Member Info for OldRascal

Maximus10

I’ve been sleeping well enough. No point crying over spilt milk.

It could have been much worse. I wasn’t expecting any income from the shares until 2025 - 2028. It was a gamble to help my kids but they’ll still do rather well without a SM windfall.

I still believe in the mine. Not so much the company. And not at all in the Government/IPA.

OR

Finally decided to reluctantly sell some shares today.

It is quite depressing but now, if the SP rises I’ll be happy because I still hold some. If it falls I’ll be pleased that I sold some.

Thank goodness my tenants never moved out - I’d have sold the houses to buy shares in SM.

Best wishes

OR

SM are NOT worth £12-14 billion regardless of who says that it is.

It may be worth £12-14 billion IF it reaches production. However, production is a long way off if they don’t have the money to finish the job.

I fear that we are heading for liquidation.

I pray that I’m wrong.

OR

There isn’t a company in the world that could accept shaft sink risk so the risk sat with SM.

It’s mitigation is that Boulby was successfully sunk over 40 years ago.

Hindsight is 20/20 but the shaft sink should have been completed first.

OR

The ‘cost overrun’ was, imo, caused by the advisers (probably the IPA) insisting on a fixed price contract. In order to deliver the performance requirement (and 50 years design life), the tunnel design was gold-plated and the advance rate contracted at 17 metres per day. Evidence from Crossrail showed that 50 metres was easily achievable. Strabag are already achieving 30 metres per day and that is as they descend through varying geological layers and while they are still learning the machine.

I hope that there is an inquiry into SM’s failure to secure Stage 2 funding. I am confident that any inquiry would show that our BOD acted entirely properly and that the IPA had a role in the increased costs that started the slide in confidence. JPM would almost certainly be negatively implicated. Legalised robbery and shameful.

Anyway, that’s my opinion for what it is worth.

OR

*** don’t know what***

JR

I don’t what tablets you’re on but I wish that my anti-depressants were half as effective.

The dog is dead.

OR

I agree with much of what you say PAAA.

However, it is not B..... per se that is the biggest issue but rather, the uncertainty caused by our government’s pathetic approach to delivering the outcome of the referendum. I hold the Conservatives to account for this uncertainty and for having the referendum in the first place if Parliament was so set on not delivering on the outcome.

Good luck everybody.

OR

Despite recognusing the potentially huge rewards, Simon Clarke MP says ‘the fact that the bond couldn’t succeed in August was concerning’. He goes on to say ‘And the government has taken independent advice as you would expect.’

Maybe the BOD are not communicating the risk. Maybe Gina Reinhardt and many other successful investors don’t understand the risk.

OR

Some people are eternal optimists. Optimism is good but blind optimism maybe not so much.

The business case remains the same and , as someone once said...

God help the man who comes to doubt what he knows is true.’
(Jim Glickenhause 07 December 2018).

I refer myself to this quote on days like this.

OR

Sorry, I forgot the link...

https://siriusminerals.com/latest-news/news-stories/upcoming-liaison-group-forum-2/

OR

Anybody going?

OR

RNS today?

OR

Somebody knows something.

OR

Aaaargh!

Coupling = coupon

Certainly more attractive than waiting for an indeterminate length of time for HMG to make a decision. At least the BOD had another option to raise the required funding with JP Morgan.

Fingers crossed that they get the bonds away. There’s no real reason to doubt that they will and hopefully with a coupling in the range of 10-12%.

Then we can look forward to the next bond sales to satisfy the terms of the RCF.

And, I still think that there is an outside chance that Boris and his team will be a positive part of the SM story.

OR

Bodis = Boris

:)

The real reason was that the government was somewhat predisposed dealing with Brexit (because the remoaners won’t accept the result of the democratic 2016 referendum).

This directly resulted in the government not being prepared/able to make a decision regarding the IPA Treasury-backed Guarantee. Sticking with the IPA option would have meant delaying the project and that would have been a disaster. The JP Morgan option must have looked mightily attractive in comparison.

Now, we just need to wait until the bonds are sold. Or bail out if you think the BOD are likely to fail.

I’m sticking with the BOD. Like Bodis, they have my trust and full support.

OR

SXX is about 99.9% of my shares portfolio. Shares are only about 5% of my investments.

With SXX, I know a lot more about the project than most investors. This is my weakness - I let my confidence in the project affect my back investment decisions.

With other shares I just play the numbers game - invest, take my stake back if it rises then invest elsewhere and repeat. But I prefer houses to shares.

With SXX, I just want to be proven right. A dividend of 2p per share by 2028 would be fantastic. At 56, I’m already retired and just hope to live long enough to enjoy some returns. I think time is on my side.

OR

Buy on rumour and sell on news is the old adage.

Maybe this time it’ll be different.

OR