Member Info for PhilBanks

Clearly not much action on this board, and I think that fact is perhaps reflected in the share price. Got to surely be one of the most undervalued shares on AIM? Some substantial fund raising now secured for what looks like it could be an aggressive few years of expansion. Projections for proper profits now not far round the corner, just a matter of trying to keep up with demand.

Haha solid comeback dig there Dogstar, I enjoyed that.

AlanG - it's FTSE not FTSI. I wouldn't bring it up, but you've written it incorrectly for as long as I can remember, and if nothing else good comes out of this whole experience, I would at least like you to go away with the correct spelling of FTSE for the rest of your financial journey. Regards.

As an example, Centamin (CEY) were subject to an unsolicited takeover offer around a month ago, and have had best part of 500 RNS's since and the deal has yet to go through. Different circumstances obviously, but I would still expect plenty of unwelcome flashing red dots, and even more questions about what they all mean ad infinitum. . . .

IBAB - there will still be literally hundreds more I believe, especially after the deal goes through (assuming it does).

Hopo - it means we've had 20 different counter offers; everything looking good here, no need to worry. See you at the £1 party.

Yes, unfortunately so. Could do with some good performance from Rene this year!

Having read that Times article, I'm now hoping that if if the Anglo deal goes through, that they spend the $4bn needed to build the mine, and then Polyminer's predictions come true, that they physically can't mine more than about 4 or 5 million tonnes of this per year.

Vindictive? Yes. But just the smug arrogant quotes in the Times from CF's mate at Anglo have really riled me.

Don't want the project to fail, just want it to not deliver what they are hoping for. Enough to keep people in jobs, but not enough for it to have all been worth the investment, so that CF and his mate both get fired by Anglo.

"Yet there is no hiding the fact that the rescue comes at a heavy cost for Sirius investors, some of whom bought in at 15p as recently as last May. For Anglo, the 5.5p-a-share rock-bottom price is part of the attraction. As Mr Pearce said: “You very rarely get an opportunity to come across a tier one asset and secure it in this way.”

Says it all really.

Prepare yourselves for literally hundreds of RNS's over the coming weeks and months.

You wait months for one RNS and then hundreds come at once....

You mean we had family and friends until we recommended sxx to them.

Fair comment. 5.5p would be a fire sale. Even if someone with deep pockets (Qataris?) bought it with no intention of developing it, they could surely sit on the asset and wait for an offer that reflects the true value of the project.

Based on current MCAP, if the company put an open offer out to double the number of shares in issue, it would raise enough money to complete the shaft sinking etc to the point we could raise traditional debt. I'd happily double down my investment for that scenario if I was given the opportunity.

He's done better than most of us here

How much does sxx have ring-fenced in the event that it has to close the site and restore the land? Isn't it around the £100m mark?

In terms of working capital, they perhaps have around £50m remaining (based on the in house projections of the march deadline they set for the 6 month review and the working capital they stated when the review was started).

So there's approx £150m cash in the company and the offer from Anglo is around the £386m. Gives a little perspective of just how little value the assets and project are being ascribed in this offer, but let's face it, we are well and truly over a barrel here. A counter offer would be most welcome, but let's not hold our breath.

Light the beacons!

Myo - the 'new govt' is the same as the old govt, but re-elected with what you would hope is a sense of responsibility to not let northern voters down (again).

If their perception of risk has changed then that would be fantastic and very much welcomed. However, any weight attached to leaving the EU I think is probably overstated. As far as I'm aware, the only mention of Brexit in the prospectus has been in relation to £/$/Euro conversions and cost of borrowing and sales etc.

When questioned about underwriting debt, ministers have only ever alluded that (as far as I am aware) it is the percieved risk to the tax payer that is the issue, not difficulties relating to Britain's membership to the EU.

If the IPA backing comes after SXX raise $600m privately (which will inevitably involve giving a significant chunk of the company away) then the damage is already done in terms of future potential share price. Either way, I don't think the company is going bust, and those buying at these prices will probably be the ones who do the best out of all of this.

I'm not selling, and have increased my holding by around 30% since the great crash of 2019. But my expectations with regards to govt help and potential future share price have been realligned significantly.

Whilst it might be refreshing to read something so positive, I also think it's pretty unrealistic.

The government's hands weren't tied by 'legal issues'. They instead perceived the risk to the tax payer as being too high.

Legislation would probably (but not definitely) take longer to pass through Parliament than SXX has time left to remain solvent.

The government never promised financial support, the project pre-qualified to apply for financial support through the infrastructure fund. Lots of companies apply, relatively few actually get the support.

I would enjoy nothing more than the govt to underwriting a proportion of the debt, but I'm almost certain now that it won't happen. If private companies can survive and raise funds on their own (which I'm confident we will), then the govt isn't interested in helping them. The govt is perpetually short sighted, regardless of which puppet is thrust forward to represent them.

That said, to paraphrase Kevin Keegan - I would love it, love it if I was wrong.

IBAB - the difference is that they made $1.2bn profit on that $4.7bn revenue, and I'm pretty sure you knew that when posting.

Sorcerer

Clearly I much prefer the outcome you suggest, however I don't see us being in a position to negotiate such a deal. Heavy dilution is surely the most likely outcome, which as I say isn't ideal, but better than us going bankrupt.