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For what it's worth I have voted a big fat NO!
And being honest, I will probably sell up and leave myself with just a handful (or even 1) shares so my vote still counts.
If NO wins - SP will plummet, CF is out on his ars3, I can buy back in if i'm feeling ballsy or company goes belly up.
If YES wins - SP will be as makes hardly any difference to what it is now.
Only risk as I see it is if a last minute better offer comes in and i'm out and I could have lessened my losses a little. Having said that, being realistic (and solely in my opinion DYOR etc) it's unlikely to be materially different (10 - 15p +). I might therefore hold off selling until more or less the last minute when I hear the fat lady clearing her throat.
Anyone know when trading will be suspended?
What CF has seemingly utterly failed to comprehend when telling everyone to carefully consider their vote (and I hope he or one of his fellow bandits reads this) is that the vast majority of PIs have lost that much, there is little left to lose and many are quite prepared to do so!
"I also see people saying they want to vote against the acquisition to punish me and my team."
Yep. I trust that's not a surprise Chris! Can you blame us?
Fortunately i'm not over exposed at SXX - but it stings! Again, I understood the engineering risks involved, but it's the financing that's gone titsup. And potentially a board who have, perhaps for their own benefit, failed to disclose alternative financing agreements that were offered and instead accepted a derisory offer from Anglo American for a complete buyout. Shafting all the investors in the process.
I understood the planning risks, engineering risks and anticipated some hefty dilution to get financing - but it all weighed up good in the long run. However, no-one predicted the board giving the company away for less than the value of the concrete that's in the ground!
Anyhow, apologies for the off-topic/company chat, but just trying to make sure I understand all the risks this time around, not just the engineering ones!
Cheers Troajan - having been well and truly shafted by the board of SXX who have screwed over 85,000 private shareholders who have supported the project from the very beginning, I am now very apprehensive about shenanigans that can take things out of our hands.
Morning all. Time for a general rethink for me given recent burnt fingers. Sooo. Whilst I am fully aware of the positives here, which are numerous, I feel I need to think further about risks before averaging down. Obvious risks are production figures don't hit target and are substantially off - that I know and understand as a risk (albeit should be unlikley). What other things lurking do I need to consider (the old Rumsfeld "known knowns, known unknowns and unknown unknowns")? What don't I know, that I don't know?
Could MM decide to take this private?
Could the grant money not materialise for some reason?
Could we hit old workings?
blah blah etc etc.
No deramping required. Just cold reasoned facts looking at some of the potential downsides.
I'll stick strong buy as my current opinion!
15 Lives; Relevance is CF spouting his mouth off to the press, then taking his words back with sentiment he has shareholders in mind and wont be selling us out by taking it private - but does essentially the same thing by a selling the entire business from shareholders.
WRT Facebook - RNS or not - public communication direct from Sirius is on record as saying Stage 2 will be 100 debt. Consider that however you like.
Hooray! He's bought a tie! :)
15LIVES: It was posted by their facebook page sometime back when asked a question about Stage 2.
I've seen a screenshot of it recently on the Sirius Minerals Investors FB group.
That article is at best damp.
It fails completely to mention all the hyperbole and promises made by SXX and CF and the board on which people made their decisions.
"Stage 2 will be all debt"
"I have no intention of taking this private"
Not to mention all the shady goings on behind the scenes knowing the dialogue that was going on with AA whilst promoting 15p share offerings and later not disclosing and then dismissing the other financing offer whilst withholding news and details of it to share holders!
Surely a placing would suit the IIs better though!?
Even with a hefty chunk of dilution, the increased SP would counteract that to a measurable degree and surpass it once in production.
I suspect there's impatient folk dipping out to come back again. Unlikey much will shift this now until April unfortunately.
I doubt grant news will do much - it's all expected. A blip up and back down probably when that lands.
Unless MM gives an update at the end of the month or mid Feb with numbers from the 24/7 production, we'll be languishing for a while.
Shame really. I need some good news to make up for the SXX debacle. Mrs Jaffaman is none too happy.
A stellar idea! Hopefully the thought has crossed MM's mind too.
"Please tell me you didn't fall for the old director buy to provide confidence act...........?
It was only £10k, he earns 1 million a year and holds tens of millions of shares already.
Did he go in large, no - did the whole board join him, no.
One thing it does mean though, he was not aware of a deal at the time."
They have been in negotiations with AA for an extended period of time. I'd say he's bought them knowing full well where the discussions have been going and it ought to be considered for investigation!
Hilarious;
"The move to the main market was crucial as US investors refused to invest if the firm remained on AIM, which he says is 'seen as the home of spivs and rip-offs'.
Fraser is wary of predators, but insists the company is not for sale. 'I used to do a lot of takeover defence,' says the former investment banker. 'Hopefully we don't have to call on that any time soon.'"
Yep - I remember being asked for some interview questions. One of mine was asked very directly!
I don't think the interviewer and MM have met again since.... read into that what you will.
Come on MM - regular updates please! Let's see some breakdown of production tonnages! How much difference has 24/7 production made?
Oldskool - agreed.
It's often what is not said is more important with MM.
I wonder if increased Tin has come at the expense of Tungsten.
An update at the end of January would be greatly appreciated to see how the production is ramping up!
What the actual!?
Un be leave able.
Pitchforks at the ready North Yorkshire!
Well Dracula did arrive on board a ship at Whitby! Just not from Australia.
I know JimGlickenhaus had invested a chunk in here. I'd love to get his thoughts on this debacle.
Buys or sells - who knows?!