Member Info for KnockinOnHeavens

I just noticed a whole new section on SXX website re AA offer. WTF? Why would anybody create a whole new section on the website if they were in the middle of a truly independent strategic review and if there was anything else bubbling in the background?

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

There is no even a official offer on the table yet but Fraser & his team are already making sure everything is done for the new owners and they feel like home.....

Unbelievable. Deal done.

KOH

Exactly KOH. And now we see from the Liason Group cancellation that conveniently they're now very limited on what the can say under the Takeover Code regs.
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Yup, masked robbery has started. I doubt we will ever see them addressing public ever again. There will be official announcements only from now on. Time is running out as we speak and it works in their favour. They are not taking over the company, they are "rescuing" us (God bless them all our saviours). This is a done deal IMO.

KOH

10bn shares at 4p = $520M and gives 17Bn shares in issue.

At 13 mta production this could be worth $17bn. Easy math. Worst case at 13 mta and net profit of 1BN it should be worth $10 bn.

Any which way you cut it, that's more than 5.5p
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Agreed. I don't understand why equity raise was not even considered and they kept silent for months and then jump straight to 5.5p cash for 100% of the equity? What have they been doing since September apart dragging the Company to the verge of bankruptcy? They had 6 months to come up with something at least minimally sensible to protect shareholders value and the time is not up yet. We've been told about multiple parties interested in bonds offering last year too. What's happened to them? What offers have been made? We should have a detailed information about the whole "strategic review" process, full disclosure of potential interested parties conducting DD, details of any offers and detailed information containing logic behind board's decisions including exact timing and full chronology of events. What has been done to protect and maximise shareholders value to date?

KOH

With all due respect Mr Clowes , if you're looking for coherent, rational , informed responses on the current position in respect of investment in SXX you've come to the wrong place, if on the other hand, you wish to write a story about dozens , perhaps hundreds, of naive people who invested in the hope of a fortune without understanding the risks/ probabilities then you may be where you need to be.
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This is not true and simply doesn't show the full story. If you want to write, write about australian business mafia ripping working people off in the middle of the UK. Fraser did a great job getting the permissions, selling locals the bunch of promises and getting their naive support for a few local charity donations ......I was warning about him since the extremely lucrative royalty deal with Gina (another australian) was agreed. I wouldn't be surprised if it was all planned a long time ago including Fraser agreeing conditional deal with JPM in April 2019. JPM made a killing withdrawing the offer last minute and shorting SXX through one of its subsidiaries, share price has been dragged to the bottom. Coincidence? I don't think so. Company left with no money on the verge of bankruptcy created a perfect landscape for the takeover. He didn't even bother to remove JPM and they still act as Sirius' financial adviser to this day milking hefty fees. Now him and Scrimshaw are about to recommend the sale for next to nothing (5.5p) in a deal involving another australian connection - Mr Pearce (FD of Anglo American), all good friends from Fortescue back in the days. Another coincidence. Catastrophic drop from +50p to 3p with multiple parties making fortunes along the way. Leaks before offical RNS have been announced every time. Shorting. Day light robbery. Large equity issue could nw comortably get us to the stage where the risk is reduced enough to borrow the reminder. They are not stupid - they must have consulted it with the top lawyers long time ago and are well prepared for any potential court case, the takeover will probably go without any vote. The company is nearly bankrupt, now they have a right do it. This is not just a series of random events, those circumstances have been deliberately planned & created.

Fraser & BOD's actions over the last years must be investigated.

KOH

"The Board of Sirius Minerals Plc ("Sirius" or "the Company") announces that it is in advanced discussions and then "the Board of Sirius has indicated to Anglo American that it expects to be able to recommend a firm offer for Sirius if made by Anglo American at the price set out in the Proposal"

WTF does it even mean - "expects to be able to recommend"? Definitely leaves a scope for interpretation. If they are still conducting the review as some here suggest and "AAL are making noises to table a firm offer but there were other parties in discussion over a strategic partnership" then why only AA offer has been announced? Why not to word it differently if you know of many other parties involved, your true intention is to conduct an independent detailed review and truly protect shareholders' best interest? And by the way, what's the detailed criteria of what's need to be disclosed to the public and when?

There is no even need to mention "recommendation" at this point if your true intentions are simply inform the market about the possible offer. They could have simply stated that they received an indication of the possible offer and they are in the process of reviewing it, period. "Advanced discussions" and board's possible recommendation is a clear sign to the market IMO.

KOH

Agreed. Fraser is selling us down the river to his Aussie mates. Not sure why the II's aren't up in arms (and IBAB don't give me the "it's only loose change to the big boys" nonsense - BTW IBAB seems to be getting a bit nervous and posting a lot of replies to anyone posting that they think there is a chink of light in the form of the ongoing strategic review. )
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Agreed. Fraser is about to sell the company for next to nothing. I always said: don't trust the australian bouncer.

KOH

Fred16

Welcome back ;)

KOH

Also I have just spoken to Tristan Potas and as expected he was unable to say anything other than what we've already been told other than the "strategic review" is still underway
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Let me guess - Chris Fraser & BOD will soon conclude at the end of the "strategic review" that AA offer is the best way going forward and will recommend it.

