Member Info for KnockinOnHeavens

Yellow

I have zero trust in this CEO & BOD. Despite all the fantastic progress SP is going one direction since Aug 2018 - down.
We are on the verge of bankruptcy and they just announced a possible takeover offer at a ridiculous 5.5p that the are expect to recommend. We should be doing something to prevent them from that continuous value destruction and selling us for next to nothing. I don't know about you, but I've seen enough. If we are going we should go with a bang and make sure this is well published.

KOH

Thanks Yellow,

Jiffy,
Ok cool so how can this be done in practice? How can 10% initiate the process?

KOH

How can we enforce EGM now? Any experts please? What needs to be done in order to initiate the process? When should it be done? Can the current takeover talks be used by Fraser & BOD as an excuse?

KOH

What can we collectively do to enforce EGM?A bit of theory:

"Understanding an Extraordinary General Meeting (EGM)
In most cases, the only time shareholders and executives meet is during a company’s annual general meeting, which usually occurs at a fixed date and time. However, certain events may require shareholders to come together on short notice to deal with an urgent matter, often concerning company management. The extraordinary general meeting is used as a way to meet and deal with urgent matters that arise in between the annual shareholders' meetings.
An EGM might be called to deal with any of the following:
The removal of an executive
A legal matter
Any matter that can't wait until the next shareholders meeting"

I think this definitely cannot wait until "the next shareholding meeting", there are also some serious questions that Fraser & BOD should answer before any larcenous takeover takes place.

KOH

The problem with AAL offering 5.5p is any further offer from another body or company will be based on that pricing, very unlikely we will get anywhere near 10p again IMO
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Not really. The other party can pay whatever they think is a fair price. It can be anything if they really want to purchase the asset and they think they can do well over the years. The problem that we have is.....another party. Is there any out there? Another one is it that now we are taking about 100% takeover. It must have an impact on "other options" (if there were any) to date and may make other parties think again. It could be good or it could be damaging. If there was a ever party involved in talks about eg 75% of the company with a certain amount in mind and it was all kept confidential, now they can see "oh so the board is actually willing to recommend 5.5p for 100% od the business, hmmm....." etc etc
I still don't get recommendation bit at such an early stage.

KOH

A successful raise keeps the upside in our hands and allows us to reap the full potential value unlocked by accessing the resource. Don't let the Aussies (Fraser and AAL) mug us.
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My biggest worry is that we will not even get the chance to vote. Fraser & his team dragged the company to the verge of bankruptcy, they will push it through as the only alternative is insolvency and they will have a right to do so. I'm afraid for that reason it's over. Time is our biggest enemy here and it's running out. They will drag the whole process for a little longer and push it through at five minutes to midnight.

KOH

Hope - the mother of all fools.

Ubelievable after what we've seen from Fraser & BOD over the last year.

KOH

KOH - game of cards going on :-)
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Well, let's see then.....So far our australian bouncer looks like an amateur checkers player and we need a chess master to win this one..... :)

KOH

And why did Sirius board said they would be able to recommend the deal? Why would they say that if "other considerations are still under review."?

KOH

corruption takes so many permitted forms these days...
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Oh yes definitely and the CEO bouncer is likely to be just a puppet in the scheme. And so tare he rest of the Fortescue boys.There are much more powerful controlling parties behind it. Don't forget that Anglo American was founded in 1917 with financial backing from JP Morgan.....

KOH

The point is still that I don’t think that every avenue has been explored.
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Definitely. BOD led by Fraser have some serious questions to answer. Will they ever do it? I doubt it.

KOH

Simple - "advanced talks" and " Sirius board expects to to be able to recommend a firm offer set out in the proposal" tells us all. Fraser went hiding, I doubt we will ever see him addressing public re Sirius ever again. Maybe a b^ll**** sentence or two stating they explored all the possibilities to cover his back. They can blame it on time running out (after dragging the company on the verge of bankruptcy... I know). There will be official announcements only from now on IMO.

The bid is 5.5p (silence in the room, nobody's invited)
First, second, third....Sold!

KOH

Not sure why you think this is such a big deal as its just common practice to create this sort of area on your web page
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Of course it is especially if the offer is not even on the table yet.....Not exactly a course of action you would chose if you expected a "bidding war" with other major players, is it?

KOH

- other can still make a bid
- AA can increase their offer
- there are still many possibilities
- risk hasn't changed
- the strategic review is still ongoing
- sovereign fund can provide money or reject takeover
- it's not over yet etc
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Well it sort of is and we sort of know, don't we? And awaiting a miracle doesn't really qualify as possible viable business proposition as far as I know, does it? For the new investors a brand new section of Sirius website prepared by Team Fraser where you can watch the whole process of Anglo American Plc taking over Sirius Minerals - I'm sure they will keep you well informed.

https://siriusminerals.com/investors/possible-offer-from-anglo-american-plc/

KOH

It was pointed out that a lot of CEO's are bordering psychopaths which makes them hard to fathom out.
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Thanks Tinhatnail. This particular one was quite easy to fathom out. Obvious facts were always there, many just refused to acknowledge them for years. First indication our Fraser's true nature was extremely generous deal with fellow australian Gina years ago. He never really cared about sharholders and shareholders value. Insulting "1 for 22" etc. I could go on and on. Now we are about to witness his final act - selling us off for 5 pence (if we are lucky).

KOH

Yellow.

Wake up. Have you seen a brand new section on the Sirius website? Chris & his team don't waste time. That's exactly where you'll read about the official takeover offer with the full blessing of Sirius' board soon.

https://siriusminerals.com/investors/possible-offer-from-anglo-american-plc/

KOH

It is huge mistakes, and horrific circumstances and a failure to acknowledge they needed to change tac, along with probably some quite frankly dubious advice from JP Morgan that has brought about this truly dreadful situation
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I don't even think it was that. I personally think it was a contrived action, planned a long time ago and cold-bloodedly executed over the period of last 12-18 months. I don't think agreeing to the conditional deal with JPM was just Fraser's naivety. All pieces fall into place now. Company dragged to the verge of bankruptcy, a perfect landscape for uninterrupted takeover for next to nothing. If you think about it it's not even difficult to do and can be easily done over a period of time. JPM advisors on your payroll, an interested party, a few RNS', a bit of paperwork, good timing, then "strategic review" nonsense to show that we were trying, takeover announcement, done.

KOH

I think we may well be blind-folded, gagged, tied and chucked into the crappy little lifeboat! Bags not rowing first.
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Fraser should be rowing all the way, I can volunteer to crack the whip...Or I can row providing we are dragging Fraser's body on the hook behind the boat...

KOH

"We are unable to discuss the announcement without a chaperone present and are unable to provide any information beyond what is in the announcement."
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Oh they need a "chaperone" now.

Wow.

KOH

I would rather go do with the ship while there's still a chance we can right her, rather than getting into a crappy little lifeboat and spend the next four months rowing across the south pacific to spend the rest of my days on a one-palm desert island - the equivalent of taking the 5.5p.
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Hi Lost, have you seen the brand new shining section on Sirius website prepared by Fraser & his team re AA possible offer?

https://siriusminerals.com/investors/possible-offer-from-anglo-american-plc/

A lot of attention for something that hasn't been even offered yet (officially)....We may be better off taking the crappy little lifeboat. I think it's been agreed last year and they are not even actively reviewing any other possibilities.
Deal likely done and if that's the case 5.5p is an absolute ceiling, it can only be less from here.

KOH