Rationale for Voting NO26 Feb 2020 10:37
All, after much consideration, I have voted NO due to the following reasons.
1- Likelihood of administration is medium to low because I personally think that after almost 10-15 years in this project, Fraser, BOD, IIs (with their bonds) and hopefully the Government will not let this mine go into a black hole. The mine will be built. There is still a chance of it getting into full administration but if it does, IIs, Odey, Polygon will lose much more money than us (the PIs) and somehow I cannot see them letting themselves losing millions .
2- Assuming some sort of rescue package / reasonable offer comes in after we managed to hold back AA's opportunistic takeover, I still have the chance to be part of the project and able to recuperate my losses even if it takes several years for the share price to breakeven.
3- If I vote Yes, it means I have accepted and surrendered my huge losses (and what I would lose further if this goes administration would be a drop in the ocean compared to Fraser, BOD and IIs) , letting Fraser and BOD to walk away with FAT bonuses when they should have also asked PIs about the option of raising funds, not being transparent and fail to protect shareholders' interest after cooking up all the misleading funding information / prospects during the past few years.
I wish I could vote Yes but given where we are now, voting NO seems to be the lesser evil and MAY just give us the PIs a chance to rise up and see the light at the end of this dark tunnel compared to voting Yes. And even if the takeover goes through, there is NO GAURANTEE that AA will keep their word about investing in the local communities and not replace / reduce its existing Sirius workforce after a year or two.