Member Info for Longtermview24

Agreed Pianista, sooner the better. But if there's a no vote there is still a chance for a plan B....Scrimshaw said admin was likely, not definite (despite what IBAB might tell you).

Worst case, no saviour, Fraser loses his job and SEVEN Million quid. That's a good enough silver lining for me. My investment has been decimated. Losing my last few quid to see Fraser lose several million quid is ok by me.

Great article Trinityman ……"Is the Sirius board recommending the takeover because it is in the best interests of shareholders or is the board recommending the takeover because it is in their best interests?"

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It's the latter.

The "advice" from JPM that a placing/OO would not be supported by PI's is balls. And we'll never know because they never tried. It's daylight robbery.

A NO vote may still bring about a white knight. It may even get the BOD off their arses and cause them to do a short term raise to keep the lights on. Fraser doesn't want to lose his SEVEN MILLION QUID nor does Scrimshaw want to lose his TWO MILLIOM QUID.

Make em work for it I say.

every body will jump for joy

--- seriously poppop,,,,, everybody? Don't think so. I can count 85000 that wont be jumping, unless Fraser is underneath

however you dress it up he failed and he let a lot of people down. I really don’t know whether he’s a nice guy who got unlucky or not but when that happens normally you get fired.

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exactly Fred. If he had any decency he'd pack his bags and leave Yprkshire.

But instead he's going to look after number 1, walk away with seven million and his job.

It stinks. It shouldn't ne allowed to happen. A NO vote could ensure it wont happen and may force him and his cronies to have one last stab at a raise.

if it drops to 5.5p, I might be in. Otherwise I hope all of their mines flood and turn to ****

sn't there about 100k investors.

If we all coughed up an average of 5k wouldn't that raise enough for them to continue the project? Surely that's better than 5.5p a share

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correct (plus or minus) but according to historical data (cough cough) JPM our financial adviser )cough cough) and the BOD (the ones stepping in to jobs at AAL and 19M quid bonus pot to share and Frasers 7 Million payout) - the ones who screwed up stage 2 - think it's not a realistic or viable option

But we'll never know cos they never tried.

Ironic that the defender of Fraser has a user name (th)ROBBER

A great many of the 85,000 PI's were/are local, as many as 15000-20000. If the government cared they cold have their cake and eat it - giving an IFA guarantee supporting the project and, in turn, the investors and generating the taxes. Are you for real lecturing me that I should be pleased that the govt will rake in billions in tax and I should suck up my loss when I was told the project was PRE QUALIIFIED for IFA guarantee. Forgive me if I strongly disagree with your altruism.

Locals were supporting this project to reinvigorate the local area. That may well happen and jobs and businesses will thrive, but none of it would be possible if the locals and others hadn't supported the fund raising along the way. Many of them will be ruined even if the area, generally, gets a boost. Are they supposed to be pleased for their neighbor employed at the mine while they sit at home with bread and water.

To call or others who want to vote NO spiteful is disgusting and deeply offensive and that's putting it extremely politely. If I said what I really felt it would be account closed. We were missold the investment case and Fraser has been, at best negligent, at worst something else entirely.

Sod the jobs sod the taxes. People will find new jobs.

I recall in the DM article where he was berating ignorant PI's in over their head and internet chat rooms for his woes that he was hypocritical enough to mention that he had everything he owned sunk in to this project and he didn't own any other shares or assets other than the house he built "with a big mortgage".

So if this goes into admin then he loses the lot, big house and all. So you can see why he's trying to scaremonger admin. He's stuffed if this goes into admin. But you know what, so he should be cos he's stuffed the rest of us.

Vote NO. If he cant sort out financing he deserves to be ruined like the rest of us. A yes vote for AAL gives him seven million quid and allows him to keep his job his bonuses and, no doubt, plenty of future share options in AAL.

That's why I'm voting NO. It could be done.

Issue 10 billion shares at 5p, $650M sees us thru next two years. Almost 60% dilution but keeps us in the game. 17 billion shares in issue. At 13mta, $1 billion revenue. conservative mkt cap $12 billion, 0.70c a share or 54p. TEN TIMES the current share price.

