Member Info for mcadder

No big deal so the 283k of the 562k fundraise is complete and the other bit will follow in stages. Hardly anything to get your knickers in a twist over.

Let's hope so IG - 15-20p will do for starters..

Jadele this is what you stated earlier....."you have to consider there is a Sell for EVERY Buy." ......I'm sorry but that statement is not true like I've already said. The number of buys and sells fluctuate all the time why do you think the SP goes up and down depending on buying or selling pressure! For you to suggest that for every buy there is a sell to follow is bonkers! That's why sometimes shares rocket 100-300% on good news when no one wants to sell but peeps keep buying. A rise like that is an indication that the MM's are struggling to meet demand with available shares and the price rockets up to entice some sells. Going back to Adme look at the trades I posted earlier....7 buys 1 sell so if anyone is stupid here it ain't me. I suggest you read up more on the mechanics of the stock market and how market makers try to make a market based on supply and demand at the time! And by the way the company doesn't sell the shares - that's what they have brokers for with market makers within those brokers to trade the shares.

I agree fully Patch. As for saying for every buy there is a sell....not true. 7 buys today and only 1 very small sell. In fact after close of market this afternoon there was another 150k buy meaning total buys were over half a million today equating to 1% of the company. So hopefully a nice build up now before some positive news.
Here's the trades......

04-Oct-19 17:06:36 5.125 150,000
04-Oct-19 15:45:16 5.14 97,062
04-Oct-19 15:22:48 5.1199 50,000
04-Oct-19 15:21:43 5.01 90,000
04-Oct-19 13:29:40 5.01 4,800
04-Oct-19 13:22:14 4.8541 2,100
04-Oct-19 10:21:09 5.01 5,444
04-Oct-19 08:59:35 4.924 150,000

The SP is at this price because it's heavily oversold unlike at 15, 20 and 25p+ levels where the hype of the sheikh was prompting many to still hold. However it is what it is and today out of the 399k shares traded only 2k shares were sold in 1 trade. The rest buys.
All to play for if good news does land.

Few chunky buys in today hopefully we are close to some news. Heavily oversold - will move up quickly on any buys now

https://t.co/ZoufADLln7?amp=1

Sirius Minerals: Odds of mine going into production lengthen significantly, says German bank
2019-10-01 14:02:00
Sirius Minerals PLC’s (LON:SXX) Woodsmith potash mine now has only a 25% chance of being built, according to a leading City bank.

That is the conclusion of the London arm of Germany’s Berenberg, picking through the aftermath of the group’s failed bond issue

Sells drying up - won't take much for this to move back up. News regarding options on asset acquisitions or indeed an update on development plans for the aje field could land anytime now and catch quite a few out.

Encouraging stuff in today's half year report....

"The CPR reported that 2P Proven and Probable Reserves showed an increase from 127.1 MMboe gross to 138.2 MMboe gross. Of note to the Company, as previously reported, was that recoverable oil reserves, which is one of the component elements of the estimated reserves figure, had risen from 2.96 MMbbls gross in 2018 to 4.73 MMbbls gross in 2019. This is a significant increase considering the field producing over 1 million gross barrels over the course of 2018."

Field Development Plan
"In line with Phase 3 of the Field Development Plan approved by the Government of Nigeria, the operating partners are currently developing various plans for gas production from condensate reservoirs in the Turonian sandstones at Aje. Discussions are taking place with potential off-takers and investors and an update will be provided soon."

"We continue with our plans to build a larger investment portfolio of undervalued projects by leveraging on our extensive network across Africa and originating deals for appraisal, development and producing assets. The Board looks forward to the future with confidence."

I'd imagine progress on the potential investments are at a very advanced stage considering OO has been working on several potential deals since before he became CEO. Looking forward to the next update.

Yep good update this morning and shows that thing's are firmly on track....

It would be an absolute logistical nightmare and certainly a no go. Even a large articulated tipper lorry could only transport a max of around 28 tonnes at a time - considering they want to transport 10 million tonnes a year have you actually worked out how many lorries that would be? Not to mention the gridlock of lorries on the local roads and having to queue up in long lines etc etc.
No sorry the only way the project is feasible is for the WHOLE tunnel to be built

If there was a quick fix to this mess the company would not have announced a 6 month strategic review and scaling back of operations. Yes this will be fantastic again ONE day but that day is some way off. That is why the SP has tanked and will drop further in the short term as the market has finally woken up and smelt the coffee.
The shorters are in control here until the company turn this around.

Your quite right Aubery if some form of dilution does result we'll just have to accept it even if at this level.

"May include more bonds with warrants and possibly a big Rights Issue meaning possibly a doubling or even trebling of the share register and possibly more royalties. This would have been horrible to consider when we were trading at 25p+"

Aubrey it's even worse to consider at this level - the prospect of dilution.

At least at 25p+ dilution would have been minimised but now at less than 3p sxx would need to issue 8.5x more shares to raise the same amount of money!

You know Chesh when a poster such as yourself begins to make personal insults it's always a good sign that what I've said has struck a nerve with you. I won't however lower myself to your tone ;)

https://www.gazettelive.co.uk/news/teesside-news/gutwrenching-how-dream-sirius-minerals-16988585.amp

Copy'd and pee'd from this article Chest....

Yes citi lowered their holding last week and imo could continue to do so next week especially if they believe the issue of funding the next phase is going to drag on for months.
If there was an imminent breakthrough on funding they wouldn't be scaling back the project and laying workers off. So I think this will drag on for a few months to tie in with the company's 6 month review. So plenty of opportunity to buy in here low. They have enough money for now but I think we can expect another equity raise in the near future. This part of today's article sums it up from investor's....

"There is risk with everything, but I don't think a lot of us actually realised the risk.
"The Sirius dream is over. You have no chance of getting your money back."
Sirius is currently "slowing down" the project with construction workers leaving sites last week.

Still a great project though and the sun will shine here again but it could be a while before that happens.

When it comes to member's of the bod or the CEO buying shares on the open market they only have small windows of opportunity in which to buy due to what inside information each of them may be in possession of at that time.
So the nomad will have had to allow it beforehand. A 10k director buy even in a small cap stock would have looked thin and for a ftse 250 stock just beggars belief I'm afraid.

This is a fantastic project with huge potential however markets hate uncertainty and in the short term there is further downward pressure here until this turns around. Especially with 7B shares in issue and more to come if they end up doing another raise.
Having said that this is certainly not going to go into administration and the project will still progress - too much money has been invested to date and the huge resource too valuable to just walk away from.
However SH's are going to have to accept the prospect of more dilution and waiving of a percentage stake in the project to strategic investor's to make it happen. And this means a lowering of potential in the SP. Some believed we would be at £1 plus once the mine is operational - a realistic SP target imo is likely to be 25-30p by then. A lot to happen between now and then but SXX as a company will certainly survive and shareholders will still eventually benefit depending on your average.