We would love to hear your thoughts about our site and services, please take our survey here.
Top skimmed a chunk of my holding here today, and in Smithson too. Sitting at or near to all time highs was making me a little twitchy! Given general market volatility i'm sure there will be another downward move that will present an opportunity to get back in
I’m still at a loss to understand why other routes than Administration aren’t possible.
Options:
1) Stop all work, all non essential expenditure, but retain the entire asset
2) Revisit the bond markets when conditions improve (there’s at least certainty over Brexit, trade wars?)
3) Raise capital from the markets (AIM style almost) to keep things ticking over while finance is sought with no time pressures
4) Similar to 3, bridging loan from someone...Qatar?
5) Actually ATTEMPT a retail issue of shares or bonds, rather than saying it won’t work because JPM say so
6) If all else fails at that stage, come up with a solution that allows SH to retain some project ownership- with clear visibility that all other avenues were attempted, a takeover would maybe meet far less resistance
Just seems so, so negative and defeatist by this BOD to accept admin if they don’t get their own way. Vote no, get rid of them, and get someone in who actually wants to fight for shareholders- not just the continuation of the project (and their own wallet!)
I would also say it’s pretty clear now that this vote is only going to go one way, with institutions also prepared to vote no- and it’s not the way that lines the BOD’s pockets with £19m in cash. Hope they’re losing a lot of sleep over this.
Well done the small PI and those instis who are prepared to stand up to such a derisory offer!
Haw haw haw. Hope that makes Staley and Fraser turn pretty red in the face- great email for the most part. Makes a mockery of the valuation our BOD want to accept indeed!
Survey done.
Is this being advertised or written about at a national level through any media sources? Something like this survey popped up a few months ago- I seem to remember it hit about £4 million and then ran out of steam?
The only way to see if it’s got any real traction is surely for Sirius to actually do a retail bond offering/share issue, with the proceeds held in escrow, and launched through big retail platforms like HL? But then I’m guessing Sirius won’t be playing ball with that...
But the Gov don’t care. If Anglo buy it, the mine delivers all the benefits to the UK with no risk to the taxpayer with a financial guarantee. Ain’t gonna happen!
Its just a load of words really isn’t it?
FTW, hope the legal case is progressing well and I see nothing of real substance in that ‘update’ that would encourage me to stop any proceedings
IF the barrier was a lack of time to implement the conditions, then surely justification is needed as to why not:
Put everything on hold
Get the financing sorted
Recommence at an appropriate time?
I for one would like to know the details of the financing proposal- maybe then have a shareholder vote on which option to go for?
Had a reply from IR. Much as expected. Copied below for anyone interested!
“Thank you for your email and apologies for the delay in getting back to you.
Earlier this week the Company issued a statement regarding a possible offer following ongoing discussions with Anglo American Plc. We are unable to discuss the announcement without a chaperone present and are unable to provide any information beyond what is in the announcement.
We appreciate shareholders wish to receive additional information and further announcements will be made in due course. If the situation evolves the Company website will be updated with information for shareholders.”
For what it’s worth, I sold out at 5.5p on the day the news ‘broke’ (or broke to us humble PIs in any case). Having held since 2015 prior to the planning meeting it’s been a rollercoaster of a ride. I think it’s been disgracefully handled and managed in the past 18 months; whether accusations against the BOD have any merit I’m unsure, but nothing would shock me on the stock market any more. Fraser and his Australian cronies RS and TS certainly should hang their heads in shame having overseen such value destruction for such loyal long term holders.
With that said, I’d just like to thank all those on the board I’ve had interactions with over the years (albeit I didn’t post much). I wish everyone all the best in their future health and wealth and remember, it’s only money....and the big boys always win.
For what it’s worth, I am attempting to get in contact with investor relations, asking for BOD comment on their justification for recommending the offer, and whether there are/were other viable alternative routes to finance. Will post if I get any response, though I’m not holding my breath.
No. Jobs will get created. Gov will reap their taxes. No risk to the taxpayer. Why would they care?
I wouldn’t vote for this in a million years. Surely Norges, Qatar et al. wouldn’t either?
Absolutely disgraceful by the BOD. Fraser should be hanging his head in utter shame
Is this hope contrary to Fraser’s comments on the webcast that they are no longer seeking a gov guarantee?
The original financing plan was dependent upon government involvement with a guarantee. If you believe the company, their second go also would have worked had government been involved. I just can’t see any financing plan going forward involving the government now- they have proven themselves to be the short sighted, self serving politicians I always feared they would be. It would imo be crazy to pin the success or failure of any future fundraising efforts on their involvement.
Time to go it alone and if they come forward with a guarantee for part of the senior tranche to come...then great! If not, have a plan that works without them. That’s the direction I understand the co to have gone now
I’m not sure the newspaper should apologise, our CEO just needs to shut up and get on with what he’s paid a lot of money to do- sort out this financing and mess, rather than alienate his previously loyal and committed PI investor base
And while the FCA are at it, maybe investigate how Capital were allowed to sell days before negative news striking....twice!