Member Info for recklessferret

Hi LTW. OK the, here is your reply to Westcountry in full:-
"Westcountry, IMO, if the vote is no then some of the big institutional investors - who could easily afford to provode financing - might step in. In particular those holding the bonds. The vakue of the bonds is preserved if the company s sold to AAL because AAL has a strong balance sheet and the likelihood of the bonds being repaid is high so they wont lose. In administration it's not just shareholders that get wiped out, bondholders do too. QIA hold more than $100 million worth of bonds. I just don't see them kissing them goodbye in addition to the $40 odd million they invested in equity shares."

I can't see it adds much to the issue - it just identifies the Qataris as one of the possible big investors who "might"- your word- step in.

Also I don't know why you need to say that you "don't give a rat's arze" what I decide to do? Why be unpleasant - this whole situation is unpleasant enough without gratuitous agression.

I did not even identify you, let alone misrepresent you or doubt your sincerity at all. Sorry you feel that way.

However, I would point out to you that while your above-quoted post says "might" step in, you now say that you think bond-holders "will" step in. You are entitled to say whatever you like of course (subject perhaps to my point on civility), but there is a big difference between the two- are you yourself clearly presenting your own views?
RF

Just catching up on posts and read this from a regular proNO poster in response to a genuine concern about the vote:

"Westcountry, IMO, if the vote is no then some of the big institutional investors - who could easily afford to provide financing - might step in."

Is that it then? That is the risk/reward assessment basis for my requested support to a move that puts at risk my last £64K? And please don't tell me its my own choice- quite aware of that.

I am just interested as to whether the above quote is the best argument available in favour of pushing the potential self-destruct NO button. I have of course heard all the Worse arguments- spite Fraser, spike the project etc etc.,

Just asking, as they say.
RF

Hi IBAB You say of MP,s "Do you honestly think that they write the replies?" Well, as I stated, I appreciate they may be written by minions. But I would expect my MP to READ what he was putting his name to before signing it. And if had read it and IF he was, as he claims, closely interested in the Sirius project, then he should have noted the inaccuracy and I refer to and made corrections. I was writing to him as my MP afer all, not a Minister of State- if you canot rely on what your MP is saying to you as being his own view, then what on earth is the point in writing to them. Some would say I have just answered my own question of course.
RF
RF

OK, so the first post did appear- it wasn't there a minute ago, honest! Apologies for confusion caused- no Ferret posts for weeks, then along come too many, even including duplicates. Idiot!

Hi Longtermview. This a second attempt at re-posting an earlier post re Rishi Sunak. I don't know if the first was taken down by admin. If so there is no justification to do so- it contains Sunak's own words and my fair comment in response.He is not a Yorkshireman, either by birth or inclination. Here goes:- My MP is Rishi Sunak, Chief Secretary to the Treasury. In early August I emailed him to encourage Government loan guarantee support through the IPA.

On 19 August he wrote saying “ I completely understand the urgency of this...I have asked for an urgent and formal Government reply on the matter and will let you know as soon as I have received a response.

After two and a half months I yesterday got his letter of 28 October. Leaving aside general platitudes and good wishes, this is what he says:

“As you may be aware, the Treasury rejected Sirius’ request to provide up to £800 million to the company in guaranteed bonds. When examining any request for financing the Treasury assesses the potential of any project against the need to protect taxpayers‘ money.

As Sirius is worth approximately £310 million today compared to £1.7 billion last year, as I understand it the view is that Government involvement in the financing of the company would be far too risky.”

Sunak studied for a PPE at Oxford. After graduating, he obtained an MBA from Stanford. He then worked as an analyst for an investment bank, next a hedge fund management firm , becoming a partner. He then joined other former colleagues at a new hedge fund firm which launched in 2010 with an initial $700 million.Sunak was also a director of investment firm Catamaran Ventures owned by his father-in-law. (the above courtesy Wikipedia)

You might therefore think that this Chief Secretary to the Treasury would identify and understand the difference between a bond and a loan guarantee, particularly when my original email specifically referred to the issue.
You might also wonder that he does not seem to correlate the reduced so-called “value” of the company and his Government's own decision not to back it! Not that Market Cap is an appropriate or sensible way to place value on a 100 year project of national importance.

I also appreciate GBern's comment that these letters are probably written by minions. Well it was Sunak who signed off his letters, and closed the latest one with this remark “...I assure you that I will continue to follow these [Sirius] developments very closely.” Fibber or idiot - you decide. Unfortunately I do not vote Tory so I cannot withhold my electoral vote as a matter of principle. Even more unfortunately, he will be re-elected due to the huge permanent Tory majority in his constituency.
RF

Sorry, in my irritation forgot to say that was in rsponse to IBAB's last.

