Member Info for KnockinOnHeavens

PS.
Oh and the deal potentially involves all the old friends from back in the Fortescue days. What a coincidence!

KOH

Fraser accepted conditional offer in Apr-19 being fully aware of the consequences of giving away the control over the process to the predator JPM. He then watched them withdrawing the offer, causing the catastrophic drop in the valuation of the company and profiting from it. He didn't even bother to remove them from his payroll and kept JPM advising him for a hefty fees to this day. In the same time he engaged in takeover talks with AA, sold us official strategic review story and further engaged with JPM to advise him on the takeover. He was talking about company going private back in October. He dragged the company to the verge of bankruptcy and now he's preliminarily recommending the takeover at 5.5p in the first week of January, transaction in which he'll potentially be pocketing a 7million. He never cared about the shareholders. Never.

Hope dies last unfortunately.

KOH

What negotiations? Fraser's probably in Australia now starting a new life. Jumping the gun? While company conveniently refuse any communication under the takeover code every day that passes brings us closer to a big gate with a "insolvency" written all over it. Yes, let's wait till Feb - a great idea. Solid breakdown? You'll get soon. It will say you either take those few pennies or we are going bankrupt. Give Fraser more time to cover his back and make sure that his excuse about the battle to save the jobs and the project is 100% sound. I'm sure some here will even acknowledge his heroism. You can then walk away while he's enjoying his 7mill reward for his hard work and delivery of that "success" in the middle of North Yorkshire Moors...

https://media.tenor.com/images/4aa9cfeca0907730d0ee22d4068811a8/tenor.gif

KOH

Delusion continues...

KOH

I did the same,

Contacted Sharesoc
Contacted FCA
Contacted Telegraph journalist

Any other ideas? What can we do? We really need a coordinated group outside of this monitored forum.

KOH

Definitely - Vote No

KOH

Could CF redeem himself
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The only thing that Fraser is doing now is going through all the nonsense he said / indicated over the last 3 years with his lawyers to make sure that his line of defense is 100% sound while his team makes all the necessary arrangements to make sure that the new owner feels like home. Nobody works on any Strategic Review anymore, they have probably stopped last year. They only thing they are working on now is a justification statement summarising the reasons for their decision to support takeover to make sure that their backs are fully covered.

Has anybody received any update from Sharesoc? I was told that their board was meeting yesterday afternoon to specifically discuss how they can support Sirius' shareholders.

KOH

Definitely Jiffy,

KOH

Fraser was talking about taking company private in October, a month before "Strategic Review" was published in November outlining the Initial Scope as the way forward:

- Strategic investor process - A number of parties have expressed interest and are actively engaged in due diligence
- Financial investor process – discussions ongoing with potential investors
- Execution window through to the end of March 2020 (!)
- The Company is seeking to have the Initial Scope funded from the proceeds of either the strategic investor process or through a structured debt financing package, either of which may incorporate the issue of new equity or an equity-like component to the financing package.

Fraser's actions must be investigated, it seems like he the strategic review was launched just to cover their backs and divert attention from takeover talks......

KOH

Troajan

It's not a second hand car, with thousands of potential bidders. It's a takeover bid for a fertilizer mine in Yorkshire worth hundreds of millions, there aren't many companies that a) can afford it b) the investment would suit their profile

KOH

Troajan

Why would the board state that they will be able to recommend the deal at 5.5p then? And why would AA reserve the rights to reduce the offer or make an offer at any time on less favourable terms?

5.5p looks like an absolute ceiling unless there are other parties involved.

KOH

RuSirius

Listening to that guy really makes me sick......Gov is perfectly fine with AA takeover, taxes will be paid, working class slaves in Yorkshire will be employed underground for generations, maybe even local charities will get some crumbles. Happy days. PR & Media machine will do the rest. In a few years time nobody will remember a few mugs buying shares in the early stages of development....

KOH

i tier1 mining comp,taking in interest m8,is setting the ball rolling and they have deep pockets it's a start and can only be a good thing.
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Absolutely amazing, predatory takeover in early Jan is the best thing that could happen to us....Now, snap out of your delusional dream.

KOH

Reporter: Do you see it as a good deal?
John Meyer: Yes, I see it as a great deal for Sirius and particularly for its shareholders....

What a c^nt....He lost me after the first sentence.

KOH

wear-tear-depreciation
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Come on Yuri, depreciation is a non-cash charge to P/L, it doesn't matter at all. You know that. Redundancies are easy, it just a standard notice period (one or two months pay except for senior management). A few security guards don't cost a fortune either. They still must have millions on the company accounts. They could buy more time by slowing down.

KOH

We have to remove the board of Sirius asap.
Actions of those criminals should be investigated in detail. They are failing their fiduciary responsibilities.

KOH

If it is the case there has been a leak, then the RNS's release and the content therein, will have been at the behest and upon the advice of the takeover panel. It is quite possible that both parties would have preferred to have maintained confidentiality.....they haven't been able to.
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Fine, they had to issue RNS early which was actually a blessing (if that's true). They plan was probably to issue RNS as late as possible and project the image of AA coming with their 5.5p to save us (God bless our generous saviours.....). It doesn't change the fact that Fraser & his team were in advanced 100% takeover talks (this must have been agreed long before Xmas) when they were supposed to focus on maintaining shareholders value and delivering points contained in the "strategic review" issued in November. What has been done to protect shareholders value to date? What's happened all points contained in strategic review? What's happened to the whole review announced only in Nov-2019? What's happened to the whole "Initial Scope" idea? They clearly stated in November that:
- Strategic investor process - A number of parties have expressed interest and are actively engaged in due diligence
- Financial investor process – discussions ongoing with potential investors
- Execution window through to the end of March 2020 (!)
- The Company is seeking to have the Initial Scope funded from the proceeds of either the strategic investor process or through a structured debt financing package, either of which may incorporate the issue of new equity or an equity-like component to the financing package.

Why are they recommending a predatory offer at 5p per share in the first week of January?

KOH

I agree Longtermview24,

That 600m wouldn't even have to be a 100% equity, it was supposed to be a debt / equity combination. I'm sure they can still borrow at a higher rates. They are no longer binded by JPM deal. But of course JPM still act as financial advisors to Sirius, that itself tell me a lot. No honest CEO would like to have anything to do with company who created the scenario that completely damaged the shareholders value and put him in such a difficult situation as did JPM in September. The fact that Fraser still works with them and they advise him on this takeover tells us a lot about intentions of the CEO & BOD of Sirius.

KOH

And while we are still hoping that the Fraser & BOD are spending precious time looking for better alternative, they and their paid by AA top lawyers spend time preparing themselves a solid alibi to justify their actions and the takeover.
This is my personal gut feeling, I don't think they do much to find a better solution atm. They probably negotiate the details and make sure their back are covered in case of investigation & court case while keeping quiet.
We will probably get an official offer & perhaps some official explanation from the company carefully prepared by the lawyers at some point. Nobody works on "alternatives" anymore IMO.

KOH

The company should be focused on raising funds to keep the shop open, not giving away the shop. WTF is going on here??!!
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Unless.....AA is the only seriously interested party.....So they did the due dilly, realised that they are the only ones by the table (insider information?) smelt the blood and suddenly changed the tactics leaving idiot Fraser without a choice.....That would be the alternative to Fraser being a corrupted c^^nt selling the company to his aussie friends....

KOH