Mis-sold?4 Mar 2020 08:37
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Is any of this illegal? Unlikely. Is any of this misleading? I’ll leave that for you to decide. No one ever makes you press the ‘buy’ or ‘sell’ button, that’s up to you, but as an individual retail investor you can only make rational decisions based on the information laid out before you.
I am fully aware that the ‘first phase’ investor always gets wiped out when it comes to investing in junior mining companies, but as Alex Brummer’s recent ‘Mail On Sunday’ article emphasised, ‘this mine is different’.
The investment case presented by the public face of Sirius Minerals was unique, this was not to be a Klondyke-style gold rush by greedy people. This was presented as an opportunity for individuals who have never owned a share in their lives to partake in something worthwhile that would boost the local area and the UK economy, a once-in-a-lifetime opportunity to provide a legacy for younger family members by investing in an ethical product.
Based on the information provided, local residents, sovereign wealth funds, assett management companies, intelligent individual investors and ironically, even a senior executive from AAL concluded that this was a sound investment, ‘speculative’ yes, bur risky, ‘no’. Many of these are not mug punters having a go at making a quick buck, these are professional analysts who were in it for the ‘long haul’.
Yesterday ten years of future growth was forcibly taken from our grasp, words typed from a keyboard can’t fully express my feelings at the turn of events over the last six months. You can imagine how badly let down I’m feeling right now, having personally vouched for Fraser’s integrity on this board less than a year ago when he came under attack. As we approach the end-game, it appears that head office staff now seem more important than shareholders.
It would have been nice if one, just one journalist with a backbone would have written a decent critical article, using the points raised above, instead of lazily settling for the usual ‘personal angle’ article. This may have bolstered the commendable efforts made by the Sharesoc team, who have at least given investors a degree of dignity over recent weeks.
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