Member Info for Longtermview24

I hope they're planning to vote NOOOOOOOOOOOOOOOOOOOOOOOOO

she doesn't own any shares so she doesn't get a say. Her royalty deal is secured against the assets of the company so she's ok, just like the execs that are keeping their jobs, bonuses and incentive schemes. ****s

I invested in this company not to get rich quick and have a champagne lifestyle but for the long term to see a divide being paid out to go towards my retirement. I haven’t over stretched myself financially, I looked into the company, I liked what I read about poly4, I followed the agronomy trials with interest, the pre qualification of IPA underwriting st2 to the tune of 1.5 billion at the time of my investment was the deal maker for me before I pressed the buy button.

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Ditto Stanley... and very well articulated. There were options to keep this investment in current holders hands. For whatever reason - negligence, bad luck or something more nefarious- these have been squandered. This was a good investment - and still is otherwise AAL wouldn't be in the picture.

I'm disgusted with the way it is turning out. Worst of all the senior execs that have presided over this fiasco get to keep their jobs and their bonus and incentive schemes. Surely that wont sit well with the good folk of Yorks.

There are a number of good articles in the Telegraph today. Perhaps someone can post then here

Longtermview24, SM does not have 1000 employees; most of the workers come from the constructors who will not receive the money. Only SM's staff, a couple of hundred are to share the £19 m.

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Agreed (emphasis on greed). But the bull**** PR spin is trying to sell this as saving 1200 jobs,

Honestly I'm glad I don't live in yorks. I'd probably end up with an assault charge, I never thought Fraser, having smoothed the locals, could so brazenly kick them in the nuts AND try to run off with the cash.

I guess some of the employees - below the exec level - will also have lost a bundle. I hope they nobble the mine, the shafts fill with water and AAL lose their shirt,

(Or better still we get a last minute rescue - even then Fraser should take a long walk off a short pier - showed his true colours. ****.)

the board all keep their jobs and the employees get to divvy up 19M quid. If this isn't a stitch up i don't know what is. Every employee should hang their head. There should be a protest outside the HQ.

If this deal goes through then there should be hell to pay. 1000 employees looked after at the expense of 85000 investors, at least 15000 local.

Fraser et al will be marked men

Scandalous whats happening,

The most advanced alternative proposal was a potential debt financing proposal from a consortium of financial investors. In December 2019, Sirius received a non-binding term sheet from the consortium to form the basis of a US$680 million funding package to cover the initial scope of work. On 9 January 2020, Sirius received a revised non-binding term sheet from the consortium. The Sirius Board reviewed the proposed terms and conditions, together with its advisers, and concluded that the consortium’s conditions and the time it would take to meet such conditions were such that there is a very material risk that the overall funding package would not be implementable by the end of March 2020.
As at 31 December 2019, Sirius had approximately £59.9 million of unrestricted cash, which was broadly in line with the expected capital spend when the strategic review was announced on 17 September 2019.

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They don't say the terms were financially onerous, just that they had run out of time....fecking disgraceful

Scrimshaw - another ex fortescue aussie ****. Stitched up. I hope the gppd folk of yorks don't forget what these shysters have done

Still adding, another 3.3M notified today. And a lot of shares traded hands today. I wonder how many they added - we'll find out tomorrow. Wonder what way they'll vote? Are they going to come to the rescue?

Absolute disgrace. fraser et al need sorting.

Of course it's not a surprise, we had been forewarned that an offer was forthcoming. What I wanted to know was the alternatives and that explanation in the RNS is vague at best. As I suspected Fraser et al are safely tucked up with AAL going forward.

It's a stitch up and a conflict and a sham.

There is a funding package available but "unlikely' to be able to satisfy the conditions in time. So why didn't they start earlier. And I still think a PI based funding is viable particularly if it was not required for the full amount but could tide us over until the financing conditions were satisfied.

I'm sure JPM and other professionals have considered all the options, but with full sincerity? They're going to make out nicely from this transaction.

It stinks from top to bottom.

Smacks of negligence at best, maybe worse.

I hope share soc do a thorough investigation and I wouldn't rule out a class action.

“the terms of the proposal received and the conditions attached are not acceptable in their current form. It is highly unlikely that acceptable revisions to this financing proposal can be delivered and implemented by the end of March 2020."