KOH

THE_CHAIN

Don't overthink it. It is really as simple as masked burglary. In those situations the less you say & do the better. They know they are being watched.

KOH

Simple. Fraser effed it up big time.

KOH

Jiffy

The article has been published 18 hours ago and It does say that "Talks are at an advanced stage with mining giant Anglo American and further interest has been received from other parties willing to invest" but it was written by Connor Larman (apprentice reporter)....

Unless he's got some really good insider info the apprentice boy is probably confusing it with "multiple parties conducting due diligence" announced some time ago....

KOH

The deal seems to have been sealed by the Australian mining connections
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You mean Australian business mafia ripping working people off in the middle of UK. Fraser did a great job getting the permissions, selling locals the pipe dream and getting their naive support for a few local charity donations ......I was warning about him since the extremely lucrative royalty deal with Gina was agreed. I wouldn't be surprised if it was all planned a long time ago including Fraser agreeing conditional deal with JPM in April 2019. They made a killing shorting SXX, share price has been dragged to the bottom. Company left with no money on the verge of bankruptcy created a perfect landscape for the takeover. Now he's about to recommend the sale for next to nothing. Leaks every time. Day light robbery.

Fraser & BOD's actions must be investigated.

KOH

I know Jiffy,

It's a obvious scam and a day light robbery.

KOH

As Mr Pearce said:
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Mr Pearce? Oh that Mr Pearce - Australian former CFO of Fortescue Group, current Finance Director at Anglo American, best friend of Sirius chairman Russell Scrimshaw who is Fortescue's former deputy chief executive and the almighty Sir Christopher Neil Fraser......Small world, what a coincidence!

KOH

Full article below:

https://www.thenorthernecho.co.uk/business/18147176.ben-houchen-talks-sirius-minerals-new-scheme-help-local-businesses/

The article has been published 18 hours ago It does say that "Talks are at an advanced stage with mining giant Anglo American and further interest has been received from other parties willing to invest" but it was written by Connor Larman (apprentice reporter)....

Unless he's got some really good insider info the boy is probably confusing it with "multiple parties conducting due diligence" announced some time ago....

KOH

I personally think some of you overthink it a little bit. It can be as simple as the below (providing that the whole due diligence process have been kept 100% confidential and the participating parties didn't obtain much info about the intention of others):

1) In the absence of the full info AA throws a low indication of the offer to test the water at 5.5p without any commitment
2) If there is any interest from anybody else they will take it from there
3) If there is nobody interested they will lower the offer using the "reserve rights" clause and buy us for less than the indicated 5.5p (why would they overpay if the comapany's only alternative is insolvency)
4) Completely powerless board of Sirius with the idiot Fraser behind the wheel agrees to anything at any price and recommend the deal (any pay off is better than no pay off, we are nearly bankrupt anyway).
5) Fraser flies back to Australia, gets a massive rancho from Gina as a little thank you gift for the royalty deal that made here millions, becomes a stockman, retires comfortably with proceeding from the sale to AA.
6) Working class of Yorkshire works hard for the next two decades underground in the mine to recover the losses they made investing in the mine before it was built. They retire breaking even (If they are lucky to make a loss early in their life). Sad but true.

Fraser and his team should be prosecuted for dragging that great project to the verge of insolvency and selling it for next to nothing.

KOH

jonesrichard

Keep your head up, don't let the situation to kill your natural positivity. I know I was never a fan of your SXX projections but on a human level I know you had a good intentions. Employ your positive attitude in the real life and get excited about something good the same way you were excited about Sirius. Good times will follow for sure.

Good Luck
KOH

Still a chance of bidding war.
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My gut feeling is telling me this is not over yet but it won't be the bidding war i'm afraid but rather further price manipulation and taking some short term profits on volatility. In the end we will be lucky if we even get 5.5p - our "saviour" will rip us apart taking the lion's share for next to nothing just before the closing bell and because Sirius is practically bankrupt we won't even have a chance to vote. You remember those clauses in AA's RNS ("AA reserves the rights to make an offer for Sirius at any time on less favourable terms etc")? They are there for a reason. No mercy in the business world.

Fraser dragged the company to the verge of bankruptcy and now is giving it away practically for free.

KOH

The financing advice that Fraser had from JP Morgan and others must be open to so many questions.
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Fraser agreed to conditional deal with JPM that cost us life. You don't need a financial advice for that, you need COMMON SENSE. And by the way, how come JPM is STILL acting as a financial adviser to Sirius after what's happened in September?

From the bottom of the last RNS: "J.P. Morgan Cazenove (Financial Adviser to Sirius)".

The company that effectively sunk and made a fortune on shorting Sirius is still acting as a financial adviser to the company earning hefty fees and assisting in selling us for a song now. Actions of the whole Sirius' board should be investigated in detail.

KOH

Where is the Defenders of the Galaxy gang now? All those wise individuals consistently turning a blind eye on "your CEO's" failures and negligence for months and years and it the same time attacking, condemning and ridiculing any opinions other than yours? Where are you now clowns (you know who you are)? We didn't hear much from you over the last couple of days. How's the knighthood for that c^^nt Fraser, is it still happening hmm? How did you like the grand finale that is about to be recommended by your beloved management? Oh yes, I know - it's all our fault, innit...

KOH