Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
seems to be big irony. share soc a wolf in sheeps clothing ?
from someone who has posted 10 time s a day for last 30 days trying to persuade people to vote no for another alternative , when the BoD have been clear in legal takeover docs that there is none ?
whoops. administration IS a certainty if this deal fails, in my opinion. anyone who cant see that reality doesnt understand what theyre doing. sure there are lots here pretending they don’t believe it through denial or greed because they are still shorting
miracle. stupidest post ive ever seen !!
ive watched this board for years and valued many contributors. am amazed at so many people in denial and so many sharks feeding off it who will still be shorting to make even more money in SHs misery. on your points ;
1- read the BoD recommendation - administration isn’t a certainty if this deal fails. (not medium to low like you say). fraser and BoD is out of options quite clearly. government has NEVER offered to help and never will. they don’t give a shot about PIs and anglo turning up makes them believe they never have to because someone will build it. they get jobs and PIs get nothing. the millions that a few chancer instos lose is nothing in their portfolios. most of time its money from our pension funds anyway but they still get paid !
2- any rescue package as you say will NOT be for SHs it will be someone picking it up from admin and PIs get nothing. cant see the BoD pulling a rabbit out of hat in two weeks or less at this stage. AA's offer may be opportunistic but sirius is out of money in one month ! and so far , no one else wants it. be clear mr miracle that you and me now have basically no chance of being part of this project anymore. its just what we do or do not get in the next few weeks .
3- true voting Yes does mean ( as you say ) that you have accepted and surrendered huge losses. but you made a mistake with this investment like we all did ! but voting no does the same but for some reason is you volunteering more to lose !! mustn’t matter to you
explain to me the FAT bonuses you see BoD getting ? the documents to my reading say all BoDs resign immediately. its only staley amd fraser that anglo want to stay. can you see anglo actually wanting them beyond a year , if that ? I cant.
on asking us PIs its all rubbish. me and mates invested in the area haven’t got the brass to put in more. fund sirius can’t even get 10% of what’s needed and no insto is going to take it seriously.
all sense gone here. people either in denial or pretending like they losing even more money. very strange.
any need for the abuse scott1092 ? it seems there no room for a different view. i live in the area and if you think 5.5p is bad then i dread the reality of 0p. you probably dont care about that based on the rage you post
ill leave you to it. i think it will always shock me that people want to bring everyone else down because they , like we all did , made a bad investment call on a great project. i hope you can get over your bitterness one day.
i feel for everyone whos lost money on this, esp as ive lost a shot load myself. i dont blame anyone else but me though. ive read the annual report risks and other warnings in the prospectus before loading up in the 15p raise. my decision and noone else to blame.
still holding and hoping for the best. still dont understand why turkeys would be voting for christmas by voting no
my understanding is that these lot are proxy agencies. they make there money by making independent recommendations for stuff like this. they do the same for agm s. instos and others pay for their reports I think.
i guess the issue is that your gamble on a no and hope for rescue might take everyone down with you. im holding & hoping because any last minute upside is material for me. wipe out a disaster.
why do you think the board would feel they need to recommend this if a rescue was possible ? ive been trying to work out from the director buys what it means for BoD. at 5.5p it seems to be a £3m+ loss for chairman Scrimshaw on shares he’s bought in the market. someone help me out if I have that wrong !! doesnt really seem like a grand aussie stitch up that some like to claim.
i think if its a no vote then were out of time and admin follows straight after. Best chance of a better offer is in the run up to the vote. im still hoping and to be honest hoping 5.5p is worst case fall back. I agree its not great overall
they first announced that in Sep 2015. lots of ifs in there and further references in subsequent funding updates.
no doubt the government has been a big let down wrt supporting sirius. i have lobbied my local MP many times. they clearly dont give a shot about SHs. anglo is a win for them if it gets built.
my personal view is that sirius has been well and truly sold down the river by government over the years.
Infrastructure UK prequalification
The Directors of Sirius Minerals PLC (AIM: SXX, OTCQX: SRUXY) ("Sirius Minerals" or the "Company") announce that the Company has received prequalification status from Infrastructure UK ("IUK").
The Company has been in discussions with IUK for some time regarding the likely requirements of its planned second phase financing and prequalification. IUK is a unit within Her Majesty's Treasury ("HMT") and the prequalification is for consideration of a HMT guarantee in relation to the York Potash Project ("the Project"). The receipt of prequalification status does not constitute an offer of financing or an underwriting commitment by IUK. The Company expects IUK to undertake detailed technical, legal and commercial due diligence in parallel with other senior debt investors, at the relevant time during 2016.
If an HMT guarantee was obtained it could provide valuable liquidity for the financing of the Project, alongside senior debt from the bank or debt capital markets and any support from Government backed credit agencies.
An HMT guarantee would be expected to follow a similar form to others placed in the market to date by IUK under The UK Guarantees Scheme; an unconditional and irrevocable financial guarantee of the scheduled principal and interest and consistent with European Commission's Notice (2008/C 155/02) on state guarantees. A standard form guarantee can be reviewed on the HMT website.
yes agreed ! but the BoD arent going to run it to the last day before trading as insolvent. suspect theyd call the administrators straight away. thats my worry anyway and it would be game over for us all
not according to the last half year report on 17 Sept last year -
“The Group will need to secure additional external financing in order to allow it to continue operations after 31 March 2020.”
im not in finance but id say it will be pretty hard to deliver an alternative between 3 Mar and 31 Mar.
agree on Odey. they dont give a monkies about LTHs. there in at 5 ish so not in same boat. great if they force a rise but doubt they are saviours of hopes
im not sure id be basing my investment decisions on the rumours of the evening standard! the thing about this being to big to fail for instos is a non starter to my mind. they are unlikely to get a choice because the board will just panic and call administrators. amazing what the threat of people coming after your own assets will do to decision making.
the fund sirius work is great but is any insto going to take it credibly ? have those pledging got the funds to back it up and what if they change there mind ? remember we are running out of time massively. id have more confidence if it was at +£100-200 m at this stage
thanks fred. i agree its not a nice position to be in. i personally dont see there will be other options than admin. if you look at whos on the Bod - lodge is a former senr accountant, Hutton a Minister, Clark a ftse CEO, Harwarth is probably the most experienced. these guys and girls will know the risks of potentially trading whilst insolvent so if they say were basically going into admin if this fails then i believe them.
one way or other I think our investment is coming to an end. im holding because there a small chance of a slightly better offer right to the end. any increase would be meaningful to me
its my first foray into posting. ive been a bit of a lurker since the exploration days around 8 yrs ago. i have read this blog most days and ii before it revamped and got ****. grateful for many of the knowledgeable contributors over the years.
im quite local to the project in NYorks & will lose a 5 figure with this price . much more given where we all hoped it wud go.
realise this wont be a popular comment but where has all the balance gone ? I get we are all disappointed but this board seems now to be a forum for the bitter and twisted. or perhaps those with a vested interest in seeing the company fail ? i dont say this lightly. ive been thinking id finally post for some time and realise I’ll probably get a load of abuse for it. i just dont understand why so many people seem to be saying they will vote no to throw there own ££ away?