London Stock Exchange itself.

Now here's a thing. As we just saw (thanks guys!) the UT was 16.20 for an overall trade of 26,959,049 shares. But on the page I look at for trades, it is characterised as a 'Sell', with a bid of 16.20 and an offer of 16.24. Can the UT be considered to have a bid and an offer price, or is it just a single trade at an agreed price? Whereas I understand that that every sell is also a buy, and vice versa, I'm thinking that it must be positive that so many shares were in the queue at closing, and were able to be traded at a 0.25p premium to the last few trades before 1630. Or am I talking through my headgear?

My 1/22 are present and correct. That's all I asked for.

Personally, I like shirtery, and while we're on the subject ........
https://www.youtube.com/watch?v=EL3pP29N-Wc

The is something about the word 'banter', as used these days, which makes me want to dismiss from my mind as an aerosol anyone who would put it on their nameplate.

BradSmith, thank you for those kind words. If my analysis is correct, it seems to mean that we had to hold qualifying shares on both the record date (30th April), and the ex-entitlement date (1st May). If anyone knows where that may be spelled out, please share, as I have scoured the prospectus, and can only find a reference to the shares being held on the record date (30th Apr). Or I could be talking through my hat! Hope not.

I've been watching this thread, and i'm thinking that this depends on the relationship of the record date (30th April) and the ex-entitlement date (1st May). The only way I can see that you could arrive at 30k qualifying shares is if you bought 130k on 30th April (qualifying), and in the process of trading on the 1st of May you were deemed officially to have sold 100k of qualifying shares, and bought 100k of non-qualifying shares. Leaving only 30k qualifying for the offer. It depends on how the broker, and maybe the company, records which shares are actually bought and sold. The broker will have to answer that. I hope this makes some sort of sense......