Member Info for stokey12

Does anyone have access to the investors Chronicle as a google search has shown a story on Sirius was posted today on Sirius. I do not have access to read what the article says so if somebody could oblige it would help.

PAAA - May I correct one thing in your 16.34 post on double checking the RNS it states that the $250m will be received by no later than 19 September which is Wednesday not Monday. But what is two days between friends.

JonesRichard - November 2021 was the original date for first production. The contractors indicated that they might be able to complete six months early that bought us to May 2021. Chris Fraser has a stretch target for first production of March 2021. So First Production will probably be sometime in 2021.

If the royalty payment of $250m will keep things running until Q2 2019 what does that tell us about the rate SXX is going through funds?

An interesting RNS what I find most interest is that she gets to appoint a person to the Board of Directors provided that she does not sell any of the shares she will be getting for the $50m she will be investing. The royalty payment only gets a right to observe Board meetings. If I read it right she can observe board meetings but will have no say until she purchases the shares. I note that the $50m was part of stage 1 so the resulting dilution would not necessarily mean that stage 2 has resulted in dilution.

AlanG - With respect I think what he said was that it is intended that stage 2 will be all debt. That is not the same as saying it will be all debt. For my part I remain of the view that for personal reasons CF will do what he can to make stage 2 all debt.

DuracellAA - It would depend on who the partner is. A partner who brings additional technical knowhow or the ability to reduce costs by providing a service at lower cost might increase profit depending on any profit share agreement

looking HMG introduced this bill https://services.parliament.uk/Bills/2017-19/agriculture.html. Sirius will be affected as it is caught by s.12 as a result of s.13 which incldes a reference to fertilisers. Not sure how helpful s.1 is. Does anyone have any views on this bill.

Jesse11 - Can I borrow your tin hat just in case.

OR - I think it might be somebody we already have an existing relationship with not sure about ICL they might be more interested in SXX failing.

dgr - Thanks

It would not surprise me if the resuls do not come out at the same time as the next quarterly update

SpruceGoose2 - No problem the two are not always the same som it was worth asking.

SpruceGoose2 - The company financial year and the calendar year are the same so it is both.

dinger189 - two points firstly it is not clear how many of the 120,000,000 are directly owned by the CEO and how many are owned by connected persons. It follows that you cannot say how many are as a result of bonuses. Secondly, it is actually irrelevant to the argument I was making how he obtained them he still incurred a loss in excess of £10,000,000 on the value of those shares so he is likely to be as unhappy as everyone else by this drop in the share price.

sxx4me - I have just checked the remuneration committee report and one of the targets set for the CEO was completion of stage 2 finance by end of 2018. As we will now not have financial close of stage 2 until Q1 next year then this element of his bonus will not likely to be paid. Therefore, together with the delay in completing stage 2 finance it is quite clear that the drop last week in the share price has cost and will cost the CEO significantly. On your point that the lost options can be made good by the grant of more options I do not think that it is that easy. The remuneration policy was agreed at the last AGM and quite generous options were agreed then so any further options are likely to lead to shareholder displeasure.

While it is possible that the extra capex will result in a level of dilution I do not believe it certainly will as there are five funding methods that do not require dilution they are in no particular order:-
Subordinated or unsecured debt
A non equity strategic partner
non equity completion bond
sale and lease back of assets - This would be beneficial in realtion to any equipment that has limited use by the company.
The licensing of the use of the patents which the company has to other agribusinesses. - This option has the advantage that the money does not have to be paid back and doe not require expenditure by the company.

I am not sure if there are any others but if there are I am sure that someone will say.

sxx4me - I note you refer to the share options that the CEO will lose this month. I was referring to the paper loss on his and his family's personal shareholdings. The CEO and his family have shareholdings totalling in excess of 120,000,000. It therefore follows that he has together with all other shareholders taken a significant hit from the drop in the share price.

sxx4me - Can I correct you on one point you say that the CEO has no skin in the game. May I most respectfully suggest you look at the list of directors shareholdings. Due to the amount of shares the CEO has an interest in he and his family have lost over £10,000,000 by my calculations since last week Monday. I would call that having skin in the game.

redundacypot - you quite reasonably ask how can the project proceed without a big placing may I make one suggestion. SXX could license the use of its patents to a agribusiness to use in improving its offer at a price that would cover either all or part of the shortfall. Off to my meetings .