And you're telling me they couldn't raise the $650M under these terms. That turd Fraser's background is finance and he's been fleecing us for a MILLION a year salary and he cant sort this out. And he'll walk away with SEVEN MILLION and keep his job and bonus.

Stinks.

I don't want a better offer, I want them to raise finance. How the feck did they raise 1.2 BILLION years ago when this was just a field and they cant raise less than half that with years of construction progress and several million more tonnes of TORPS under their belt? Doesn't really make sense.

And something else that doesn't make sense is why JPM are still the financial advisor after their monumental **** up of stage 2.

That's the problem here. Things don't add up and we've yet to receive a credible account of what went wrong. The biggest smokescreen is dismissing a PI backed raise out of hand based on "historical" data when the situation we're presented with is unprecedented and there is no "historical" data for an event such as wipe out.

Had they tried a raise several weeks ago and it failed, then fair enough. But for me there will always be questions - ethical, moral and perhaps criminal - about why funding wasn't attempted in a more open and transparent way. We returned $500M of bond money that was sitting in the bank account ffs!!! Surely some of those investors would've been interested in equity (at the right price)? It was convertible bond money after all and would've likely ended up as equity at some stage.

The BOD have failed us but not themselves if they keep their jobs and bonuses with AAL.

I'd rather vote NO and risk losing the pittance I have left than see Fraser walk away with a job and seven million quid.

Vote NO and pray for a miracle in the last days of March for me.

All I said was that if AAL still want a deal they can get it in a prepack deal for less. That may be better, but it may not, there are benefits to a straight bid. There could be many complications to a prepack.

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If you cant see the contradictions in the above statement, then you're not as clever as you think you are (actually, regardless, I'm sure you're not as clever as you think you are)

A NO vote may or may not end up in admin. If it does, I've already been more or less wiped out by Fraser. My last few pennies wont be felt as keenly by me as the seven million he will wave bye bye to. That would be a nice silver lining

IBAB you seem a bit confuddled.

First you say a no vote is good for AAL cos they'll pick it up in admin for less (close to nothing). Then you say Polygon, if they threaten to vote NO may squeeze another 0.5p out of AAL, inferring a threat to vote no may up their bid to 6p.

Even you must be able to see that your posts are somewhat contradictory

It does not stop Gina from laying her claim to the fixed and floating charges she holds.

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Gina has security, yes, but Gina doesn't want to take possession of a bit of partially dug shaft and tunnel. gina, like the rest f us, wants the resource to be accessed so she can get her hands on the royalty wall of cash. i'm pretty sure she doesn't want to build the mine herself. If the funds could be raised to keep the lights on, she'll be fine and gets to keep her seat on the board.

Another sound idea, no doubt given short shrift from our financial "advisors" JPM, the same ones that came up with the grand plan that bombed. The same ones that shorted the **** out of the share and the same ones advising on what a stellar deal the AAL offer is. STINKS.

Bucky if it was that simple why did they make an offer in the first place?

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Exactly!

And why is IBAB (not invested) so concerned about "prepack" admin. Why does he give a stuff what happens next? As a non holder on the sidelines he shouldn't care a jot, but he seems very concerned about the outcome. very strange.

or maybe there'll be a plan b or maybe someone else will pick it up in admin.

if it goes to admin Frasers 7 million quid goes down the pan as does the 19M quid blood money going to the senior exes and hopefully their jobs too. Sod them all

wwguk, that's one solution and I'd be willing to bet PI's could raise more than $100M . If the execs were not falling into such a comfortable deal for themselves with AAL (did you hear how complimentary the Aussie CEO of AAL was about the job Fraser has done to date on his conf call?), I'm sure there are a number of creative avenues that could keep the lights on.

With 5.5p on the table Monday morning, I'm not sure why anyone who wants to vote for this deal doesn't just sell up n Monday. Certainly anyone holding towards end of the month should be holding for the purposes of a NO vote