Member Info for OldRascal

HUR and many other shares do well when they find a product. Getting oil to market is a relatively straightforward, well-trodden path. Boring (?).

Sirius Minerals know what is down there, have a plan to get it to market and customers eager to soak up all that can be produced. The project is world class in so many levels.

I’d love SM to be a £20 billion company with 10 billion shares. Crikey, £2 per share - I’d settle for a quarter of that with dividends at 5%.

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They’ll be back when we dip below 15p again.

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It is strange how a half penny rise to 15.4p feels better than a half penny fall to 15.5p. :)

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RUSirius

I focus my disappointment not on the company but firmly on U.K. Government. The company could not have done more to preserve shareholder value.

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Do any of the critics on here have the necessary skill set to deliver funding for this mine?

Thought not.

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Spoils from Drives 1 and 2 are easily transported to Wilton. Spoil from Drive 3 would need to be hauled by road or stored at Woodsmith before transporting via the tunnel.

Maybe we can just use one TBM?

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I gave up working when the rewards didn’t reflect the job. Took my pension and ran.

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Buy them a set number of shares each rather than a set amount in cash terms. Simples.

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jr

If it works out fine it’ll be fine for ALL shareholders. Long term, short term - it won’t matter. It’ll almost certainly work out better for those buying today than those buying over the last 3 years.

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members

You can’t really compare SM with Thomas Cook. Anyone can set up a travel agency. Finding billions of tonnes of polyhalite is a tad more difficult.

For the rest of us, to paraphrase Jim G, ‘Never doubt that which you know to be true’.

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Forget the TORPS. This is the way forward...

https://rover.ebay.com/rover/0/0/0?mpre=https%3A%2F%2Fwww.ebay.co.uk%2Fulk%2Fitm%2F273409635324

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I think CF suggested a coupon of between 10% & 12% at the AGM. So expect 15%.

Great time to buy but will there be a better time?

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Johno59

For me, the only time that the number of shares will matter is when there is a dividend to pay.

Once debt is cleared maybe the company will see fit to buy some shares back and scrap them.

If we make $100 per tonne on 20 million tonnes there’ll be potentially great dividends for the shareholders. $2 billion is 20 cents a share. 2p per share would be extremely nice.

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Johno59

You would expect CF to know how many shares are in existence and are likely to be issued in the future. He didn’t seem confident and the questioner suggested it was currently 5 billion and will rise to 10 billion - suggesting 100% future dilution.

But it is just under 7 billion (6,977,537,829) as per the 31st May RNS.

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CF also intimated that there were no plans to go off and spend income on vanity projects to satisfy the Board’s egos. So hopefully, when we hit the wall of cash it will be used to reward shareholders.

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Well maybe I’m wrong but...

What I heard was that the more expensive market-led funding was needed because the IPA Treasury Guarantee wasn’t going to be available in the project’s timescales I.e., would have caused work to stop.

Dilution would not have been required if the MTS additional funding hadn’t been required.

Someone said there were 5 billion shares in circulation and that this will double to 10 billion under the current plan.In fact there are about 7 billion already and this may increase to 10 billion if all the convertible bonds convert to shares.

I’d love 5p per share dividend in 4 or 5 years’ time.

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AllCingEye,

There was a specific mention from CF that dilution would not have been needed if the MTS hadn’t cost more than planned.

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CF said that the published timescales weren’t what the company was working to. He said they had a stretch target of Mar 2021 with bonuses attached for the key players and the contractors. Essentially, they want the mine operational as soon as possible.

So, it may be earlier but could be later (than late 2021). My impression was that it we have a great BOD and wider team who know what they are doing and will deliver (as soon as possible). That is to say that they know that time, cost, performance and safety are paramount.

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CF actually said that dilution wouldn’t have been required if the MTS hadn’t needed extra funding.

The Brexit issue was that the IPA couldn’t provide their guarantee in the project’s timescales.

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About 2 hours I guess.

Not particularly interesting (no fault of the Board) and I won’t be attending next year - unless it’s nearer to Whitby. It was what AGMs are.

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