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Many apologies if this was posted here already, but it's the first time I've seen it.
Don't shoot the messenger...
I would advise trying to be very calm before watching it.
Is the bid for Sirius Minerals government driven?
https://www.youtube.com/watch?v=XbwcUUBrCjg
3 minutes in.
I imagine that JPM as potential providers of the 2.x bn were wanting to see the 500m of bonds go through to larger corporate investors as a proof of the larger players' market-confidence in the project - and would not have been content to accept that 500m sourced in thousands of tiny chunks from PIs. It was always a test of the overall project viability - and perhaps JPM always expected sxx to fail it... which was perhaps why they set it.
Re-reading that article now, from June, perversely makes me feel a little better about my own failure to wake up to the warning signs until too late... it is easy to see how so many people bought into the whole story. Hindsight is a wonderful thing though.
Cheers illbetabuck
Yes I have to admit that once we were 'safely' off AIM and tucked up into the ftse250, with schoolkids holding naming parties for the tunnel borer machines - I allowed myself to relax a bit and think that we had 'made it' onto safe ground.
Yet again I am wondering why it always seems so much harder, as a PI, to sell than to buy. Seems to me that the fear of missing out on future profits is somehow more scary than the fear of losing what you already have - so you hold on through the drops ('opportunity to buy more') but then in those periods when the sxx share price was pushing 40p-wards, you really should sell... but you become seduced by the FOMO and the prospect of 50p. I really thought I had become wiser to that behaviour by now - but clearly not.
Culpability abounds in all directions really - but I remain very unimpressed by the May government's failure to provide those loan guarantees (despite previous inferred nods and winks)... should have seen that as a big warning sign... failure to get the one thing that (I believe) Scrimshaw had described as 'critical'. Someone somewhere must have whispered in a few ears, back then.
>> "I guess I'm trying to understand what level of sentiment there is towards the 5.5 not being the final outcome."
Given the decimation of my holding from what is was previously worth at times over the past couple of years - I fear that even a better offer coming in at about 6-7p would do little to improve its residual value in absolute terms (or my mood) - whereas the chances of things going the other way remain pretty real. So - what swings it for me - is that the low-ish chance of a better offer is going to have very little impact on my overall "paper loss" here. FOMO is where they get you, these stocks.
I'm luckier than many though - having bought a lot of my stock here around 2009-10-11. But continuing to hold is (in effect) the same as buying: have to ask myself "if I had never been in this stock, and if I had that cash to invest now - would I buy this stock today, at this level, knowing everything I now do about its history, management and current situation?" - this is now gambling on corporate financial machinations, and doesn't feel (to me) any different from taking a punt on the vultures picking over any other ailing company. Very genuinely sad to say all that though. Certainly blame myself far more than anyone else.
>> Er,no,parliament would not be sitting.They always take 3 weeks off for party conferences.Gina Miller seems to have a poor memory
...except that there has been no legal vote for any kind of suspension... whether for conferences or anything else.
Legally, technically, Parliament is still sitting.
Very much theoretically... questions about SXX could be raised at any time their feet can carry them there.
What fascinating times we are living in...
I would be enjoying it, if it were not destroying so much of my investment.
>> Easy for them to say
>> As they are very unlikely to be in power anytime soon the can say hay pigs fly
Actually I reckon there is some realistic chance (perhaps not the most likely outcome) that there might be some kind of a Labour + LibDem coalition government cobbled together within the next 6 months... in which case such awareness and pledges of support from JC are really very significant.
In an ideal world, questions would be being asked in Parliament about the current SXX situation right now. Except that - oh dear - someone seems to have suspended it...
Don't worry Eustus... he still thinks his Aberdeenshire golf course is on the West coast :)
Apparently Trump just offered to buy all the bonds, in exchange for golfing rights over Woodsmith.
Stick a flag in the main shaft... it's the only chance he has of getting a hole in one.
Hilarious.
I just spent all afternoon at work, forgot all about this for a while.
Logged back in and... really at this point all I can do is laugh.
It's reminding me of an old dysfunctional relationship:
everything is wonderful.. oh no, it's all over... oh no, we're getting married...
I honestly think that if you're pinning any hopes on our current self-serving charlatan to do anything for us at all... then you've really entered the realms of fantasy. Surely the most incompetent and vacuously self-destructive phase of government in our modern history, both here and in the US, over these past couple of years... and a crying shame that it coincides with SXX's most mission-critical moment.
>> What a pity our government couldn't have helped us out.
Leaving aside the obvious relief that we actually have a funding plan...
I have to admit to feeling hugely let down by what seems to have been a pitiful failure on the part of the UK government and UK banks to step up and back this project credibly - effectively meaning that JPM was the only realistic game in town. All of CF's trailing around those international delegations with Cameron and May... those questions in the House... didn't seem to achieve a sufficiently generous or bold offer of financial underwriting. Our political establishment seems to have simply quit the field... pathetic really. A complete shower.
Anyhow - more positively - bought a few more myself today - here's to some more 'boring' months... :)
So at a stroke it removes any residual doubt that getting the remaining Torps would be a problem - and when CF said they were very close, a few days ago, that was indeed completely accurate.
Wow...!!
Don't worry, I'm sure President Stormy will remove them again ;)
Hey, would that be the same 'Gavster' from 7-8 years ago on the other board? With the legendary 'fag packet'? If so, great to hear from you again..! It's been a long and bumpy road - hope life has been good to you.
Hiya Camp - yep, sure has been a long time... hard work all this waiting, isn't it? Your ticks and tocks have helped - many thanks for them :)
>> Over 5 years the sp has risen just 17.2%. Ahh, but over 9 years..? ;) If you can get a chart back as far as 2009, then it really is a thing of awe and beauty.