Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Simon, your post has not been removed, it is still there at 12.01.
I have no idea why Kamran pulled out of the bid at 0.2, that is probably a question for Heid. But I cannot see how pulling out of a bid for a company can be considered a "criminal" action. It certainly does not compare to the consistent lying to shareholders that has been carried out by incumbent directors, both on the permitting for Colle Santo and the drilling of West Newton.
Simon, your post has not been removed, it is still there at 12.01.
I have no idea why Kamran pulled out of the bid at 0.2, that is probably a question for Heid. But I cannot see how pulling out of a bid for a company can be considered a "criminal" action. It certainly does not compare to the consistent lying to shareholders that has been carried out by incumbent directors, both on the permitting for Colle Santo and the drilling of West Newton.
I agree that there is no defence for the current directors and they have failed beyond any hope of redemption, which means that we have to vote them out, otherwise we are stuck with them and their value destruction.
I asked several times yesterday if there was anybody on this board that could give me any reason to vote for S&S and I did not get one response. Not a single person on here has anything good to say about them and the closest thing that anybody has come up with is that Sattar and Cattaneo might not be any better.
Personally, that is a risk I am willing to take. The two clowns have lied to us for two long and the Colle Santo permitting lie was the last straw for me. Of course, there is no guarantee that Sattar and Cattaneo will be one hundred times better but it is guaranteed that they could not be any worse.
Anyone with any sense has got to see that we need to vote the clowns out and drain the swamp.
Simon, why are you parroting this nonsense line from S&S abut Kamran Sattar and Andrea Cattaneo wanting to "take over the company for nothing"? It is just a way of discrediting any opposition.
My take on it is that the current CEOs have taken out £4 million from the company and delivered almost nothing in return. Even the money received from the Victory sale, which is their only successful investment barely covers their wages over the course of their tenure.
If you remove their wages from the equation then Victory has actually netted shareholders about £1.5 million. That is a terrible return over the last 6 years especially when you consider that they appear to have lost £18 million on Danube, Daybreak and Colle Santo.
Taking over the company for nothing? Not in my opinion. More like saving it from certain ruin by two shysters who have just lined their own pockets at our expense for over half a decade.
I think that an investor group seems like quite a good idea. It would be useful to have our voices heard by management both before and after the requisition. Investorjonny, I have sent you an email.
KS as far as I can tell was not and has never been a director or part of the management team at Daybreak so how on earth could he have promised to drill a well.
Since you seem to be a big supporter of S&S can you give me any reasons that I should vote for them in the upcoming requisition? I cannot see anythign that can persuade me after the Colle Santo debacle but I have not yet seen anybody give even one reason why we should vote for them. Can you do it?
Output data getting higher again, so giving the company better numbers for the doom mongers.
As I have said repeatedly do not see an issue with Angus refinancing any loans here. There is no major problem with the production and there is no major problem with the gas price and there is certainly no problem with the profitability.
Ok, so the well took longer and cost more than it should, but frankly in the bigger picture of the lifespan of SFBY this is a total irrelevance.
As for the idea than new loans are negotiated in 24 hours it is simply laughable. There are a lot of people on these boards (you know who you are) that set themselves up as experts on everything but if you actually read what they post then it is clear that they quite simply do not have a clue.
As far as I am concerned, we have an experienced board, gas production and revenue coming in. I trust the board to be well aware of our financing needs and get them sorted in time and I am certainly not going to be dissuaded from this thought by a gang of derampers who are not even invested in this stock but come onto these boards day after day to bash it.
I was a little bit on the fence for this for a long time, as I believed what they said that Colle Santo was a good investment and the production license would come in by the end of this year, allowing us to generate revenue in 2024. However, having read the details put up on the requisition website I no longer believe that there is any chance of this happening.
When I looked through the business plan that was put up today, it really brought home to me how much money has been wasted by S&S. They have lost £5 million on Danube, £9 million on Daybreak and, it would appear, £4 million on Colle Santo. That is £18 million simply flushed down the drain.
So can anyone think of any reason to vote for them? Truthfully, I can no longer think of a single one.
BP - all I ask is that you keep your statements consistent from one post to the next and stop posting nonsense like Angus' position is "almost impossible at this stage." You make some really helpful contributions to this board when it is about drilling, but your knowledge of financing and debt arrangements is clearly much more limited. Best of luck to you in all your investments though.
They say that they can raise the funds for West Newton so if the permission can't be extended then they'll just have to drill before the permission runs out. It's not ideal, but it could definitely be done if it had to be. WN is all about the money in my opinion. Get that sorted and everything falls into place.
The simple fact is that Angus have to refinance their loans by early next year. If they don't do this then the company is in dire trouble, but if they do then all looks rosy for the future. Luckily for Angus the financiers don't just look at today's gas price like some on here and the company have Saltfleetby running profitably enough to service debt.
I don't think that the situation here is anywhere as bleak as some here would have us believe and I am very comfortable with how things stand.
I agree itsawrap, but it looks like the caveated all their commitments on page 4 where they said that their first step will be to:
"Carry out an assessment of the financial status of the company as it stands today. We have serious concerns over the company’s financial situation and only once we become fully aware of how it is, will we be able to fully confirm our plans for the future."
Your recent post is a significant change to what you said earlier Bubblepoint.
Earlier you claimed that, to continue your walking analogy that the winds were so bad that the walk was "almost impossible at this stage." and now you are saying it is just a bit cold.
Like I say, I know who I trust and it is not a bunch of derampers on this website.
P1D - I hadn't thought of that before you mentioned it, but If S&S have been taking payments from Danube for being directors there in addition to their massive RBD wages then that is very dark. We have to hope that K&A win this requisition as that is our only chance of finding out what has really gone on here.
No wonder S&S are wo worried about losing this requisition. It doesn't look like it is just their jobs, but also their reputations on the line. There seem to be a lot of dark corners to this company in which we need some light to shine.
Every part of RBD seems like a disaster at the moment and it is all the fault of the same two people.
Drain the swamp.
I have only skim read it so far, but on the face of things the new business plan is great. They appear to have a clear plan of what to do with each and every one of the assets that RBD currently own and a realistic timescale of getting the work done.
I particularly like the commitment to getting West Newton drilled as their number one priority and the fact that they are going to do a deep dive into the Colle Santo purchase and look at getting our investment back if it is all as bad as it seems to be.
I have to hand it to Kamran and Andrea, they seem very organised and on the ball. This is a better business plan than S&S have ever put together and this lot do not even run the company yet!
I am also massively shocked to see that we have spent over £50 million on assets and that half of them seem to be worthless now. It just shows what a disaster the existing management actually are.
I know who is getting my vote now and it isn't S&S.
Ooofy, once again you take short-term issues such as the time of year and the gas price now and claim that this creates a long-term problem. No financiers would every look only at the gas or share price now, nor would they look at the production just now. They are looking at how bad things would have to get for the company to be unable to service debt over years.
Of course Angus are trying to refinance the debt and with a money-making production asset it will not be difficult to do. If they don't do it then the company are ruined, but conversely if they do do it then you have to agree that they will be in a very good position.
I know who I trust and it isn't a bunch of derampers on LSE.