Highly unlikely but not impossible. Let’s see what develops.

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IBABFO - agreed but it is probably also highly unlikely the BOD will make any effort to continue the negotiation. It looks like their mind is made up, cushioned by the guarantee of continuing employment. There's a conflict of interest if ever there was one.

FFC

Some II's, as has been mentioned, will be so big and so diversified that they may not care one way or the other. But I don't think you can treat them all the same, as a block.

The Qatari's seem to be very engaged with this project and, by association, with the current BOD. They have supported the bond raise, the equity raise and, most recently, have entered into a supply and distribution agreement. This shows a level of engagement beyond a simple passive investment. They might care more than Norges as to the outcome. They have 230M shares.

Polygon increasing their holding from 50-odd million shares to 306M shares is not an accident. That's a lot of votes. Why?

I'm convinced there is strong PI support to raise a significant chunk of the required $600M,

But what about the II's.?

Will the Qataris who have $100,000,000 worth of 2023 convertible bonds as well as 230,000,000 shares (and haven't sold one) as well as the recent Muntajat (Qatari) 2mta supply and distribution agreement be supporting a strategy that retains control of the company in current hands.....

And what about Polygon. What are they up to. they have in the last ten days or so reduced their short position and bond position entirely and have increased their long position from a net long position of 57,000,000 share to 306,000,000 shares. Why accumulate so many more shares if you think AAL will be taking them all for 5.5p. Maybe they're hoping for a plan B that staves off the sale?

Maybe there's light at the end of the 37km tunnel.

Next week should be interesting. If/when AAL break cover, we should be all over the BOD with a pitch to raise the funds. I hope Polygon and the Qatari's are doing the same.

I agree with you KOH, which is why this line in the RNS is BS … Subject to the successful outcome of on-going discussions (including satisfactory assurances as to the safe-guarding of employee and other stake-holder interests ……

We're being fed full of sh*t while the company is being stolen from us ...and on the face of it, the BOD seems complicit. It doesn't add up. How can any of this be construed as maximizing and protecting sholder value.

Care to answer us Fraser?

Even if it bids, Anglo won't be committing to develop the mine, making this an option of sorts."

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I note that the rns announcing the "maybe" offer mentioned "subject to reassurance on employees and other stakeholders". This is just puff from buyer and seller. It's as disingenuous at IBAB's reasons for posting morning noon and night. There is no way SXX can force AAL to guarantee future jobs or future delivery of the project, regardless of any promises/commitments AAL make. If they say they've taken a change in business direction/priority, they could pull the plug whenever they like.

The only way to ensure this project is delivered is for the current plan to be executed (as amended by the SR) by the current BOD on behalf of current (and future) shareholders.

AlanG, I suspected you'd buy back in to a fundraise. I suspect the majority of those who sold out and are sitting on cash would do likewise - and so would current holders.

My point is that the BOD should recognize that there are a lot of PI's who have sold/hedged sitting on cash as well as current sholders, making the chances of a significant - and successful - raise from PI's is high. The BOD should recognize this and go for it. I'm convinced it would be successful if the raise was open to sholders and non-sholders. I'm sure there are plenty of friends and family that would subscribe if they knew it was saving the project and keeping it in the hands of lth's.

AlanG, I not eyou're out, but if the company ran an open offer to raise the $600M, would you participate (assuming the offer was open to all whether or not a current holder?)

What is TORPS exactly...........

We give you exclusive rights to sell our product in your area/region, and if you can't we will give the rights to someone else.

Have they paid for the rights?

I see no record of payments for rights to sell.

Are there any financial penalties if they fail to sell, I see none, bar losing the deal.

So what are TORPs really worth, bar providing confidence that wholesalers will make an attempt to sell the product.

Now if the were contracted to take the product, and if they failed to sell it they are stuck with it, then a TORP would have financial value. As it would guarantee income, regardless of sales.

But, that's not what they are AFAIK, are they?

If you know different I be happy to be proved wrong?

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Totally wrong. Complete load of balls above. Obviously you don't know what TORP stand for and what that concept means. Idiot

The recent Qatar deal with Munjarat wasn't a TORP - the other deals preceeding it - TORPS - take or pay