Hang on- isn't that exactly what I was saying?

This is what I posted about Rishi on 19 October '19 :-

"My MP is Rishi Sunak, Chief Secretary to the Treasury. In early August I emailed him to encourage Government loan guarantee support through the IPA.

On 19 August he wrote saying “ I completely understand the urgency of this...I have asked for an urgent and formal Government reply on the matter and will let you know as soon as I have received a response.

After two and a half months I yesterday got his letter of 28 October. Leaving aside general platitudes and good wishes, this is what he says:

“As you may be aware, the Treasury rejected Sirius’ request to provide up to £800 million to the company in guaranteed bonds. When examining any request for financing the Treasury assesses the potential of any project against the need to protect taxpayers‘ money.

As Sirius is worth approximately £310 million today compared to £1.7 billion last year, as I understand it the view is that Government involvement in the financing of the company would be far too risky.”

Sunak studied for a PPE at Oxford. After graduating, he obtained an MBA from Stanford. He then worked as an analyst for an investment bank, next a hedge fund management firm , becoming a partner. He then joined other former colleagues at a new hedge fund firm which launched in 2010 with an initial $700 million.Sunak was also a director of investment firm Catamaran Ventures owned by his father-in-law. (the above courtesy Wikipedia)

You might therefore think that this Chief Secretary to the Treasury would identify and understand the difference between a bond and a loan guarantee, particularly when my original email specifically referred to the issue.
You might also wonder that he does not seem to correlate the reduced so-called “value” of the company and his Government's own decision not to back it! Not that Market Cap is an appropriate or sensible way to place value on a 100 year project of national importance.

I also appreciate GBern's comment that these letters are probably written by minions. Well it was Sunak who signed off his letters, and closed the latest one with this remark “...I assure you that I will continue to follow these [Sirius] developments very closely.” Fibber or idiot - you decide. Unfortunately I do not vote Tory so I cannot withhold my electoral vote as a matter of principle. Even more unfortunately, he will be re-elected due to the huge permanent Tory majority in his constituency."

I am not holding my breath that his new position has elevated his thinking.
RF
RF

Hi theDaviss3100. Your comments resonate and reflect my own reasons for investing in Sirius since before PP and i agree with all you say, but for the last 2 words!

My family has put more than a million shares into SXX, following the pied piper like children (not like rats I hope- nasty things). So now there is a £66k ISA left on a 5.5p valuation.

I want Sirius Minerals Ltd to stay in business and finish the job. But if no "white knight" comes along before March, what am I supposed to do? Vote NO and watch my last slice of a disastrous investment dissappear?

If that would result in the mine being completed, then maybe I just might. But you are saying vote NO in circumstances that may well lead to administration and the project failing or being delayed for years (OK AAL offer no guarantees and it is hard to believe anyone, but their stated intention is to complete the mine)

So if there is no alternative offer by the voting date, are we to rely on a better offer being made AFTER that date when the NO vote has gone through and admin. looms? Or are we to rely on Boris Johnson's government?

At this point I retain a burning desire to see the Project finished coupled with a family responsibility to maintain what cash can be salvaged from all these years of supporting Sirius. Voting NO does not realistically measure up to those goals.no matter how much I would like to be able to do so, believe me.

If its any consolation though, I cannot yet bring myself to vote YES!!

ATVB to everyone. RF and family.

To me the irony of all this is that the BoD and CEO has achieved all it set out to do in terms of innovative engineering, yet has failed in its flaunted area of expertise, ie project financing.
I invested pre-planning permission because my home is North Yorkshire and I had seen the economic decline of Teesside and Yorkshire coast areas- Redcar and its steelworks being a prime example.
Its been some ride - long, fun mostly, and expensive. I am not going to say exactly how much I am down (other than a lot)- suffice to say I hold rather more shares than Alan G, and have lost half of my capital if this finalises at 5.5p. So I am lucky to retain the other half - some are worse off I know.
If you have been in this solely to make money, then well done if you invested post Sept 2019 - commiserations if your investment pre-dates the “crash”. What else is there to say?
If you invested, partly, because you also wanted to see this fantastic project succeed, then congratulations- we are well on the road to that end and to that extent, assuming AA take control and go forward with this “world-class, low-cost and long-life asset” as they have acknowledged it - the jobs, local prosperity and national contribution will be there, all as originally envisioned.
I don't know what Trooper Merlin, Borolad and Fram would have made of the now likely outcome. I would like to think that the knowledge that this great project seems likely to be developed to completion would seem “fair enough” . Albeit as a “silver ferret” (as I like to see myself), I am still here and with Mrs F in rude health. No amount of cash can buy that.

