Member Info for RedbullRJ

My "iShares iBoxx $ High Yield Corporate Bond ETF" "barometer" is still climbing, highest now since 31st July, let's hope for a late summer heatwave.

As a long term lurker and holder, rightly or wrongly, one thing I am doing to monitor the likelihood of us getting the bonds away, is watching the price of "iShares iBoxx $ High Yield Corporate Bond ETF" to get an idea of the $ high yield bond market. I use IG and can easily get live quotes during US trading hours. Looking at this, it is very clear what happened to the bond market at the beginning of August and how the situation is now improving. Just hope it keeps going this way and that the POTUS doesn't do anything silly in the next few weeks.

Anyone else suggest a better barometer of $ junk bond market sentiment?
GLALTH

Just have a word with JPM, negotiate to buy a shed load of bonds, at which point you would get some idea of how many are "pre sold ;-)" and then load up with cheap shares while you wait for the deal to be RNS'ed.

On my IG many shares are showing massive spreads, i.e. HSBC and Shell, as others have said suspect a market wide fault with the London Stock Exchange.

Looks like an auction, hope the shorters get burnt

Can't get a quote for more than are £4.5k of shares on HL atm?

Why not just raise the price so buyers can buy in quantity?

or is that not allowed?

Lots of little trades, then two big deals, £29k & £72k go through at 3pm, one a "sell" and one a "buy" seconds apart at the same price. In my opinion I think these were both buys, someone wanted the stock and conveniently lots of littles sells pushed it down and scarred people out. Till the bonds are gone I think the price will misbehave nd feels more like the old AIM days. Upside is, it is a good opportunity if you need to top up, to me though, I have all the shares I will ever buy and the price means nothing till the divis start mounting up several years in the future. Let the games continue, they won't be frightening me out of my holding.

JMO and DYOR
RB

Ageed, there seems to be lots of groups of "A" deals for smallish amounts pushing the price down with very tight spreads making the buy/sell as unreliable as always. Looks to me like an algo or person with an agenda. Doesn't bother me in the slightest though, my shares are staying exactly where they are for the next 5+ years.

It may not answer 3, but to put into context, Easyjet just issued these and was oversubscribed 3.4x:

"05 June 2019
easyJet announces that yesterday it has priced EUR500 million of bonds under
its Euro Medium Term Note (EMTN) programme to be issued on 11(th) June 2019.
The bonds mature in June 2025, have a coupon of 0.875% and are expected to be
rated Baa1 (stable) by Moody's and BBB+ (stable) by Standard & Poor's"

and Prudential have issued a prospectus for these, which make Sirius' issue seem like small fry:

"Prospectus dated 12 June, 2019 (the "Prospectus"), relating to Prudential
PLC's £10,000,000,000 Medium Term Note Programme."

Can't wait for money to be returned, think the share price will spike when lots of over eager newbs get some money back.

I did ask for many multiples of my allocation, I did get a good chunk of it and have since bought the rest on the market in the recent dips, fortunately as i'm not "all in" just did it by rearranging other holdings.

Hi Richkk, most already had their shares. Money will be back when returned by to your broker, probably within another week. Call your broker and ask them about your share allocation.

As said, percentage wise Jane topped up nicely and got a good allocation of extra shares, strangely though most directors did not get exactly 1/22 of their previous holding, only smallish differences, but too big to be roundings and some directors were bang on. Anyone have a theory?

Two holding RNS out

The GM is not due to start till 11am, so I would think that no definite confirmation can be released until after it has ended and the results of the vote and other formalities are officially declared.

Can anyone on the night shift answer my 15:25 about applying for excess share above the 1:22 open offer allocation?

My question is:

In the event that others apply for excess shares and the total amount applied for exceeds the available 10% claw back tranche ( 218,048,057 of 2,180,480,570 shares?) is there a commonly used formula to prorate the amount issued to each individual, i.e.is it likely to be it be a percentage of your existing holding or a percentage of those you applied for etc?

Thanks
RB

GLALTH

Think £27b is very optimistic but not impossible, depends on market price of poly if we can go to hit 20mta. If it's $100 ton, no way, if it's $300 ton entirely possible. 1st though we need to ensure the "vanila bonds" get sold by September on sensible terms, if they don't go we are all in trouble, as there will be no RCF. Management seem to imply the bonds should go easily but other forces could decide by holding back they could pick up the carcass on the cheap. Let's hope not, as it will cost most of us a few bob.

Looking to see if anyone has some experience of open offers as opposed to rights issues and can pass on their experience:

As a long time lurker and investor in Sirius, I have decided for my own reasons that to mitigate the effects of the stg dilution I will apply for additional shares in excess of my 1 for 22 allowance.

My question is:

In the event that others apply for excess shares and the total applied for exceeds the available 10% claw back tranche ( 218,048,057 of 2,180,480,570 shares?) is there a commonly used formula to prorate the amount issued to individuals, i.e.is it likely to be it be a percentage of your existing holding or a percentage of those you applied for etc?

The new (600 odd page prospectus) only goes as far as saying (several times) they "may be
allocated in such manner as the Directors may determine" so there seems to be no current official answer.

Many thanks in advance for any feedback.

To those who do not know much about Sirius or share dealing and are dabbling in Sirius:

A read of the new prospectus on the Sirius website (Investors, Stage 2 financing section) may help you fill in gaps and answer your questions and with MYO AWOL and many new names on here, not many will read it all and disseminate the relevant bits. Part 8 has details of the open offer, Part 9 some open offer Q&As, Part 16 confirms no stamp duty on open offer etc. Other parts contain lots of other important information on the project for those who have not been following for years.

All just my opinion and DYOR
RB

HL site shows options that you can apply for your guaranteed quota of 1 for each 22 held yesterday and you can apply for as many extra shares as you like. However, my understanding is that although you can ask for as many extra shares as you want, you will only get them if others do not take up their options. i.e. you could ask for 100k more, but you will need to have enough money in your account to cover this and if take up is high and others also want lots of extra shares you may only get a very small amount extra, therefore impossible to predict atm as relies on what others will do.

New prospectus on Sirius web site

Interesting to see the latest tbm animation, in the launch photos sequence (slide 36), shows the launch of a tbm from Wilton and Woodsmith. It does mention Lockwood, but no animation of a launch there. Are there still theories that the Wilton one could go 2/3rds the way if good progress is made so only 2 tbms are required? Would this make a financial difference to Sirius if Strabag are being paid for a completed tunel?