This board would be a dull place without you T - enjoy the weekend, the next few weeks will be errr - tense.
ATVB.
Yes Magstar, at the risk of repeating myself 'This is a champagne or cyanide stock'.
I'm hoping for those genuine long term holders who know nothing about the stock market, but bought into the dream in the hope of providing for their families down the line, that they all get the chance to drink a glass of bubbly sometime in the future.
ATVB
How about throwing in Dana Petroleum for Scotman?
Myo - I think you can safely take the build interest down to 00.5% until the bond sale goes through....Then it's over to you for the next three years!
ATVB
I posted those a couple of weeks ago T - that's plagiarism!
Very disappointing to see zero response from any senior executive at Sirius regarding the slanted article that appeared in ‘The Times’ on Monday featuring Clarke Bailey, head of mining at Eurochem, one of our future main competitors.
This firm, along with several others have much to lose when Poly4 comes into production. The article gave their man free rein to denegrate our chances of survival saying, ‘There’s no way in my mind they’ll be able to get there in five years’.
We spend a fair amount of time on this board fending off individual trolls, but we can do nothing to combat corporate scaremongering. If that paper had any sense of decency at this time, they should have offered a right of reply, but three days later Sirius appear to be maintaining ‘radio silence’ yet again.
What’s wrong with putting Simon Carter (chief development officer) up in their faces with the true picture of current activities? This would put us on the front foot for a change and help with morale all round.
Obviously he’s got a heavy workload with the next stage of development, but these are trying times, especially for beleaguered shareholders/ stakeholders. An hour or so of his time batting away the garbage spouted on Monday by an agenda driven rival should be a ‘given’.
C’mon Sirius, we know you monitor this board, so how about standing up for yourself. ‘The Times’ and ‘Financial Times’ await your reply.
Myo - Good to have you back. Capability Brown eh - I often walk around Bretton Park, another of his carefully crafted landscapes, the fellow was a real visionary. Tomorrow should be errm - interesting. ATB.
We're not far off the binary bit of the story now.
Option 1 - Shareholders get wiped out = end of trolling
Option 2 - Bonds get sold = nothing left to troll about
I'm going for option 2.
Then we can get back to some healthy debate/ banter instead of the dreadful spectacle we have endured this last few days.
Today one called my lunchtime post 'Bull S***', but gave no reasoned response and the other couldn't even spell the CEO's surname correctly - a low level of debate by anyone's standards.
Note the absence of Myosotis over the last 48 hours. The last time we saw enemy fire like this was 30th April when stage 2 financing went wrong, he went AWOL for a while and returned saying he had 'took a step back to avoid the mellee'. Doesn't like 'bad karma'.
He'll be over in Holland finding out the name of the cargo vessel bringing over the next bit of heavy kit or something else vital to the build!
We all (well,nearly all) love ya fella - looking forward to your next post telling us what's got through planning this week :)
Very true Tinhat, I actually listed them in a recent post but forgot to re-list today.
Off to do some work now so, Scotman you're on afternoon shift to keep the trolls at bay.
ATB. T
So I take it you'll be leaving this board then.
On 12th June I posted the following:
‘Posters can share knowledge about the salinity of the water in Lockwood beck or the name of the vessel that carried the tbm to teeside etc, but NONE of this matters if we don't get the next tranche of bonds sold in September.’
One poster (LL) agreed and everyone else basically laughed me off the board.
No one appears to be talking about the build anymore – funny that.
Those long term holders thinking of selling would do well to remind yourselves of the basic facts.
Take a look at the original debt structure below:
IG Article 16/05/19
$3.85 billion total
$425 million new equity via open offer shares to existing holders (1 new share for every 22 held @ 15p) 11.0%
$425 million convertible bonds (convertible date 23/05/27) 5% p.a. coupon with + 25% redemption price 10.5%
$500 million ‘high yield’ (10 – 15%p.a.) senior debt bonds finalised by 19/09/19 and issued by 30/09/19 13.1%
$2.5 billion rolling credit facility (syndicated out via JP Morgan – drawn in tranches) 65.4%
More bonds may be issued to reduce ongoing RCF
Both bond types must be 100% sold before access is granted to RCF
The board are only trying to secure a mere 13% of the total debt required here. Our CEO has always got us to the next stage, but never in the promised format, so this cash WILL be raised, but the presidents of China and the USA may have taken Fraser down another route, yet again. This may mean further dilution or a mix of bonds and dilution.
Shares in issue end 2016 2.5 billion
2017 4.5 billion
2018 4.8 billion
2019 7.2 billion
9+ billion when cbs converted
The smart bean counters on this board predict a share price of around £1.40 at predicted production of 10million tons per year, rising to £2.40 at full production. You can safely add +20% to these figures when taking positive investor sentiment into account.
I don’t see risk, only a once-in-a-lifetime opportunity at present. I am currently borrowing from all four corners to take advantage in the coming weeks.
My advice – Ignore the weasels and ****roaches on here and keep your eyes on the prize.
https://www.ig.com/uk/news-and-trade-ideas/shares-news/sirius-minerals--digging-in-deep-pockets-190516
Financepro - good posting today - the voice of reason on a hysterical board - keep it up please!
AlanG - couldn't agree more - easy to increase your holding in this environment. Who was it said 'The trend is your friend'?
Got it in a nutshell, good post. Plus a couple of hundred private investors who are losing sleep over their current position. There are no longer 85,000 pis left - exactly what Fraser has stated he wanted - they bring too much volatility to a junior miner like this - here's the evidence.
The top seven largest holdings in Sirius Minerals each hold over £100 million in shares, totalling £1672.54 million.
Pelham Capital: 353.59m
Jupier Asset Management: 327.72m
Capital Research and Management 330.46m
Qatar Holding 230.28m
Norges Bank Investment Mgt 166.52m
Legal & General Investment Mgt 109.44m
Vanguard Group 154.53m
They are in regular contact with the BOD and know more than us. None of these companies have sold a single share.
The bond issue amounts to approx £460 million, only approx 13% of the total amount of debt required.
Why the hysteria over the weekend? This final financial hurdle will be overcome.
Forseti - One of the best posts of the week, my thoughts exactly. Fraser said some time ago that he wanted less private investors in the company, he certainly got his wish this week with the deliberately short RNS, obviously designed to eliminate the bet wetters. Junior mining shares are never easy rides - risk/ reward etc.
All the best with your investment here and the same to those remaining on board.
What's the difference between a Sirius shareholder and a pigeon?
A pigeon can place a large deposit on a new Porshe.
(Not for much longer though) : )
LL - An accurate and succinct assessment, as always, but human nature being what it is, insider information is hard to sit on and leaks always happen to some degree before the event. Can't take your eyes off this share for the next couple of weeks.
Thanks and sorry for the late reply - been out earning a crust. Yes you are quite right, Spedders deleted post included the 'bashing' link - No idea why it has been deleted. I believe this is the start of the 'last hurrah' for the naysayers and mischief makers on here. When finance is secure, what else can they troll about? The build has world class technology, machinery and workforce, so they only have a couple of weeks left and hopefully then the tone, balance and quality of posts will improve.
STRONG BUY
Thanks to all who read/ recommended/ replied to my post last evening. Looks like we are in for more of the same 'dross posts' this week until the bond sale has been completed.
New posters beware of individual and company trolls and take a look at the link provided by Spedders (12.47) and others before.
Bobabout referred to them as 'plant life' late on last night - I'm going with 'pond'.
STRONG BUY.