Love to all (apparently its all you need).

Reckless and Mrs F

Myo, thank you for the explanation. Whilst not quite as exciting as the alternative "star ship enterprise, time machine, worm hole tunnel" alternative solutions, I am going with yours. I appreciate your time taken to set out the history.
ATB RF

Chesh. Not all my comments should be taken at face value- whilst sarcasm may be the lowest firm of wit, it is often the best I can manage.
Live Long and Prosper ( I think it was, on reflection)- Probably a better reflection of how we are going to succeed financially through Sirius anyhow.
ATB RF

Thanks guys, this is exactly the sort of expertise and technical debate I was hoping for.
Go Forth and Prosper!
ATB RF

Sorry about that- not sure why, as I can click on link and access straight away. It is a closed FB group though-I am a member - so maybe the link direct to the photo blocks non-member access. I don't know if this link will work, it is from Copy Image command of the picture. https://scontent-dus1-1.xx.fbcdn.net/v/t1.0-9/73497819_10158092546424095_7141697522736562176_o.jpg?_nc_cat=105&_nc_oc=AQlZlu8fD9KeCKYeY2igh-FYviEiJebNv8dAGloPd6OoSF7Md-GQszXYcuv2JNBA7zc&_nc_ht=scontent-dus1-1.xx&oh=dd2e32cf7dc2bcd7df3f2ef4227bc743&oe=5E4E7F17
Tom's accompanying text says: "Concrete slip finished over a week ago , on the service shaft....my last shift ........ Hope I get to go back"
RF

Anyone with expertise like to assess and comment on what if anything is revealed by this interesting pic from Mr Tom Mccullock posted 31 Oct on the Serious Minerals FB site? Thanks in advance
https://www.facebook.com/media/set/?set=p.10158092546409095&type=3
RF

My MP is Rishi Sunak, Chief Secretary to the Treasury. In early August I emailed him to encourage Government loan guarantee support through the IPA.

On 19 August he wrote saying “ I completely understand the urgency of this...I have asked for an urgent and formal Government reply on the matter and will let you know as soon as I have received a response.

After two and a half months I yesterday got his letter of 28 October. Leaving aside general platitudes and good wishes, this is what he says:

“As you may be aware, the Treasury rejected Sirius’ request to provide up to £800 million to the company in guaranteed bonds. When examining any request for financing the Treasury assesses the potential of any project against the need to protect taxpayers‘ money.

As Sirius is worth approximately £310 million today compared to £1.7 billion last year, as I understand it the view is that Government involvement in the ?nancing of the company would be far too risky.”

Sunak studied for a PPE at Oxford. After graduating, he obtained an MBA from Stanford. He then worked as an analyst for an investment bank, next a hedge fund management firm , becoming a partner. He then joined other former colleagues at a new hedge fund firm which launched in 2010 with an initial $700 million.Sunak was also a director of investment firm Catamaran Ventures owned by his father-in-law. (the above courtesy Wikipedia)

You might therefore think that this Chief Secretary to the Treasury would identify and understand the difference between a bond and a loan guarantee, particularly when my original email specifically referred to the issue.
You might also wonder that he does not seem to correlate the reduced so-called “value” of the company and his Government's own decision not to back it! Not that Market Cap is an appropriate or sensible way to place value on a 100 year project of national importance.
I also appreciate GBern's comment that these letters are probably written by minions. Well it was Sunak who signed off his letters, and closed the latest one with this remark “...I assure you that I will continue to follow these [Sirius] developments very closely.” Fibber or idiot - you decide. Unfortunately I do not vote Tory so I cannot withhold my electoral vote as a matter of principle. Even more unfortunately, he will be re-elected due to the huge permanent Tory majority in his constituency.
RF

Morning Fred. OK, I will go with that one, thank you! Got a letter from my MP yesterday though- beggars belief. Will post about it later- brekky calls.
ATB RF

Possibly no relation, but hi anyway.
ATVB RF

Apologies to all. Everything i was told about by IR both by email and tel con pursuaded me that there was no doubt that an RNS would be forthcoming by today. I suppose today is not over, but not holding my breath. Feel somewhat let down - even an RNS explaining why there was no RNS would have been better than this situation.
ATB RF

Hi Sheps. Thanks for the good wishes.I do not actually take the Ferret Times so don't know what piece you are refering to?
Hi FFC. Errrrrrrrrm yes! (not quite convinced abut the "all", there.)
Hi Nixan. Apology accepted. Can you spell Scalectricks though- that was always the hard one for me.
ATB RF