Member Info for Tex2374

LTV, once an AIM company always an AIM company, unfortunately.

If you invest in AIM you know this behaviour is par for the course. You see it everywhere and everyone has war stories.

I have huge sympathy for investors who invested in this company thinking it was a mature FTSE stock, the reality is it was an AIM stock in FTSE clothing.

As you say, AIM is the Wild West......

You highlight a good point though.

In these sort of stocks, CEO buy in is something to keep an eye on. The fact that CF wasn’t willing to invest any money into this fantastic project should have been seen as a potential red flag at the time.

CEOs always get huge share options, however, the ones who believe in their company and their shareholders, like to invest their own cash and have skin in the game. It doesn’t mean the project will be succeed but is a decent indicator that they are committed to a positive outcome.

Seems CF didn’t invest a bean (I don’t count that £10k).

Just to be accurate, he didn’t award himself the shares it was the recommendation of a remuneration board who did this and it requires approval from the BoD and in some cases shareholders.

Shareholders do have a say in these decisions, I assume at the time everyone was ok with this.

Have a look back at the early day RNS there should be notifications on them.

Tex

Just for the record. Didn’t get a response :-)

I have resent.

Next news will be rig confirmation, surely? Or have I missed that one.

I haven’t been following too closely since things went crazy on the sp front and this became the traders dream!

Seems normality is returning ATM.

5p+ will require a good RNS to get material investment. Rig announcement should do that, however, could potentially be impacted by the current wave of Corporate responsibility over Corona.

Tex

How much have they moved it forward?

Clearly eager to get to the point of ‘no new offers can be accepted’ ASAP.

Chance of a new offer? Probably 5%, but...... crazier things have happened of late (for example the latest James Bond film being moved back 7 months on the grounds of people’s safety, rather than admitting they are concerned they won’t as much money).

I assume 16th March.. Per the latest schedule, this is the delisting date.

So as the non mining person on the board, I will cut to the chase!

How much is Jangada worth in current state? £10m? £50m? Or more?

But sirius isn’t going bust. Isn’t that the point?

Calamari
I think there are still steps to go through. The yes vote takes us to the next stage. It’s not legally binding that we are selling it. No contract signed yet, only the ‘ok’ from shareholders.

As unlikely as it sounds, other offers could still come in and be considered

Tex

High production, low cost
High purity
Open mine

Hmmmmm, sounds familiar.

Very interesting data on China and prices. The fact that they have ramped up their own sales team and secured high end buyers for when the off take agreement ends, is also impressive.

Clearly, they are in a transformational chapter for the company. Unfortunately, it sounds as though they have enough supply for the moment.

The fact that he is getting £7m at 5.5p is another data point that puts the project in perspective. So were BoD expecting he would earn £70m at 55p or £140m at £1.1? Those would have been insane amounts.

Therefore, I think this shows that the value of the project was oversold to the market. Expecting him to earn £10m+ from the project would seem reasonable (so Sxx real value was always around 11p) but would he have been granted this many shares if the expectation was that Sxx would be 50p+? Yet again, completely oversold to the market.

Did they ever state an aspirational market cap?

Clearly I hit a nerve with someone earlier.

If the vote is ‘no’ then AAL remains the only option. I agree with that. There is no govt saviour and clearly no alternative funding option.

But if AAL want to make certain of getting the mine they may have to up their offer. Or risk acquisition through admin. CF confirmed today that there was no agreed prepack at this moment.

Again, I will take the Odey line of reasoning.

Yuri. Yes we can discuss the ‘yes’ vote outcome.

If the vote is yes shareholders will get 5.5p a share. Not sure what else there is to discuss :-)

Why is everyone saying no=admin? CF said today that AAL can’t make another bid for 12 months. I think that is BS as the offer is not final. Clearly it’s not what Odey thinks as they stated the below. So who do you believe? Whilst you may argue they could pick it up in admin, they are not the only people who would be sniffing around. I would tend to follow the Odey strategy which means that even with a no vote there are still options.

Tex

Odey believes AngloAmerican have chosen not to declare their offer as “final” because there is a risk of both the deal failing at its current level, and of an interloper at a later stage. If such an interloper were to appear, AngloAmerican would, rationally, wish to retain the option to counter bid at a higher level. It is Odey’s opinion that such an interloper would most likely appear between the date that Sirius shareholders vote on the proposed transaction, and the date of the Court Hearing.

Not sure where this 0.5p came from. I can’t see it going that low, even on bad news.

Auditors.

why? Sp everyone is locked in?

I would say the opposite!

you need to be careful what you categorise as buys and sells. the price is very close.

stable SP so I don't see any major ditching of stock, or the SP would be dramatically down.

people selling and people buying BAU...